Playing The Numbers Game

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Mathematics in business is usually left to the financial team but numbers are getting ever increasingly important in tracking the development and popularity of a business be it with a new starter company or an established company that is seeking information on its customer base.

One specific way we are seeing this in practice is through social media with most companies having Facebook pages or Twitter accounts. This allows them to stay in contact with their customers as well as gauge responses to certain things. For example following a tesco facebook marketing campaign you would be able to see how liked the specific campaign is as well as read comments to really see what is being said about it.

The number of followers or ‘likes’ on a Facebook page can obviously show how popular a company or brand is but can also be of use by putting information direct to the consumer allowing them to take advantage of deals.   It’s much better to do this sort of analysis first to get an idea about the response.  It’s kind of like of using something like a roulette sim to randomize responses to test your hypothesis.

This can work well for companies, although, as was experienced by Tesco in the Scottish town of Greenock it can also mean information about mistakes can spread like wildfire. On discovery that a deal regarding beer was put through wrong offering the customer a ridiculously low price word spread across social media sites leading to crowds of people attempting to take advantage of the mistake before it was rectified.

Here we can see the power of Social media and that is why more and more companies are trying to harness that power and use it to benefit both themselves and their customers. Keeping a good open communication has proved to be very beneficial to the companies that are already taking advantage of this simple way of getting into peoples homes.

I believe in the future we will see a greater dependence on this sort of interaction.

Additional Reference: British TV for Expats.