How to Use Big Data to Increase Social Proof
Big Data is the analyzed information medium-to-large sized companies collect from all the transactions and accounts they handle every day. Such data includes new subscribers to the website, purchases made, social media activities, and all other details consumers provide the company for the purpose of buying its service or products.
Social proof is the generated reputation or public perception as a result of reviews given by past or current customers. Establishing outstanding social proof depends upon providing quality service to clients. A company’s or business’s reputation is reinforced in the form of customer reviews, ratings, promotion on social media and word of mouth sharing.
With many transactions being done online, proprietors can easily trace the data provided by customers. These can be used to study the trend of the business and the possible changes and upgrades you can implement to better cater your target market and provide added value over your competitors.
Here are a few tips on how to maximize your big data to establish a reputable social proof for your business:
1. Identify which products are in high demand from consumers and check the reviews. By doing so, you can get a handle on what your target market’s preference is. You can create a product line that is related to the best-selling items to give your customers a wider range of products from which to choose. Chances are, instead of buying just one item, a customer will buy additional items if they see more products they are interested in. This is simple consumer psychology. According to a report by Forrester, ecommerce businesses can increase sales up to 30% by upselling and cross selling.
2. Use the collected data to identify your target market. Is your business patronized by more women than men? Younger, older, middle aged? A particular ethnic group? Knowing the customer demography of your business will enable you to create a plan to better cater the needs of your audience.
3. Identify which product has the biggest rate of returns and negative reviews. If you’re selling a physical product, then returns are always a part of the business. Learning why a customer is not satisfied with the purchase can help you improve further future interactions with the client and provide a better or more suitable-to-them product.
4. Study where most of the purchases are made. You can use locational data to identify where to send out promotional flyers, for example. Areas with a high purchase percentage can also serve as your reference as to where building a physical shop might offer the best opportunity for success. Having a physical shop or a mail forwarding address will reinforce your presence on the business world therefore making the business a legitimate recognition.
5. Build a connection with your clients. Some online stores send monthly newsletters to their subscribers and even make the effort of tagging customers on social media. Whenever there’s a new product release, a sale, a trend worth following, or a season pick, sending an update to your consumers enables exposure of your business to a wider audience.
Social proof in business defines how the market accepts your products and is therefore vital in disseminating the story of your business.
Make your presence known through building connections with consumers via social media and promotional samples. Some tips you can use to facilitate business growth are:
1. Never compromise your product quality for quantity. Offer only top-notch products, get the best personnel on your team to serve them, properly secure your site so customers’ data aren’t compromised, etc. Maintaining your business emphasis on quality will only increase the chances that your business will go well.
2. Consumers like getting value for their money and will be more likely to share their success with your product with their friends and share pop-up promotional kind of social media ads.
3. Maximize your audience by making use of all possible promotional avenues — traditional and digital media opportunities to reach the broadest consumer prospects possible.
Using gathered big data aids in the overall study of how the business is operating. It not only reveals what the market needs and wants, but also what kind of project the business should implement. Increase your social proof by giving your consumers what they want and need. Doing both will ensure that they will review your business favorably and increase your social proof in an already very demanding and competitive online advertising environment.
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