According to the latest report published by International Data Corporation (IDC), businesses dealing with social media analytics (SMA) software will witness yearly growth of about 38% by the end of 2014. Be it Facebook, LinkedIn, Twitter or Pinterest, SMA adds meaning to the existence of these social media networks. Some of the most effective SMA tools available in the market today are Google Analytics, Facebook Analytics, Pagelever (particularly for Facebook) and CrowdBooster. Let’s find out the top reasons for using social media analytics for businesses to formulate online marketing strategies.
Top Benefits of Social Media Analytics
Here are some of the top advantages of using social media analytics to fine tune your marketing strategies:
- Keep track of your competitors
With the recent developments in social media analytics, you can now keep an eye on the activities of your competitors. It enables you to find out the truth behind services offered by your competitor and how they are viewed by their customers. By incorporating this data along with other information relevant to your business, you can actually gain a competitive advantage over your peers.
One of the most significant benefits of implementing social media analytics for businesses is to enhance the products and services offered by your organization. Be it a small or medium sized business or a large corporate house, creating a social media presence is almost inevitable these days. However, all businesses receive both positive and negative feedback from their customers. And this is where the role of SMA becomes vital. Modern day SMA software available in the market collects the data (such as comments from the Facebook fan page) and analyzes them to tease out the main problem. In addition, it gives an insight into how you can resolve the issue.
- Managing customer feedback
With a better method for social media analytics for businesses, organizations can enrich their knowledge base. It is very common to have customers who face certain difficulties in using your products. Also, it is possible that the same problem is being faced by other customers as well. At the same time, you might discover one customer who has been able to successfully overcome that problem and he/she shares the solution on your social profile. SMAs are now able to collect such feedback and report it to you. You can thus incorporate such posts in your resource box and hence serve your customers in a better way.
- Discover the success of your posts
Apart from the aforementioned benefits, social media analytics enables you to discover the truth behind your posts and updates, such as information about the posts that were shared and read the maximum number of times, how many times the post was shared and by whom, which platforms are getting more responses and the sentiments that are getting more responses from your customers. Having access to such vital pieces of information can help you target your present and future prospects in a better way.
Social media being a goldmine of industry specific information, it is crucial that social media analytics be used to ensure that you can make the most of your presence on your social platforms to engage and connect with your target market. Contact Dapper Goat Social Media to learn more about social media analytics for businesses and how they can help generate new sales leads.