One cannot deny the important role social media is playing in the success of nowadays brands. These recent years, companies of all sizes are relying heavily on social media sites and blogs to reach their customers and grow their businesses. However, the proliferation of these channels and the large number of people using them have grown greatly. This has created challenges for companies to oversee and manage these platforms effectively. Social Media analytics tools can help businesses, a great deal, in manging these platforms and gain useful insight about their audience.
“Social media analytics (SMA) refers to the approach of collecting data from social media sites and blogs and evaluating that data to make business decisions.” — Techopedia.com
According to the latest report issued by Quantzig, a global analytics solutions provider, five reasons have been identified, to encourage businesses to invest in Social Media Analytics:
- Gain an advantage over competitors: Social media analytics gives you insight on what your competitors are doing, what your customers like and the overall perception of your company. This will help anticipate the moves of your competitors and meet the needs of your customers.
- Product/service enhancements: Feedback and reviews give you the opportunity to know exactly how well you are performing, make corrective actions and enhance the customer experience.
- Learn from customers: Your customers can help you overcome your challenges through their experience. Allow yourself to get inspired by their solutions and ideas!
- Improved targeted marketing efforts: Get timely information about your audience, from demographic and psychographic characteristics to the optimal time to post. Use these insights to best reach your prospects.
- The opportunity for innovation: Through Social Media Analytics tools you can discover gaps in the market and be the first to fill them. Your customers’ feedback will allow you to innovate your products and services and will inspire you to launch creative online campaigns.
FIVE REASONS FOR INVESTING IN SOCIAL MEDIA ANALYTICS was originally published in MASS Analytics Blogs on Medium, where people are continuing the conversation by highlighting and responding to this story.