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THE OPPORTUNITIES
Social media and micro-blogging platforms enable conversations and dialogs that are based on themes, categories, topics and concepts which sometimes are represented well with words; and other times not. Much of this can be aggregated, consolidated and analyzed using tools on the market. Once tools and data sources are selected, the next challenge is strategic methods of linking the raw summary to data to the purpose and strategic goals of your organization.
The chaining of these topics, concepts and words across time, across people, across sites and platforms requires automated data collection and knowledge in analytics reporting. Hot topics come and go, and hot spots (Blogs, wikis, forums, groups, thought leaders, meme-streams and trends) come and go. You need to look across them all, or at least a relevant subset of them for your market segments. Time to Insight is critical. Choice of strategic goals and metrics to monitor are critical.
The Way Forward
Your firm needs to be involved in monitoring, sensing and measuring which opportunities and risks will most impact your firm and your future. We are the pioneers of a process we call Social Media Sensing ™. We customize this process to tie to the specific strategic goals and challenges you have today. The evaluation and metrics can range from financial, quantitative and standard (like ROI), to qualitative and conceptual and company specific, like Return on Insight . There are no standards here today. Don’t believe in best practices yet. We can help you define your own best practices specific to your goals, strategy, and core competencies. By the time there are industry best practices, it will be too late to achieve a competitive advantage . Define and later refine your own sensing strategy now so you can experiment and tune the process to enable your own dynamic capabilities going forward. These capabilities provide agility and ways to sense and respond to new opportunities, avoid new challenges, measure and respond to existing challenges.