How social data can drive business outcomes and optimize marketing strategies
by May 8, 2023|
The advertising industry has evolved significantly over the years, with the emergence of new technologies and trends. Social influence and word-of-mouth marketing continue to play a significant role in the industry, influencing consumer decision-making and driving sales.
AdAge reported that the US ad industry grew by 7.5% in 2021, with total ad spending reaching $259 billion. The report also notes that digital ad spending now accounts for more than half of all ad spending in the US.
To keep up with the ever-changing landscape, brands and agencies continually look to improve the accuracy of advertising models by incorporating data such as social data to further understand, attribute and correlate consumer conversations to predict business results by leveraging analytics and machine learning to derive actionable insights. Incorporating social influence data into these models can be crucial, especially as we know social conversations can directly and indirectly impact consumer purchases.
What is social influence?
Social influence is unique in two ways: the data sets available to us and our experience in incorporating social data into marketing models. Engagement Labs has the most extensive ongoing measures of word-of-mouth (WOM) about brands dating back more than a decade. Our offline data is a key component of our TotalSocial data and analytics platform, which is crucial for modelers. We have developed a data transformation and scoring method that applies to our WOM data and to social listening data from social media, blogs, forums, and other sources. These methods allow brands to distill wide-ranging data into eight distinct metrics that are highly predictive of brand outcomes.
Read the full Bulldog Reporter article, here.
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