Deciphering social media analytics
by. Georgann Smith
Through social media analytics (SMA) financial institutions (FIs) can unearth opportunities to improve education on existing products and services, as well as shape product development to better serve consumers. SMA arms FIs with significant insight regarding consumer needs, preferences, motivations and behaviors, resulting in highly accurate modeling capabilities. All of this is designed to improve the consumer experience at every point of contact.
In a recent report from Celent, Customer Analytics in Banking: Why Here, Why Now?, Senior Analyst Bob Meara writes that now is the time for FIs to leverage the advances in processing, memory, database design and analytic methods to improve performance and reduce costs.
Even with all of the SMA tools available to FI marketers today, the data is of little use until it’s successfully deciphered. In a recent Digital Marketing article, author Jared Lees highlights five steps FI marketers can employ when interpreting information gathered via SMA.
- Ingest — Processing the information gathered through SMA is the first step. Determine and put into place procedures to accumulate and warehouse information collected with your SMA sources.