In this fast-paced world, businesses continually look for new ways to get ahead of the competition and interact with new generations of customers. Social media data can significantly impact businesses by providing companies with critical insights into consumer behavior, optimizing marketing strategy, and contributing to a more substantial, healthier business. Let’s examine how social media data and analysis can positively impact your company.
The Breadth of Social Media Data
Social media platforms have evolved beyond places to connect with friends and share updates. They have also become a repository of data and insights on consumer trends, preferences, and sentiments. Here’s the type of information you can gather from this data:
- Social search information (hashtag tracking and keyword analysis);
- Sentiment analysis (opinion mining to extract qualitative insights such as customer emotions and feedback from online surveys);
- Public multimedia content-sharing platforms (profile visits, impressions, video views);
- Long-form publishing platforms (customer preferences and brand awareness).
These four aspects of social media are a goldmine of data that marketers can use to make a difference in their business goals.
Benefits of Social Media Data Analytics
Social media data lets businesses enhance customer engagement effectively. Understanding the behaviors and preferences of your target audience means your company can create communications and content that are relevant and engaging to consumers.
Social media analytics gathers and evaluates data from different social media platforms. Keep in mind that many of the top social media sites have different user bases, so the audience makeup will depend on the platform itself. For instance, Instagram is best for reaching individuals under 40 who are interested in lifestyle products. In contrast, LinkedIn is a better platform for those trying to make connections with other businesses.
There are different types of actionable information that each of these platforms can provide to businesses, including:
1. Identifying Market Trends
These analytics allow marketing teams to collect information from social media platforms to analyze consumer behaviors and illuminate industry trends.
2. Measuring Customer Engagement
You can use this data to examine how consumers engage with your marketing or branding material. This information helps companies measure whether their campaigns are fulfilling their full potential.
3. Study the demographics
Social media analytics let marketers know which customer demographics purchase or support a service or product. They can use this data to change or improve their campaign strategies.
4. Identify company or product inefficiencies
This information lets businesses monitor consumers’ opinions about their services or products and use this data to determine why people like a specific product. Then, marketers can align their products to appeal to customers.
Marketers can use social media analytics to measure the return on investment (ROI) and refine their social media and content strategies. People’s digital footprints give businesses critical information on consumer preferences and needs. This data is also valuable for identifying your competitors, seeing what they do well, and identifying their social media weaknesses. You can use competitors’ data to craft greater competitive advantages.
Tools and Technologies for Data Analytics
If you want to harness the power of social media data, you need the right analytic tools to get the job done right. Using these tools enables you to track your engagement levels, identify trends, and measure the ROI on your social media campaigns.
Built-in Free Tools
You can use your social media channels to track basic social media variables at no cost. Many social media sites have built-in dashboards that are free analytic tools. These free options include the ability to check these essential metrics:
- Click-through rates;
- Conversion rate;
- Engagement rates;
- Leads;
- Impressions per mile.
These platforms can help you perform customer sentiment analysis, including customer satisfaction and improving brand awareness. However, these free tools are limited in scope as they don’t offer data processing, leaving you to sift through the metrics for essential data points.
Social CRM Systems
Social customer relationship management (CRM) systems change how businesses interact with customers by connecting social media to a traditional CRM framework. Using CRM systems also allows for obtaining and understanding the voice of the customer. Businesses can leverage customer feedback from social media data to better understand customer wants and needs. Marketers can use these metrics to develop products and services that cater to consumer desires. CRM systems are also excellent tools for building brand loyalty and attracting new customers.
Social CRM lets your marketing team plan a customer communications calendar to schedule all social media posts and provide data on how each post does. People who engage with your content are gathered into your company network, leading back to better sales. CRM gathers the profile data on all social contacts, which places you in the best position to connect, boost your service, and offer customer support.
Visual Listening Technology
Visual listening allows marketers to analyze visual mentions — GIFs, videos, and images — rather than text-based mentions. Visual listening uses logo detection technology to identify what brands are mentioned with visuals, what is said about it, and where it is being said. It is critically effective at identifying demographics and discussing your brand so you can better hone in on potential customers and audiences.
Data Visualization Platforms
Social media analytics with data visualization platforms lets you transform large amounts of information into an easily understood report. Aside from enhanced data understanding, these platforms allow quick identification of patterns and trends and improved decision-making from actionable insights. Data visualization platforms promote effective communication so you can easily share this information with relevant parties and stakeholders.
Conclusion
Social media is a power businesses must take advantage of to succeed in this technological age. Harnessing the insights from social media analytics is imperative for companies that want to achieve and advance their business goals by better understanding who their customers are and what they want from a service or product.
Make your business one that embraces the full potential of social media data, and it will lead the way in the changing landscape of marketing and consumer engagement.