Predictive Social Commerce: Using Social Data to Drive Revenue
Predictive Social Commerce Simplified
Well, it looks like folks are taking notice of what we’re doing here at Nectar Online Media, with questions coming in about “What’s this predictive social commerce thing y’all have going on?” (We’re located in Dallas so added a bit of the Texas twang).
So, thought we’d pen down a few quick thoughts and expand on it over a series of web articles.
There are lots of buzz terms right now – “Big Data” is my personal least favorite. Is there any such thing as not having enough data? The bigger issue is what to do with it once you have it — maybe even more succinctly, “how do I make money using my data?” While we don’t want to add yet another term to the mix, we really couldn’t find one that describes what we do — so, we made one up!
Now, down to what you came to this article to read: What is predictive social commerce? For the data and analytics savvy, we have a wonderfully long, complicated, and sophisticated answer – which we’ll hold off for now on sharing. For the folks that are trying to drive revenue within organizations, it’s to you we share our quick answer today.
Here we go … Predictive Social Commerce is utilizing social data to help predict the most likely next buying need. Phew! Tried keeping that under 20 words and I did it. It’s not about creating awareness or generating lots of ads — but using the most in-depth information to get relevant again. Imagine this, an expectant mom shares on Facebook: “We’re having our baby in August!!!” As a brand marketer, wouldn’t you to love to reach this new mom at the right time before your competition?
We’re spending a lot of time at Nectar cracking the problem of how to monetize (make money) using social data — and, we believe we have!
Stay tuned for much more that’s coming up from Nectar and on the topic of predictive social commerce.