SURPRISE! That is ultimate shock in what could be the most misunderstood big data stats ever released. As a social media management agency, even we must admit to having underestimated some of the risky business taking place behind the backs of CEO?s, investors and marketing pro?s alike. From thought leaders to industry experts, these big data stats are nothing short of shocking?and very instructive. Keep reading to discover what is lurking behind the big data facade and what it means for the future of social media marketing.
Big Business, Big Data & Big Insight
How does the Fortune 500 handle their data? That is the question being asked by investors, CEO?s and social media marketing experts alike. Aside from a few sporadic survey?s now and then, very few comprehensive assessments have ever been undertaken?until now. A recent review of big business data practices uncovered some interesting?if not somewhat discouraging?trends among the Fortune 500. This is especially troublesome when one realizes that these represent the biggest, most public and best funded corporations in the nation. Corporations that other small business entities look to for direction. Corporations that often collaborate with government entities to create or uphold data policies. Corporations that should know how to set a proper example.
The Good, The Bad and the Ugly
We don?t want to paint an overly negative picture; in fact, many of the corporations surveyed demonstrated highly desirable data trends. It was those that didn?t which give cause for concern. For example?.
Roughly 80% of corporate data policies indicated they would share personal client data with a third party.
Now, as a social media management agency, we often speak about the need to have a strong data policy and even the need to abide by a formal request of information by law enforcement?this corporate trend totally excludes legal requests. No, this merely involves sharing with third party service providers, suppliers and even shippers. Is this a good thing or bad? Well, in reality it depends on how well the client understands what information is being collected and how it will be used. For example, the majority of social media users are happy to provide some basic information in exchange for entry into a contest or sweepstake. On the other hand, very few would appreciate making personal medical history known in exchange for access to their physician office. Of those that do share information, most do so with consent however, it should be noted that the issue of client consent is controversial at best. As a social media management firm, we can attest to the fickle nature of social media users, many of which given consent without ever taking the time to read terms or other ?fine print?. In short, it?s well understood within the industry that few consumers understand what they are agreeing to before providing consent. Does this matter? Maybe ? once again, it depends upon the industry. For those in traditional sales or social media marketing, it?s often better to err on the side of caution ?just in case?. On the other hand, there is ample evidence that attempting to inform consumers may actually worsen the problem. Many social media users routinely expect some level of personal privacy to be shared; taking the time to draw attention may make it seem out of the ordinary and therefore, much worse than it actually is?.a lesson Facebook and other major social media sites have encountered first-hand in recent months.
Roughly 16% fail to provide any type of written protocol on sharing of information whatsoever!
As a social media management firm, it?s hard for us to imagine why a major corporation would fail to inform clients on how data is to be used but according to recent research, only about 4% of Fortune 500 corporations refrain from sharing data with others while approximately 16% apparently don?t even have a policy in place.
All survey?s corporations purchased personal data and information!
Every single Fortune 500 organization involved in the survey indicated a consistent pattern of buying information from others?.and with good reason. Personal data is big business and the more data available, the more reliable and informed business decisions are possible. Are you making the most of your own client data? Do you know how to find, purchase and use available data from other providers? If not, you are only getting a small fraction of the information possible by working with a reputable social media management firm.
Over 45% engaged in targeted advertising yet over 90% distinguished between ?personally identifying information? gathering.
How can this be correct? On the one hand, big business is clearly engaged in the use of social media marketing, direct email and other targeted advertising techniques yet also denies compiling personally identifying information. As a social media management firm, both are indeed correct. It is possible to target specific cohorts of users?or even individual users?without breaching security and personal privacy! However, it does take work and should be carefully managed by properly trained social media marketing and other experts. More than a few major corporations have been sued over privacy related concerns including WebMD and other major marketing sites.
The future of data ownership is unclear.
Mobile marketing and social media are two venues causing a great deal of consternation among big business?primarily due to the ambiguity surrounding the ownership of data. For instance, popphoto recently reported the fact that many restaurant are prohibiting patrons from taking photographs of their food to upload to social media sites. Why? In fear of bad publicity when a given entre? falls short of the carefully crafted photographed meal used in traditional publicity. But who ?own? the meal once bought and paid for? Likewise, who ?owns? information such as check-in locations made possible via the GPS on a mobile cell phone or for that matter?who ?owns? the information related to a personal search query? To date, service providers have claimed at least a portion of ownership rights?and sales of big data based upon aggregated compilations of data derived from vast number of users. But do individual consumers have a right to their own information and if so, what dollar value and/or legal and financial terms are appropriate for usage? This is the emerging question being asked by global social media marketing agencies especially now that France and other EU nations are considering a proposed global tax on the ?free labor? and other efforts brought about by the combined talents of millions of social media users.
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