Social media mining of consumer trends is not just for your marketing department anymore. It should be part of your overall corporate R&D/innovation toolkit.
The world is awash in data ranging from e-commerce, in-store data, and the supply chain. Today, big data has gotten even more significant due to the rise in social media. There are over 3 billion users of social media. While you read this sentence, hundreds of thousands of tweets, comments, pictures, and videos have posted. An astonishing 73% of marketers believe companies that fail to use social data analysis effectively won’t survive in the long run. Social data has the potential to inform every aspect of a business.