*Clarity In Marketing

Nearly 90 per cent of businesses are missing out on valuable market data by failing to analyse social networks, reports The Institue of Direct Marketing on it's website.

According to predictive analytics software provider SPSS, despite 82 per cent of firms claiming that social networking sites such as Facebook are a useful source of information, the majority do not use them to survey customer opinion.

Reported by Precision Marketing, the firm suggests that such portals provide a good opportunity for companies to collaborate market data, irrespective of language or distance. Colin Shearer, senior vice-president of market strategy at SPSS, explained that consumers are more open about their opinions towards products or services on social networking sites.

He also claimed that businesses will be "overwhelmed" by the wealth of information available from social network data. "While traditional contact channels are still applicable, businesses need to recognise and capitalise on the shift towards social networking or they are missing vital insight," he said.

Last year, it was revealed by comScore that Brits are the biggest users of social networking sites in Europe.