Is it worth my business investing in social media?

I might say that the answer to this question is yes, but then I would wouldn’t I?

• You can make money from Facebook.
• You can get real customers from Twitter.
• LinkedIn is a valuable source of sales leads.

The problem is that up to now it has been really hard to prove this.

Market Sentinel is today launching a new product – Market Effect – that proves the value of social media (and other) campaigns.

We are using the launch to mark a reorientation of our focus as a company. We continue to provide data and the insights that our customers trust, but we are bringing these to new areas, and delivering our services to the heart of the business where they can deliver most benefit by proving the effectiveness of all that business’s functions.

How we got here

When we started the business in 2004 it was all about listening to consumers. Listening was a new idea, and it was enough to crawl the web, and gather opinions. As the world has got used to the idea of these conversations (“chit-chat” an early sceptic called it) having a value, the focus shifted to the idea of making use of them in more structured ways.

• How can I control my reputation?
• Can I get people talking about my products in a positive way?
• Can I find influencers to persuade to pass on my message?

Gradually, and with the advent of social media where people were identifiable, like LinkedIn, Facebook and Twitter, the focus has understandably shifted from the conversation itself to the business outcome of that conversation.

• Can you show me that having a Facebook presence is driving sales?
• How can I turn my Twitter followers into customers?
• What value does a “like” have? How much is a “follow” worth?

How it works

Market Sentinel is answering those questions, in the only way possible, linking in to transactional data within the enterprise, towards partnerships with CRM providers and contact centre experts. We are taking information that used to sit in paper reports and putting it into forms that are machine-readable.

This data is precious and is being ignored. It literally represents money. By cross referencing real customers, real opinions, real tastes and sentiments, you can understand and therefore sell to your customers better than ever before.

This new approach to data shows how Twitter can drive sales, and how Facebook can help you prevent churn by dealing effectively with customers. When you match conversations to sales, you cut the costs of getting customers and you maximise their value from then on. And that’s the story everyone wants to hear in times when money is tight, and customers are hard to get and easy to lose. Get in touch and we will tell you more.