The evolving nature of social media means that many companies are putting an enormous amount of resources and money into staying ahead of the curve. Especially when case study after case study shows that social media is tremendously helpful in analyzing data.
Data mining via social media tools can show us not only the customer profiles and historical buying patterns of those who might buy our innovative products, but an also widen our insight into the hobbies, tastes — and I think more importantly — the needs of what customers want.
There are drawbacks and challenges to collecting data through social media, such as identifying correctly your customers among the millions of participants in any given online community. Luckily, technology is helping us in this area! Here is a great article about how to avoid some of those pitfalls.
The bottom line is that if you can get to the core of consumer needs and then develop a solution, you’ve just differentiated yourself in the marketplace. And if you can do that, you’ve won the hearts of consumers for the long haul.