Social Media Influencers Produce Results. Key Influencer Analysis Produces Results for Your Business!
If you spend any amount of time on social media, you know that those known as influencers are gaining traction and that they make their living by promoting products and services. Their charisma and presentation influences the purchasing decisions of many people. In fact, Influencer Marketing Hub, states that the influencer marketing will reach $16.4 billion dollars this year, and that the industry of influencer marketing has grown by more than 25% in the past year.
All of this is a way to illustrate how important it is to understand relationships, whether those relationships are between your business and your customers or between and among the various tasks, outreach activities and components of your products and services. Understanding what influences your customer buying behavior, what aspects of your product design or sales strategy influence your success and other influencers that are key to your business is crucial today. There is no time to address a misstep in the market, or to fix a competitive error.
In this article, we discuss the importance of key influencer analytics in helping businesses make fact-based, real-world decisions.
‘Key influencer analytics identifies the target and the influencers that will affect the target, as well as the impact and the metrics to highlight the relationships and distribution across variables.’
Here are the primary benefits of using key influencer analytics in your data analytics and in making these analytical tools available to your team.
Benefits Of Key Influencer Analytics
- Identify what matters most in your data!
- Understand the impact and interdependence of variables
- Leverage auto-suggestions and machine learning to get data insights
- Identify influencers affecting the target variable with auto-suggestions and quick maneuvers using different combinations
As an example, let’s look at a real-world business use case. Let’s say your business wants to identify the impact of various factors on gross sales.
- System Identified Key Influencers: Product Category, Sales Quantity, City, Sales Price, Discount
- System Identified Impact on Influencers: Highest=Discount, Lowest=City.
Positive=Discount, Negative=Competitor sales.
- Positive and Negative Impact: When discount increases, Gross Sales increases, and vice versa, when Competitor Sales increases, Gross Sales decreases and vice versa
As you can see, one of the most important factors is to target the right influencers, in order to get the best outcome. But, given the amount of data in your systems and solutions, it can be difficult to sort through the hundreds, or even thousands, of variables to find the things that truly impact your success or failure.
‘Understand what influences your customer buying behavior, what aspects of your product design or sales strategy influence your success.’
With the right tools, your team can get it right every time. With augmented analytics tools that are designed for business users, key influencer analytics can be accomplished with a few clicks. Users simply point to the dataset they want to analyze and the key influencer analytics tools will identify the target and the influencers or predictors that will affect the target, as well as the impact and the metrics (mean, outliers and other factors) to highlight the relationships and distribution across variables. The system will auto-suggest relationships and present the data to reveal the distribution and impact using the most appropriate visualization.
Your team can find and act on key influencers without the assistance of IT or data scientists. So, while your business users may not be social media influencers, they CAN identify and leverage those factors and variables that influence your success and, in so doing, can DEFINITELY influence your results!