Social media analysis is a crucial tool for any business’s success but is often misunderstood. While it offers a platform for businesses to connect with consumers, it’s important to note that social media is not about brands. People go to social platforms to connect and share their lives with friends and family. This means that besides marketing your business on social media, you also need to analyze your marketing strategies and audience data. That way, you’ll be able to access critical insights that can help you optimize your marketing strategy and boost your business decisions. Read on to learn more about social analytics.
What is Social Media Analytics?
Social media analytics is the process of collecting data from various social media platforms and analyzing it using relevant social analytic tools to enhance business decisions. Effective social analysis should let you understand social media trends, what your customers expect, how your audience perceives your brand and messaging, and, most importantly, know the kind of return on investment you’re generating.
Additionally, it should help you tell if your strategies are working as expected and offer a glimpse of your content performance against your competitors. Measuring and analyzing your marketing efforts is a sustainable way to achieve the desired results. That said, businesses who embark on social media marketing without measuring their efforts neither achieve ultimate objectives nor hit their KPIs
How Social Media Analytics Work
To achieve a successful social analysis, you need first to establish your long term goals. Common business objectives may include reducing customer service expenses, obtaining feedback on products, increasing revenue, and changing public opinion about a brand. Once you identify your goals, the next step is to define your business’s KPIs to allow for effective data analysis. The second step is to track your business metrics obtained from social analytics, including consumer engagement.
Customer engagements can be determined by looking at their audience’s size on Facebook and monitoring the number of times followers share or like their posts. You can also achieve this purpose by measuring the number of followers for your Twitter account and checking the number of mentions and retweets on the company name. The good thing is that there are plenty of social media analytic tools you can utilize to analyze unstructured data derived from social media platforms such as Facebook, Instagram, Twitter, or LinkedIn.
Benefits of Social Media Analytics
Conducting effective social media analytics enables you to measure your return on investment and enhance your marketing impact. It is a great way to measure your social media performance and compare it with competitor and industry performance. Similarly, social media intelligence helps you better your business decisions. Remember that without strategic data, it will be hard to tell what is happening in the market. Data guides you in making better and informed decisions.
Similarly, benchmarking against your competition provides valuable insights that help you improve your marketing strategy always to stay ahead of the curve. This also allows you to respond to posts in real-time to keep up with the most current trends. Social analysis can also help you track your marketing crew’s efficiency. Improved workflows play an integral part in managing and monitoring marketing teams to guide them and ensure they’re working in the right direction. However, if this process appears complicated, you can hire an experienced social analytic company like NetbaseQuid to help.
About NetbaseQuid
NetbaseQuid is the leading social media analytics company that provides customer and market intelligence to help you analyze market trends, monitor competition, and manage crisis to protect your brand. It uses advanced tools to collect and analyze data, helping drive your business in the right direction. NetbaseQuid also provides accurate and real-time insights that can improve campaign performance and manage emerging issues.
