Let us start by taking a look at a few stats:
- There are around 1.65 billion active mobile social accounts worldwide
- 95% of retail brands use at least two social media networks
- There are around 2.3 billion social media users worldwide
- Around 38 percent of businesses plan to spend more than 20% of their marketing costs on social networks
- Looking at these figures, it is evident that the social networking platforms are a great deal more than just sending out random tweets or posting selfie on Facebook. Under these social media conversations, lie tons of valuable data in the form of market trends, comments, service, client opinions etc. For those brands and organizations wanting to use social media to build their competitive edge, only having a page or account is not enough.They must leverage social media analytics to make sense of the structured and unstructured data available to them- to understand their client better and spot market opportunities.
Here we are discussing some effective ways in which brands can leverage social media analytics:
Social media analytics assists in the competitive analysis to evaluate the engagement levels and understand where the brand stands as compared to the competitors across the same client base. With the assistance of competitive analysis, brands can identify growth options especially in area where competition beats them. Brands can compare engagement rates across social networks, understand what type of content is getting highest engagement (both theirs and the competitors’) and evaluate how their social reach stacks up as compared to the competition.
Targeted marketing efforts
In marketing everything is becoming trackable. Thus, leveraging social media analytics to analyze insights from the social networks assists marketers in identifying patterns and recognizing trends and then in planning more targeted marketing campaigns. Besides, marketers can use these analytics to measure campaign success and audience involvement. A retail giant is using this strategy for inventory management.
Improve services or products
Today more and more people are making purchase decisions based on online reviews. Reviews or feedback on social platforms is considered authentic and organic by the brand and thus becomes more reliable. A very renowned coffee company isleveraging social media analytics to constantly monitor and measure their brand perception as well as to assess how a particular flavor is performing with their target audience.They are also using social analytics to see what their consumers want and are increasing their client satisfaction rate.
With constantly increasing social interactions, brands have to spot patterns that are hidden in the comments sections. With the help of social media analytics brands can take a proactive approach to react to their clients and engage in meaningful conversations that are engaging and have positive impact on the business.