Social media platforms create incredible scale. Business Intelligence software is software that takes enormous amounts of data and predicts accurately what consumers desire. Social media may be a game-changer within the creation of recent brands. The thing that creates social media so critical is its incredible scale. On Facebook alone, 1/3 of the whole world is on this platform. believe this for one minute. A marketer now has one platform during which he can approach 1/3 of the world’s entire population.
This is just Facebook. If you add Twitter and YouTube, which are growing by leaps and bounds every day, perhaps the entire world is integrated.
Because of this incredible scale, business intelligence software is critical in developing modern brands. It involves high-speed calculations. It involves world-class statistical analysis. Much of business and sports are analytic driven. Business intelligence software gives a corporation an incredible competitive advantage. Business Intelligence Software develops world-class brands.
One of the pre-eminent consumer product companies is an example of how this is often done. This company endlessly analyzes data created from its business intelligence software. This software has the capacity to crunch up to 10,000 scenarios simultaneously. This creates the power to predict whether premium-priced diapers are going to be a bust in Morocco or the impact of a toothpaste promotion could have in Brazil as compared to the present same promotion if it runs in Chile.
This software is teamed up with Facebook and other social media platforms. Social media is now a special tool that wasn’t available in times past. Business Intelligence software has been available since the first 1990s. The presence of social media creates huge information networks very quickly. Metcalfe’s Law says that a network of two quickly becomes a network of 1,092.
A product engages with a customer and therefore the customer likes the merchandise. This customer communicates this product with their friends. Social media is extremely viral. Through the “comment” box, a marketer can very quickly learn just what a customer likes about their product and what they do not like.
Business Intelligence Software and social media
Business Intelligence Software and social media platforms allow the corporate to quickly develop highly differentiated and well-positioned products that a customer during a particular market truly wants. This creates strong world-class brands.
Branding is the ability to supply a consumer with just the thing that they need to some extent in time when they want it. If you deliver a product that’s exactly what your customer wants, naturally this is often getting to offer you and your organization a plus that your opponent simply cannot offset.
This is critical to the buyer products company. they can not create revenue by buying other companies or brands. they need to expand by creating products that folks really do want.
This creates a drag for the corporate. This company is large. to realize just 4-6% growth, this company will need to develop a replacement $4 billion business annually.
The company’s domestic markets are mature. Most of the expansion won’t come from there. The company’s new revenue streams must come from emerging markets. Emerging markets have profit margins smaller than mature economies. To off-set the lower margins, the corporate will need to sell larger volumes. this will only be done by offering products that folks in emerging markets really do want at price points that customers can afford.