Social media challenges the way businesses operate today. In this Smart Data Collective interview with Don Springer, CEO of Collective Intellect, Springer talks about the future of social media metrics. In the interview, Springer says that from a business perspective there is a changing of the guard from traditional marketing techniques to a personal, identifiable marketing effort.
"And as individuals adopt and begin using social media to exchange recommendations, referrals and opinions all of these conversations translate into an enormous volume of data. The growth of unstructured data is expected to grow with estimates pegging the compound annual growth rate at 62% from 2008-2012.
"What this means from a business or market perspective is a seismic shift from one-to-many marketing to the considerably more-complex social media engagement. This represents a changing of the guard from traditional marketing techniques to a personal, identifiable marketing effort. Social media giants, like Facebook, LinkedIn and Twitter provide the platform for the conversation, or word-of-mouth recommendation, which ultimately influences purchase behavior. The interactive and multi-directional nature of these social channels has given customers ownership of the conversation, which companies are increasingly recognizing."