Social Analytics Improves Reach, Retention and Revenue
Compared to earlier times, today’ business arena is highly volatile and competitive. Moreover, with customers calling the shots enterprises have no choice but to scramble in order to stay ahead of the competition. Hence, the advent of the social media has been a blessing for the companies and organizations striving hard to keep pace with customer expectations. It helped enterprises to rise above the expectations of the customers by providing a platform to connect and engage with their customers and know their mind. Moreover, through social media analytics companies and organizations can identify and measure conversation, sentiment, influence, engagement and trends and thereby track the pulse of the customers.
Though social media is a recent phenomenon, its development into a highly effective business tool was quick and fast. Facebook, for instance, started as a casual and informal media for people to have a friendly tete-a-tete with friends and community members. However, today it is one of the world’s largest social networking sites with over 300 million users and growing ever more. Facebook thus provides a great opportunity for companies and organizations to reach out to its existing and prospective customers and engage in a meaningful dialogue with them.
Today the availability of purpose built social media analytics tools help businesses to measure and increase their effectiveness online. Analytics for Facebook, for instance, offer companies manifold benefits like measuring interactive marketing, expanding reach, increasing retention and bringing more revenue. Facebook has several platforms for companies wishing to promote their business. Companies can create their profile and upload videos in the Facebook so that interested people can join and get latest updates. Companies can also benefit by tracking web data and with the help of Facebook metrics get immediate feedback on how content is performing, so that they can optimize products, features, campaigns, content and interactions faster.
The world famous web strategist, Jeremiah Owyang, defines Social Media Analytics as “The practice of being able to understand customers and predict them using data from the social web.” Social networking sites thus provide the easiest way for companies and enterprises to connect personally with consumers and know their opinions. In addition, through social analytics, enterprises get an idea as to what works and what not, which helps them to take crucial business decisions.
Considering the benefits of social media analytics, companies must start investing in social media analytics tools to improve their reach, retention and revenue campaigns.
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