MySpace was launched nearly 15 years ago. Few people would have predicted that such a platform could be the birthplace of many online fortunes. As new social media platforms took the world by storm, a number of social media stars used their newfound popularity to become wealthy. Big data has made capitalizing off of social media even easier in recent years.
Many people believe that becoming a successful social media superstar is all about being funny and attractive. However, successful social media marketers need to be very analytical as well. I recently spoke with my friend Eric, who runs a boutique social media marketing agency. Eric said that he and his colleagues wouldn’t be able to offer quality service without highly sophisticated tracking tools.
“Most people think marketing is all about creative and optics, “Eric said. “Nothing could be further from the truth. I would say that 40% of your success is attributed to your creative’s and the other 60% is due to your data. The reality most new social media marketers fail to grasp is that you can never know what will and will not work. It all comes down to testing. It all comes down to data. Without data, your social media strategy is doomed to fail from day one.”
There are plenty of tools on the market that make it easier for marketers to make informed decisions. Most of these tools rely heavily on big data extraction. They include:
As social media companies collect more data on their users, they are able to provide more detailed information to marketers. However, marketers need to understand the importance of using data to optimize their strategies.
Here are some social media millionaires that are leveraging data to pad their bottom line.
After being unhappy as a corporate executive, Sam Ovens left his job to become a consultant. Most of his success is attributed to his social media expertise. Ovens said that data is integral to every business, particularly those that depend on social media.
“Where most entrepreneurs go wrong is they don’t know what things are working and what things are not, meaning they cannot Six anything,” Ovens writes in his ebook.
