Social Media Analytic
Social media networks have allowed businesses to engage with key audience across all social media accounts. While it is imperative to engage all audiences consistently and quickly and create custom, targeted streams to see relevant conversations as they unfold, social media platforms can also help in building a client’s brand with compelling user-generated content. User-generated content can help boost the effectiveness of the branded content. It is possible to display social galleries on microsites, and also show them on any device or to add an interactive element to live events. However, how does the business measure the effectiveness of its online initiatives? Does business activities carried out online even matter? How many target users does the business reach? What links do audience like best? Measuring and analyzing the effectiveness of social media outreach, activities and initiatives are as important as engaging in the efforts. Luckily, the rise of social media has been accompanied by the development of tools to that have the capabilities of analyzing the impact of most of most social media activities. Social media analytics involves making use of social media websites to gather and analyze data important in making business decisions. This paper discusses the benefits of social media analytics and what it means to business.
Social media provides virtually instantaneous sentiments. Essentially, utilizing data generated from social media interactions enables immediate access to actionable insights. The failure by a business to take advantage of the emerging capabilities may affect its competitiveness. Data from social media is a potential goldmine of information on prospects, customers, products, and competitors. Before social media analytics, brands only participated in social media without utilizing available data. Social media has moved from a general communication tool to a valuable tool with a considerable impact on the competitiveness of the business. Businesses no longer ignore the resulting data. Today, more businesses are capitalizing on the capabilities of social media analytics. Essentially, utilizing data generated through different social media interactions enables businesses to tap into a treasure that results from products, customers, and competitors (Lawrence et al., 2010).
For marketing professionals, social media analytics tools are the important building business online presence or improving its online reach online. Some analytic tools have numerous functions that are integrated into one tool. Manifold tabs provide a general look at popular posts, a display of the photos on feed, and a range of statistics including post history, engagement rate, and post-distribution. Social media analytics can help markets determine to what extent social media audiences are sharing its content as well as what content they are sharing. Creating content that is interesting and relevant to target audience helps the business spread its message and increase marketing reach. Paying close attention different types of content helps the businesses develop messages that audiences are more likely to connect with and share. Additionally, individual tend, to be honest on social media. By monitoring for mentions, the business can learn can learn what customers really say about the business (Zeng, et al., 2010)..
A business gains more insight into how people feel about its products and services and learn where improvements may be made. Thus, social media analytics makes it possible for a business to effectively engage with its audience. It also helps the business know who its audiences are and what they like. Businesses can learn what type of content and social networks businesses prefer. For instance, a business can determine if it prefers to share videos, images or infographics. On different sites, a business can uncover their preferences through their use keywords or hashtags in their posts. For example, the photo-based social network has taken the social media platform by storm with millions of users and photos uploaded on a daily basis. Just as with other social media networks, businesses can use these platforms to make a great impact on social media presence (Phillips, 2013)
Businesses also get access to real-time data. Feedback from social media platform is virtually immediate compared to other commonly used data sources such as surveys, customer telephone, point-of-sale and transaction reports that are time delayed. Businesses can take advantage of the real-time data provided by social media platforms to determine the success of services, products, and launches. Its immediacy provides feedback into existing business initiatives that help adapt and fine-tune current offerings, or to the planning process. There are different social media tools that can be used to form in-depth analytics. They are authentic and flexible tools for social media users that have statistics and contest suggestions. They help users get information on their comment rate and like rate as well as the engagement. This way, it becomes easier to follow and monitor the impact of influencers. Analytic tools may also provide suggestions on how to improve the reach. Other analytic tools may provide a scheduler that can be used through the mobile app or on any browser. These apps may allow the user to post directly as well as enable the user to manage the frequency of their posting. The benefits of using different social media analytic tools are that they provide more outstanding capabilities that provide a concise view of not only the user's social media account but also other user’s accounts (Leskovec, 2011).
The use of social media analytics helps businesses the capability to have highly targeted messages as well as data accuracy. In combination with the real time nature of responses, the accuracy, and relevancy of the data is likely to be high. Adopting the right social media strategy can help the business improve traffic and ultimately influence the buying decisions of others. And, while it’s true that businesses struggle to fit social media users into a demographic, adopting the right media strategy and tactics can help the business attain a competitive edge (Phillips, 2013).
What it means to business
Social media analytics tools provide diverse types of features for the business. These features are valuable to the business in various ways.
First, the business can competitively benchmark. Various parties in the business have the ability to view profile and content information for competitors’ accounts. This makes it easier to view what competitors are posting, their fan base, engagement with the different audience, when they’re posting, and response to their content.
Social media provides businesses with a single place to see and compare metrics and statistics. Media analytics tools typically provide a range of metrics to help return on investment and track performance.
Businesses can easily identify influencers who share their content by monitoring a list of accounts or individuals that engage with business content online. This way, a business can form establish relationships and generate brand awareness. A business may acquire significant influence as it has a considerable number of followers. Without any established following or audience, there is a lot of work to do to get the brand where it needs to be. Influencers and amplifiers are the individuals and the companies that carry weight, and they should be a priority in online business initiatives. Connecting with target audience comes down establishing strategic and beneficial relationships with the amplifiers.
Social media analytics allow businesses to track related customer interactions. Such may allow businesses to have metrics and data in areas that allow businesses to track and optimize their social activities. Businesses could use the social media analytics to establish how to target customers, influencers and amplifiers within a particular industry. Amplifiers are significant in keeping the conversation flowing and enhancing interactions with conventional online mainstream media and corporate media. Businesses gain the capacity to go outside the regular confines of looking at their target audience. Every market has a demographic of customer that a brand desires to reach.
Social media analytics have custom or pre-made dashboards that can easily keep tabs on the different social media accounts, metrics that matter and competitors.
Social media provide exportable reports and data along with email delivery and scheduling that allow businesses to keep partners, managers and businesses up to date and plugged-in and on social media performance and activities (Stieglitz et al., 2014).
Social media has moved from a general communication tool to a valuable tool with a considerable impact on the competitiveness of the business. Through social media analytics, businesses can actively engage all audiences consistently and quickly and create custom, targeted streams to see relevant conversations as they unfold, social media platforms can also help in building a client’s brand with compelling user-generated content
Lawrence, R., Melville, P., Perlich, C., Sindhwani, V., Meliksetian, S., Hsueh, P. Y., & Liu, Y. (2010). Social media analytics. Marketing & Social Media.
Leskovec, J. (2011, August). Social media analytics. In Proceedings of the 17th ACM SIGKDD International Conference Tutorials (p. 1). ACM.
Phillips, J.(2013) Social Media AnalyticsWin with Advanced Business Analytics: Creating Business Value from Your Data, 247-269.
Stieglitz, S., Dang-Xuan, L., Bruns, A., & Neuberger, C. (2014). Social media analytics. Business & Information Systems Engineering, 6(2), 89-96.
Zeng, D., Chen, H., Lusch, R., & Li, S. H. (2010). Social media analytics and intelligence. Intelligent Systems, IEEE, 25(6), 13-16.