What is Social Media Analytics?
Social media analytics can be defined as the art and science of extracting valuable and actionable hidden insights from the huge amount of unstructured and semi-structured social media data that enable informative and insightful decision making. Social media analytics helps organizations in capturing and interpreting online conversation, making it easier to segregate valuable inputs. Social media analytics tools can crawl most social media channels, including anything from the main social networks to news sites, forums, and blogs. Social media analytics report gathers data from social media websites and helps in analyzing data using social media analytics tools to facilitate better business decisions. Also, social media analytics is very useful in mining customer sentiment that enhances marketing performance and customer service activities.
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Benefits of Social Media Analytics
#1: Social Media Analytics Helps to Understand your Audience
Social media analytics has the potential to help businesses in taking steps towards understanding your audience using social data. This can help in several ways like analyzing your previous posts can help you find your unique and best time to share. Timing is a very important part of social media marketing. If you want your posts to drive more traffic, engagement and sales, you need to post when your audience is online and at their highest level of alertness. Therefore, you need to dissect your social data and find your unique best time to post on the social media platform.
#2: Social Media Analytics tells you about your Best Social Networks
There are various social networks but not all of them will work perfectly for you. Social media analytics helps here as it enables you to identify the platform that can help yield maximum engagements. This is the only way to confirm which social networks work best and measure how much traffic, engagement, and sales you are getting. This data can then be used to focus more on social networks that are working for you and eliminating the one that is not. Furthermore, this data can also be used to prioritize the amount of time you need to manage each of the social networks. Real-time and single analytics dashboard can help you to compare the performance.
#3: Social Data can help you Produce Better Content
By tracking your social networks, you can analyze the content that drives the best results. Social media analytics also assists in figuring out the type of content that is performing best. Additionally, it can help in analyzing most shared and viewed content, time spent on them and sales were driven by them.
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#4: Help You Understand Competitors
One of the most crucial benefits of social media analytics is it helps in analyzing competitors. Social media competitor analysis makes it easy for you to avoid mistakes that your competitors are making and focus more on techniques that yield results. There are several social media analytics tools that can help you see the percentage of traffic your site receives from different social networks
#5: Social Media Metrics can help you Create a Better Strategy
It is very difficult to create the best marketing strategy in the very first attempt. But by social media data analysis, you can easily figure out the mistakes you are making. This can help in optimizing your marketing strategy by eliminating mistakes. But along with social media data analysis, it is important that you use social media listening to check the impact your strategy is having on your audience. But what is social media listening? Social media listening is the process of tracking online conversations to understand what people are saying about a specific industry, brand, person, etc. By using social listening, it is possible to check in real-time what people are saying about your business online. Furthermore, this can help in modifying the strategy to better connect with potential and current customers.
#6: Social Media Analytics shows you how a Social Media Campaign is Performing
For any business running a social media campaign, it is imperative to track it regularly. Social media analytics comes to rescue and help in checking if it is panning out the way you intended it to. If things are not working as you planned, you can make the required changes to your campaign and rectify the mistakes. Also, if results are not optimum, you can nip it in the bud.
#7: Helps in Tracking the Needs of your Target Audience
For businesses to reach their full potential, it is essential that they understand the attitudes and preferences of their target audience. If you can really find out what your audience wants, you will know what and how to provide it. Social media analytics gives a myriad of opportunities to do this by using the appropriate tools. Also, the social media analytics report provides valuable data that can be utilized for the growth of the business online. By identifying the patterns in the needs of the customer and their behavior it becomes easy to gauge at the marketing effectiveness.
We understand the challenges companies face in analyzing social media discussions on the business’ campaigns and products and keeping track of the opinions of their followers to proactively resolve customer issues. Our analytics solutions provide best-in-class frameworks to analyze the brand sentiment, understand the effectiveness of the promotional activities, and provide information on the competing brands. Request a free demo for more insights.