Social Media has become an integral component of our daily life. Infact, it has become so important for many people, that they get withdrawal symptoms when they can’t access it. It has become as important as breathing air for many. From a business perspective, social thus becomes a critical channel to track the customers, i.e., it has become a gold mine of information for them to know their customer socially.
So, are there ways to do explore these for business advantage? Yes, we have already seen companies addressing customer queries on these channels, promoting and running campaigns on these. In fact, many have an integrated Social CRM solution. But can this be moved from beyond just transactional history based interactions?
Companies are running social profiling activities to understand their customer preferences for relevant targeting. Say, I love a specific company products, so the company can promote a relevant offer based on my preferences; thereby increasing the chances of conversion.
Also, with the addition of different fields in user profiles like the Life Events in Facebook, Businesses will be able to mine this valuable customer insight to deliver relevant targeting which can enable better conversions for them once Facebook allows the access to these within its Graph API. For. E,g say a customer of an insurance company has changed his relationship status from Single to Married. Now, he is a prospective customer for the insurance company for a family plan. Similarly if a customer has had a baby recently, they can target him a child plan.
The idea here is that by mining the life events in real-time, businesses can promote relevant promotional content thereby increasing the conversion chances many fold. We will see this trend picking up specifically in the Insurance sector but it’s not limited to them. Telecom can use it for family plans as well and so can banks for joint accounts, second credit card etc.
So, Opportunities exist for the first movers to jump in and take the lead and we will have to wait and see as to who drives this life event based targeting….