Data Mining and Social Media

Loved this cartoon about Facebook and you "If you're not paying for it, you're not the customer.. You're the product being sold."



Just think of the personal data that Facebook holds on individuals - name, DOB, schools, friends, websites  they "like" (ie brands & products), online games they play, bars, clubs, restaurants, foods, access times, computer OS, phone type, browser version, etc.

If you still not convinced that there is any money to be made in this then check out this article on how an e-payment company sold 1.97 million customer data to six different companies (including a life insurance company) and has made a profit of HK$44million since 2006
http://www.riskmanagementmonitor.com/e-payment-co-makes-millions-selling-customer-data/

Here's a great article on how data mining is the next frontier for social media marketing..
http://mashable.com/2011/02/25/data-mining-social-marketing/

Here is an old but informative piece on how customer data means money
http://www.informationweek.com/news/6506304

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