Beyond the Arc releases social media mining tool

Source: Beyond the Arc

Beyond the Arc, Inc., a customer experience consulting firm that helps financial services companies use social media to meet concrete business objectives, launched a new Social Customer Insights service today at the American Bankers Association's Annual Convention.

This new service, available to banks, credit unions, insurance companies and credit card issuers, combines social media data mining, strategic marketing and Voice of the Customer strategy.

Social Customer Insights helps financial institutions accelerate the return on investment on social media by helping them to reach well-defined business objectives, including:

* acquiring new customers, measured by new customer growth;
* increasing customer engagement, measured by increased transactions and share of wallet; and
* building loyalty, measured by a reduction in customer complaints.

"If the average Facebook user has more than 130 friends and the average Twitter user has approximately 30 followers, then each customer active on social media can have a measurable impact on your business," notes Steven J. Ramirez, CEO of Beyond the Arc. "Our Social Customer Insights service helps companies to amplify the value of brand awareness and a positive customer experience."

Beyond the Arc collects millions of social media posts from a variety of social media platforms, applies their proprietary Social Analytics Development Kit and data mining algorithms and creates a highly refined social data set for financial services. They exclude irrelevant noise, including spam posts, which make most social media analytics time consuming and unproductive.

Beyond the Arc data analysts and strategy consultants collaborate to create customer insights that are actionable and tied to metrics. This new service will be used to evaluate the strengths and weaknesses of social media promotions, which make such promotions more effective. Beyond the Arc will also deliver competitive benchmarking studies in social media that help companies to measure brand awareness and share of voice. For example, social media benchmarking can be used to evaluate the value of event sponsorships and naming rights.

"The next step in the evolution of social media is using advanced analytics, particuarticularly text mining, to understand which social media programs are most effective," said Ramirez.

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