Why is Social Data Important in 2024?

In the ever-evolving landscape of business, staying ahead of the curve is essential for success.

Posted on
July 21, 2023
Why is Social Data Important in 2024?

A marketing strategy isn’t equipped for the modern landscape without social data. With 47.2 Billion socially engaged users worldwide, your audience is online so you should be too. 

  1. Building Brand Reputation and Loyalty:
    Brand reputation is social currency and building a strong one is your pathway to having an engaged and loyal consumer base. Social media is a vital tool for achieving this, providing you with greater control over external communications with organic, paid and influencer marketing posts. You’ll gain real-time feedback and a genuine understanding of your relationship with consumers through engagements with your social profile. 

  1. Improving Competitive Positioning:
    With the age of over-sharing and social media marketing, you’re able to keep a watchful eye on your most prominent competitors. You’ll see their moves as soon as they're made, not having to wait until you catch the eye of a billboard on a new product on a shelf. The trend of product soft launches and teasers aids this.

  1. Allowing a Deeper Understanding of Your Customers:
    Data lives on social media. It’s no secret that the only reason social media is free to users is because of the mass of data they sell about our activity. As a user? A bit uncomfortable. As a marketer? Incredible opportunity. You can gain a deep understanding of the market segments engaging with your brand, as well as the interests and behaviours of your target audience. Take it a step further and leverage these stats with Social Ads. 

  1. Improving the Prediction of Future Trends:
    By following the content creation trends of your target audience, you’re able to accurately predict consumer trends and gain a competitive advantage. With hauls, brands, social trends and new ideas taking place on social media, it’s the best window into market trends available. 

Take the 2023 Barbie & Girlification trends for example, following these would’ve educated the creation of pink products to capitalise on consumer trends and maximise profits.

  1. Informing Business Decision-Making Procedures:
    Learn from other people’s mistakes. With social rhetoric occurring primarily online, brand mishaps, influencer cancellations and bad press happen here. You’ll see exactly what happens when brands associate with the wrong influencer, shoot the wrong content or influencers do the wrong thing. Take it on board and do what you can to avoid it. 

For example: In 2023 Balenciaga saw their bags burned on the street after a social campaign gone wrong. Documentation regarding child abuse was scattered across the background of a recent campaign. Now you know to pay attention to what’s hiding in your photoshoots. 

Information is power, and social data provides it. It’s that simple, the more social data you have, the more educated your strategy will be. 

Need some extra help? Get in touch. 

Let’s Get Social, Together.