The power of social data is recognized as a go-to resource for human resources, product development, and customer support teams. Its value to the enterprise is far more vital than ever.
Boston-based social intelligence company Crimson Hexagon has compiled what it calls the "largest ever repository of publicly available social media data." It stores one trillion (1,000,000,000,000) social media posts in its database.
Its customers use this data to analyze and derive historical and current consumer insights from 2008 for strategic decision-making, analyzing context, demographics, and images.
Customers can gain insights from questions such as: "What is the most retweeted news story of the last five years?" (Associated Press announcing Donald Trump's presidential election), "What is the most popular feature release for iPhone since 2010?" (the Do Not Disturb function), and "How big was the Pokemon Go launch?" (in 48 hours, it garnered over one million social posts).
The company recently announced that it partnered with business optimisation platform Domo.
Through the partnership, companies can analyze social media data alongside other business data, including sales data, financials, and website analytics, providing a single view into both unstructured and structured data.
The partnership connects social media insights with business data to give a more 'holistic' understanding of consumers and the market opportunity by analyzing what they say publicly on social media and how they actually act beyond that comment.
As social media data becomes one of the most powerful and efficient ways to view consumer opinions, preferences, and behaviour, this huge data repository will continue to grow to help companies make better decisions based on better insights.
Chris Bingham, founding chief technology officer of Crimson Hexagon, said, "Organizations that aren't informing decisions with social insights are missing out on a significant business opportunity.
"With more than one trillion public social media posts at their fingertips, companies can quickly turn data into insight by understanding their customers, opportunities and competitors," he added.
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