The future of social media turns on being able to make sense of “unstructured data,” the firehose of texts, posts, tweets, pictures, and videos that even the most powerful computers are unable to classify.
Why is this important? Because social networks have only mined the tip of the iceberg in data terms — information such as likes, dislikes, occupation, location, and age.
That leaves a lot of other social activity that hasn’t been parsed yet. More than 90% of social data is unstructured.
In a new report from BI Intelligence, we show how social networks are in a race to innovate in areas like
“deep learning,” cutting-edge artificial intelligence research that attempts to program machines to perform high-level thought and abstractions. These advances are helping social networks and their advertisers glean insights from this vast ocean of unstructured consumer data. Thanks to deep learning, social media has the potential to become far more personalised. New marketing fields are quickly emerging, too:
audience clustering, predictive marketing, and sophisticated brand sentiment analysis.
Here are some of the key takeaways from the report:
- Seventy-one per cent of chief marketing officers around the globe feel their organisation is unprepared to deal with the explosion of big data over the next few years, according to an IBM survey. They cited it as their top challenge.
- Targeted and personalised marketing using social data is expected to be the business area that benefits the most from mining big data — 61% of data professionals say big data will overhaul the practice for the better, according to Booz & Company.
- Facebook ingests approximately 500 times more data each day than the New York Stock Exchange(NYSE). Twitter is storing at least 12 times more data each day than the NYSE.
- By deciphering image and video-based data, marketers will be more effective and comprehensive in their “social listening” efforts. Large companies spend a great deal of money monitoring people’s attitudes toward a specific brands or product, and despite all the photo-and video-sharing happening on social media, these mediums were formerly mostly invisible to their analytics tools.
In full, the report: