Posted on 24 May 2012 by Annie George
Earlier this year, in our newsletter, Insurance Unplugged, we featured an interview with Karen Furtado, Partner, Strategy Meets Action. Karen discussed the main imperatives for insurance companies for 2012.
When discussing these imperatives, Karen spoke about the buzz around “big data”, explaining that there is a huge amount of unstructured information out there waiting to be tapped. She referred to all the data from tweets, Facebook posts, Google+ streams, etc. Basically, there is an entire social world and the information it contains for companies to understand buying behaviors and how to influence the consumer buying decision process.
It’s social intelligence, which refers to the process of gathering valuable demographic intelligence from information entered into social networks. Companies can use this info to kick their engagement marketing campaigns at rapid speed. For example, there are companies that mine social data to increase brand popularity, audience reach, and ultimately sales.
Social intelligence models take full advantage of the information people share voluntarily about themselves across the social media spectrum, including networks, blogs, forums, and chat rooms. You can discover buying preferences, brand preferences, and general lifestyle choices.
When it comes to email marketing, getting this information allows companies to turn databases into powerful contact profiles and gives them an advantage in terms of relevancy and creativity in addition to the ability to improve audience segmentation and targeting.
Social intelligence can also be used in customer relationship management (CRM)…knowing your customers and prospects’ preferences enables you to tape into their hot buttons to develop a plan and reach out to them.
As Karen said in our feature article: “The world of data has absolutely exploded. They key is how to use it."
Are you ready?