Web & Social Analytics
Benefits of social media analytics that you cannot deny
Popular social media platforms such as Facebook, LinkedIn, Twitter, and Instagram have 2.3 billion, 850 million, 330 million, and 1 billion users, respectively. With such a large user base, the insights social media platforms can generate are worth in gold.
This is the reason innovative businesses are actively using social media analytics, and 85% of them have seen direct ROI for their efforts.
This article will explain the significance and benefits of social media analytics and the typical metrics businesses can use.
What is social media analytics?
Social media analytics acquires and evaluates data from different social media platforms such as Facebook, Twitter, Reddit, YouTube, Instagram, and more. Without a social media analytics system, it is difficult to track, monitor, and make sense of the information spread out in comments, posts, shares, and promotions.
Why use social media analytics?
From identifying market trends to making processes and products efficient, there are numerous reasons businesses use social media analytics.
Identify market trends
Collect information from different social media channels to analyse customer behaviour and illustrate industry trends.
Gauge customer engagement
Analyse how social media users engage with the marketing material and understand if your campaigns are churning to their full potential. Allow customers to engage with your brand through their questions and other online discussions.
Study the demographics
Social media statistics help businesses analyse which customer demographics support or purchase a product or service. Using this information, marketing specialists can improve or change their strategy.
Detect inefficiencies in the company or products
Monitor the customers’ opinions about your products and services and use these insights to improvise. Know why people like a specific brand and how you can align your other brands accordingly.
Direct benefits of social media analytics
Social media is a powerful tool to boost sales, increase brand awareness and trust, and increase customer satisfaction. The goldmine of online information helps you achieve these direct benefits –
Measure social media ROI
Agencies can directly showcase their value to brands. One of the direct value outputs of social media analytics is the ROI of campaigns. Brands can use the ROI analysis to further invest in targeting more customers and bringing them to the website.
Refine your social media strategy
Use analytics to understand which marketing strategies are working better than the others. Focus your efforts and money on those that deliver actual value and improvise on those that do not.
Get a better understanding of the audience
Most people have a digital footprint, and that provides valuable information about your needs and preferences. Marketers can use this information to engage with the audience in real-time.
Benchmark against competitors
Use social media analytics to identify competitors. Know what they do well and where their social media gaps are. Using this information, you can align your campaigns for greater competitive advantage.
6 Metrics you can track with social media analytics
Social media analytics provide specific and targeted data about the audience using these key analytics.
Know where your strategic efforts are successful and where they need improvement. The most important performance metrics to track social media analytics are –
- Growth pattern in the count of followers.
- Click-through rate on the links in posts.
- The number of effective interactions across platforms.
Businesses want to create and distribute content that solves real-life problems for their audience. By knowing what answers your audience is searching for, you can provide relevant content and improve their experience.
This helps businesses understand how their online presence is. Competitor analytics compares two or more businesses, assesses the relative effectiveness of their campaigns and suggests areas for improvement.
Paid social media analytics
Advanced analytics tools tell marketers which campaigns will work better than others. This reduces your spending on risky and less productive campaigns. The following metrics help you achieve this –
- Cost per click.
- Cost per engagement.
- Number of active ads.
- Cost per purchase.
- Number of clicks.
- Total ad expenditure.
- Cost per action.
- Click-through rate.
Get precise metrics for successful influencer campaigns. Some influencer analytics businesses can use are –
- Engagement per thousand followers.
- Size of audience and most useful hashtags.
- The number of posts per day/week to gauge the influencer’s engagement power.
- Influencer’s prior engagement with brands.
It is a crucial analytics tool to know if your campaign is succeeding or failing. It can help identify potential issues with customer experience while the campaign is running. Monitor interactions and engagement rates over time for healthy growth.
For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.
How can Infosys BPM help?
Infosys BPM helps you get actionable insights from unstructured online data. Using these insights, a business can improve customer satisfaction and optimise digital assets for better service. Use deep domain expertise, machine learning, analytics, AI, and intelligent hyper-automation for the following business outcomes –
- Understand customer behaviour.
- Enhance the experience.
- Increase the revenue.
- Optimise the spending.
Read more about web analytics services at Infosys BPM.