Jessie Rutledge, Product Analyst
Obtaining and understanding consumer feedback in response to products and services is critical to improving performance and profits. Making small adjustments in response to customer feedback can often significantly heighten customer satisfaction and, in turn, repeat business. But in today's ever-competitive enterprising world, sometimes this just isn't enough. Many companies are getting a leg up on their competition by predicting trends before they happen, learning what their competitors plans are before they're carried out, and identifying target customers before they even make a purchase. These benefits can only emerge when social intelligence comes into play.
But what, exactly, is social intelligence? Social intelligence software uses advanced algorithms to sort through the immense amount of data generated online by consumers on review websites, social media outlets, and general internet usage. Tailored to individual business needs, social intelligence solutions such as Convergent Mobile's identify trends within this data, which can lead to better strategic planning for the future. With more than 60% of US consumers with internet access using their internet to shop online more than once a month, and 90% of these consumers influenced by online product and service reviews, extracting value out of consumers online behavior can be an invaluable investment.
This is not only true for B2C business models, but also in B2B marketing. The ability to filter through online data can reveal sales leads more quickly, making sales cycles both much faster and more effective. The internet is an incomprehensibly powerful communication platform, and communication has always been and will always be at the heart of selling. Mapping out the competitive landscape is another benefit of social intelligence, as it can track such information as competitors revenue growth, product usage, marketing success, and brand mentions. These valuable nuggets of information among the over-abundance of superfluous data on the internet can result in more effectively spent marketing expenditure and increased sales.
Market analysts play a pivotal role in uncovering these nuggets of information. According to McKinsey and Company, however, analysts spend on average of 80 percent of their time gathering information before they even have time to analyze. Bringing social intelligence into the picture, therefore, dramatically changes this process in giving analysts the ability to track useful online data in real-time, allowing them to use their time more effectively.
All in all, the tools that intelligence software such as Convergent Mobile's Social Intelligence solution provide can give companies a cutting edge that ensures continued competiveness in an advertising and marketing world that relies more and more on innovation and creating customer relationships through mobile and digital platforms.