What Is Social Media Analytics And How Can Your Business Benefit?
Conventional media, such as television, radio, and newspaper, only allowed for one way transmission of information. Users could consume information from the media but could not share their own views on the subject. That is until social media came into play and gave the user the power to interact with the information put out there. This new, two-way communication has created opportunities to help better interact with users and, if used correctly, can be used to optimize business.
Social media analytics has to do with analyzing data on social media sites in order to make better business decisions. Data can be gathered from blogs, forums, and popular social media websites such as Facebook, Twitter, Instagram, etc. This data is analyzed by converting the qualitative data to quantitative data with the use of text mining and NLP techniques. Mining to find the customer sentiment in all the data gathered through social media can help support marketing and customer service activities. Social media analytics can also help amplify the presence of the business, help effectively run social media marketing campaigns, get feedback on products and services, and track the public opinion for a particular product or campaign.
Social media has empowered customers to speak out about their experience with a product or brand. It is not only essential but beneficial for a business to assess what is happening online regarding their business.
Any business with proper social media analytics will be able to find out what their target customers are talking about. They can spot trends, themes, and pain points. They can track sentiment, either positive, negative, or neutral, regarding their own products or that of competing brands. They can discover where customers and competitors are spending their time online, whether it be on certain social media platforms, blogs, or forums. With social media analytics, businesses can find key influencers in their niche market, build a community of brand ambassadors, determine threat areas to the company, and identify areas in the business process that may need improvement. They can evaluate the effectiveness of marketing campaigns and check what type of content is performing best.
Using social media analytics can definitely increase the ability to grow any business. If you are ready to explore how social media analytics can help you, contact SPIN today!
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