Data is valuable. Just ask Twitter.
The social network recently announced it is cutting ties with two of its data partners, DataSift and NTT Data, and fully acquiring its third partner Gnip, in order to develop direct relationships with business users and other customers who want access to Twitter’s raw commercial data. The potential for increased revenue is enormous.
Gnip, Inc. is a social media API aggregation company. Essentially, Gnip aggregates social media data from businesses, including Twitter, Tumblr, and Foursquare, and combines each of their individual APIs into a single source for data collection. API stands for application programming interface and by definition, “…is a set of programming instructions and standards for accessing a Web-based software application.” By combining these APIs into a single source, Gnip allows customers to analyze several social data sets simultaneously for increased insights.
You might recall that Gnip was behind Twitter’s move to deliver past and future tweets to the Library of Congress for historic preservation and non-commercial use. Gnip also provides its commercial partnerswith data so they can “…build products (and) analyze internally,” among other uses, according to Gnip’s press release.
Previously DataSift and NTT Data were also doing the latter, not to mention analysis. In contrast, Gnip has “Plugged In” partners. These partners use Gnip’s custom API to provide analysis and data insights to their customers using platforms they create. However, with this acquisition, Twitter may start to process and analyze its data directly, which would increase its revenue.
What can you learn from all this? Again, data is valuable, and as Twitter is learning, having control and complete access to raw data from your business is a powerful and profitable thing. Small businesses can gather data on a regular basis as well, from website and social media performance, to sales records and even employee productivity. When all of this raw information is analyzed, either together or separately, the insights gained only increase a company’s value by helping business owners make more informed decisions.
Galley Creative Group provides detailed analytics reports for our social media clients, analyzing their website and social media performance. We offer suggestions for improving engagement and track their impact, so you don’t have to! For more information on our social media packages, or to discuss how we can help you set up additional analytics tools, contact us!