Social Media Analytics: Why the Importance is Growing Everyday?

Abstract

Social media analytics is the process of collecting and analyzing audience data shared on social networks to improve an organization's strategic business decisions.

Social media analytics can improve a marketing team's ability to understand what social media strategies are working and which ones aren't as effective.

However, the analytical results can also provide insight that can be useful for making business decisions about other important aspects of the business not necessarily directly related to the marketing campaigns.

Keywords

Social Media Analytics, Networks, Actions, Hyperlinks, Mobile, Location, and Search Engines. 

Learning Outcomes 

After undergoing this article you will be able to understand the following 

1. What is Social Media Analytics?

2. What is the Importance of Social Media Analytics?

3. What's the Benefits of social media analytics?

4. Conclusions

5. FAQs

References 

1. What is Social Media Analytics?

In this era of social media and networking, Social Media analytics is a process for the extraction of unseen and unknown insights from the abundant data available worldwide. It is considered a science as it methodically involves the identification, extraction, and evaluation of social media data using various tools and methods. It is also an art for interpreting insights obtained with business goals and objectives. It focuses on seven layers of social media: text, networks, actions, hyperlinks, mobile, location, and search engines. Various tools for social media analytics include Discovertext, Lexalytics, Netlytic, Google Analytics, Network NodeXL, Netminer, and many more.

2. What is the Importance of Social Media Analytics?

The following are ways in which a business can benefit from implementing social media analytics:

Improve productivity of your organization:

By using various tools to analyze social media, companies can summarize customer reviews and formulate strategies to improve the quality of products, thereby increasing the productivity of the organization. The profitability of the organization can be enhanced by identifying loopholes and making improvements in the weaker sectors.

The importance of social media can be understood with the following facts precisely:

• Develop a deeper understanding of who your target audience is and where they spend their time
• Identify which social platforms receive the most significant amount of traffic
• Determine what type of social content leads to the most conversions, engagements, etc.
• Discover what type of social media post has the most significant reach and resonates best with your audience on specific platforms.
• Learn about what is and isn’t working in terms of social media campaigns and ads among your audience during their life and after they wrap up.
• Develop a more robust social media strategy for your business’s specific goals related to things like your marketing, sales, and service efforts.

To analyze potential competition:

Utilizing various analytics tools also helps in identifying competitors in the market. It assists in focusing on methodologies to achieve better results. Comparison charts provide insights about the organization's brand and its standing relative to competitors in the market.

To enhance customer reach:

Managing the customer journey through social analytics is crucial for retaining them. Constantly engaging with your consumers enhances social presence and understanding, leading to further improvements for your business. It considers semi-structured and unstructured data, summarizing it to identify meaningful insights. Engagement rate tracks how people are involved with your content and campaigns.

Improve product quality:

Customers often provide product reviews on social media platforms. Companies analyze these reviews and feedback to enhance product quality. Non-positive comments can be used by organizations to improve negative aspects, thus enhancing the overall customer experience. Customer feedback and complaints provide opportunities for improvements.

Strategic decision-making:

Social Media Analysis also aids in trend analysis and the identification of high-value features for a brand. It gauges responses to social media and other communications, facilitating meaningful decision-making for organizations to improve productivity.

Comments and reviews about products and services are collected, extracted, cleaned, and analyzed using various tools. Categorization of these comments reveals the intention about the brand. Natural language processing methodologies are employed to understand the intensity and group comments into positive, negative, or neutral categories regarding a product or service. Summarization charts about customer sentiment reveal future prospects for product usage and guide corrective actions accordingly.

What's the Benefits of social media analytics?

From sources across the web

Improved audience understanding

Benchmark against competitors

Identify trends

Optimizes social media marketing

Segmented data

Sentiment analysis

Analysis of multiple social media channels

Engaging with customers

Evaluate your campaigns

Improving social media roi

Monitoring competitors

Selecting relevant metrics

Attribution analysis

Better product management

Social media

Comparing multiple social media accounts

Competitive analysis

Customer service

Define your objectives

Enhancing content strategy

Make better strategic and business decisions

Measure ROI

Tracking competitors

Tracking marketing efficiency

Conclusion:

Utilizing various types of social media analytics, such as Descriptive, Predictive, and Prescriptive analytics, offers tremendous benefits to organizations, including increased productivity, profitability, improved decision-making, better customer understanding, and enhanced product quality. 

FAQs

Q. What data can you include in your social analytics?

Ans. : You can incorporate a wide range of data sources into your social media analytics platform.

These can include:

Blogs and news sources

Social media data, such as Instagram analytics, Facebook analytics, Instagram stories analytics, LinkedIn data, Twitter data, and much more.

Visualization tools, such as Tableau social media analytics

Surveys

Customer care emails

Review data

Multimedia data

And much more.