Social Analytics to Better your Business

31.01.2012 | Author: mooremary01 | Posted in Software
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Many companies have become aware of the importance of “listening” and customer engagement, and are looking at capitalizing on social media and social analytics. There’s no doubt that social media is hot and growing at a phenomenal rate. Smart companies are taking note and analyzing the numerous conversations available online, integrating the information gained into their overall go-to-market and business strategy. A recent Forrester Research predicts Interactive marketing spending in the US will more than triple over the next five years, reaching $61 billion by 2012 and spending on social media alone will grow to $6.9 billion as marketers understand how to use and measure this channel.

Social only works if you know how to measure the results and one of the core ways to make those measurements is through analytics. Social media analytics offers an entirely new standard for calculate interactive marketing by integrating, analyzing and enabling organizations to act on intelligence gained by expanding their reach, increasing retention, and ultimately, driving more revenue. With effective Social Analytics, a business can bring you closer to your customer, uncover untapped markets, and provide insight into your competitors. So it becomes imperative to determine which social media monitoring solution is right for the business.

Having a firm understanding of the key components of Social Analytics is the first step in helping to effectively utilize the data.  Identifying your niche audience can help you to cater to a specific category so that your chances of success are guaranteed. It is therefore important to choose a solution that provides quick results for businesses to track social media behaviors in real-time and get immediate feedback on what will work for the product. It must also

1.     Provide trending views and drill-down capabilities
2.     Offer insights to make faster, smarter operating decisions across huge amounts of social data.
3.     Allow acquisition to revenue.
4.     Get faster insights into the key influences on your K-Factor and viral campaigns
5.     Understand what keeps customers engaged, and uncover the levers that can most impact revenues.

Social analytics can improve your business as it bring many insights along with a  host of benefits that include identifying new markets, understanding the competition and capitalizing on it. With social analytics you can identify product development opportunities and develop effective brand management, while also ensuring marketing campaign measurement and tracking.

Going beyond just listening to online conversations, true social media analytics provides valuable, actionable insight for shifting strategic focus.

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