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What Is Social Media Analytics

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Lessons_In_Social_Media_Analytics_InfographicInternet has caused globalization like never before, especially so after the advent of social networking, which has changed the way people interact in social circles. Every day, internet users all over the world express their opinions on products,brands,and services, even on websites that are not at all linked to the brands in question.Therefore, Social Media Analytics has emerged as an innovative means by which companies can analyze their brand image among consumers.Social Media Analytics describes the process of measuring, analyzing and interpreting the results of interactions and associations among people, topics and ideas on blogs and social media.The most common use of Social Media Analytics is to mine customer sentiment.

Social Media Analytics taps and analyzes customer opinions converting them into insights, which help businesses in identifying areas of customer satisfaction or any customer grievance for a product. It also provides an instant feedback to marketing campaigns, helping companies to analyze campaign that was well received by the consumers. Social Media Analytics is, therefore, acting as a brand new channel between customers and companies, helping them to gauge their influence in the market.

Questions that Social Media Analytics can answer for your Business

• How are consumers responding to your latest advertising campaign? Is the feedback good or bad?

• What are the most highly valued product attributes in your category?

• Which messages from your competitors are resonating in the marketplace?

• Are there negative comments that your public relations team should address? Are the comments true or false?

• Are business partners helping or hurting your brand reputation?

• What is customer’s sentiment toward their shopping experience across various sales channels?

• Can customers find the merchandise they are looking for quickly while shopping online? In stores?

How can Social Media Analytics improve your Marketing?

The information gathered through social media is used by businesses,not only to better understand customer attitudes and characteristics, but also to create and implement effective strategies that will take the business to the next level.User’s social data gives companies far more insight into who their customers are and enables them to better understand their current and future wants and needs.Marketers can draw up far more accurate user profiles and work out how best to message and approach customers and prospects.

Commonly used Social Media Analytics

I. Customer Sentiment Analysis

This refers to the analysis of emotions behind a social media mention. The  objective of the analysis is to monitor social media posts in order to understand how positively or negatively a company, brand or product is perceived among a target audience. They can also measure, for example, the efficacy of specific marketing campaigns.

For analyzing customer sentiment, inputs from social media, CRM data, channels such as television, radio and print media are converted to outcomes in the form of dashboards, which help in understanding true sentiments of customers towards the company and its products.Companies use sentiment analysis to evaluate brand perception, monitor marketing campaigns and identify potential crisis situations.

II. Reach and Influence

Reach refers to the actual or potential audience size any message can reach within the company’s network of followers and fans. So if a company has 1000 fans on Facebook, each time you post something on Facebook, you can potentially reach 1000 people.

Influence is an extension of reach and this analysis assesses each fan or followers ability to spread the word about your company, product and/or service among their own social networks. Influence metrics measures each user’s sphere of influence, enabling companies to build incentive programs to engage the top influencers and, ultimately, drive growth in a highly cost-effective manner.

III. Consumer Profiling

Consumer profiling, with the help of social media user data, provides a clear picture of individual demographics, interests and preferences.Analytics derived from users’ social network profile data can be used to personalize the user experience, improve content marketing and enable advanced audience segmentation. This allows businesses to display relevant products and services according to individual tastes or even promote discounts or offers relevant to particular users.

In addition to accurate audience segmentation, analytics for customer profiling helps businesses create and successfully launch innovative marketing campaigns and better target their audience.

IV. Consumer Behavior

This refers to tracking users online behavior, what they like to share, what they like to comment on, preferred purchasing methods and other motivational factors.Companies want this data to ensure they encourage specific user activity in relation to their brand. In addition, businesses want to ensure they know what makes consumers tick and click. And how to use that information to drive growth.

Social Media Analytics is an essential part of social media marketing strategy of every organization.It depends on the targets and audience of an organization,which tools are going to be used by them.A lot of free and paid services are available in the market to get a perfect Social Media Analytics report.Now it depends on the organization how deep they want to dig into to connect with their customers.

Image Credits– Socialbarrel

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