One of the most key points Qualman brought up was benchmarking. Data means nothing without context. Compare the data to internal (month over month) to external (industry). Go from the offense of reacting to what your competitors do to using data for defense to start leading the industry. Don’t be ahead of the market; be ahead of your competition. In order to do that, you need to know what your competition is up to.
The Meltwater Social Summit in San Francisco promised to unlock the power of social and provide a space where participants would be inspired by the best in social. The day proved to be a valuable source of information from big players in major industries from tech and marketing to beauty and travel. One key point that was stressed was to use big picture data from outside sources to make informed decisions within your organization coupled with your internal data. Here are three ways to do that:
1. Benchmark Your Data
Keynote speaker Erik Qualman brought up that without a benchmark, data means nothing. We all need context to understand what is going on. Compare the data to internal (month over month) and to external (industry) benchmarks. Go from the defense of reacting to what your competitors do to using data for offense to start leading the industry. Don’t be ahead of the market; be ahead of your competition. To do that, you need to know what your competition is up to.
2. Capture Consumers Across Touchpoints
To prepare for the future disruption in the industry, international beauty brand Shiseido focused on going from data fragmentation to unification across the “nonline” (as Google’s senior VP of ads and commerce, Sridhar Ramaswamy, calls it) world. By creating workflows to capture the many entry and exit points in the customer journey, there is now a social command center where the goal is to approach the customer through the lens of three Cs: content, care and commerce.
This means influencer marketing and product reviews will be more important and more influential than ever. However, the messaging needs to be authentic. The shopper journey is a “vortex of touchpoints” where buyers are channel agnostic.