Social data is powerful, goes the saying. But how can abstract data, tweets, likes and repins, tell you anything about an individual, a group or the world? I have heard from marketers that they doubt the value of social data. Although Apple’s acquisition to Topsy should tell us something different. Apple sees massive value in social data.
And McKinsey’s robust assessment that social technologies combined with big data could release around $1trn in value across consumer goods, financial services, manufacturing and professional services alone.
There are three classes of insight one can derive from social data.