Improve Business Decisions with Social Analytics
Most companies and organizations still follow traditional business intelligence of using structured corporate data to improve business decisions. Even after the advent of social media & intelligence social , there occurred no significant changes in their attitude as they continue to do the talking and expected their customers to listen to them. They failed to see the fact that in today’s age of social media, customer is the king. Customers own the baton of power, which until now have been owned by the marketers. Hence, now customers do the talking and the marketers have no other choice but to listen to them.
With the business environment becoming highly competitive, companies can no longer think about customer loyalty unless and until they listen to customers and understand their desires, opinions, expectations, and perceptions. This is possible only if they take online conversation seriously and carry out engagement tracking regularly. This is what social analytics is all about. It is the process of gathering data from social media and social networking sites and using that data to take informed business decisions. Social analytics is a method that helps businesses to gauge the outcome of their social marketing efforts.
Objectives of Social Analytics
- Evaluate customer engagement
- Measure Interactive marketing
- Expand customer reach
- Drive more revenue
- Get feedback on products and services
- Enhance public opinion about company or products
Though the data available on social media is unstructured, it has the power to make or break a brand. Intelligence Social is all about bringing the unstructured customer data into the decision making process and using that power to drive businesses. Forrester defines social intelligence as “the concept of turning social media data into actionable marketing and business strategy.” The new age business intelligence thus deviates a bit from the traditional business intelligence approach by integrating social media or social intelligence with business intelligence. Companies need social intelligence to inform strategies and they can gather it with the help of different social media analytics tools.
Many service providers specializing in social analytics have come up with effective social media analytics tools that facilitate
- Faster and smarter operating decisions by providing real time data and actionable insights
- Tracking user behaviors in real-time and provide results within seconds
- Immediate feedback as to want works and what not so that companies can optimize products, features, campaigns, and interactions on the fly
- Faster Insights into what keeps customers engaged and the levers that can most impact revenues
Social analytics hold the key to profit growth and business expansion.
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