Web & Social Analytics
Social media analytics in 2022
With 4.62 billion active users spending an average of 2 hours 27 minutes daily, 58.4% of the global population has a presence on different social media platforms. This gives businesses a great opportunity to reach their customers. But if you want to use social media platforms effectively, you must also focus on social media analytics to learn about your customers and influence their purchase decisions.
What is social media analytics?
Social media analytics involves collecting information from various social media channels and analysing that data to drive strategic business decisions. Social analytics focus on customers’ online experience and journey, factors influencing your business activity and customers’ decisions, the impact of social media marketing campaigns, and your competitive standing across social media platforms.
Why is social media analytics important for your business?
Effective social media analytics is necessary for businesses to evolve with changing customer expectations, stay on top of market trends, and benchmark your social media strategy against competitors and industry standards. You can improve your customers’ experience with the insights drawn from social media analytics and rise above the competition. The key reasons you should be investing in social media analytics solutions in 2022 include:
- Measuring ROI and marketing impact: Social media data analytics offers valuable insights into your customers’ online journey, experience, and expectations. These insights are instant feedback for your brand’s social media presence and marketing strategy. With social media analytics, you can instantly know if your social media marketing strategy is working and bringing in revenue, as well as effectively measure the ROI and impact of your social media marketing campaign.
- Making well-informed business decisions: Outside of understanding the impact of your marketing campaigns, analytics also offer insights into overall thought processes and expectations of the customers and emerging market trends. You can leverage this information to make better and well-informed strategic decisions, respond to the market trends and potentially minimise business risk.
- Tracking marketing efficiency: You can streamline your marketing team’s workflows by tracking necessary KPIs and metrics. This can allow you to keep moving in the right direction while maintaining speed and efficiency at desired levels. Understanding your customers’ online journey can help you achieve this, and using social media marketing analytics tools effectively can help you avoid potential social media crises to maintain your marketing team’s efficiency.
- Comparing your social media presence against competitors: Social media analytics can help you see how your social media presence stacks up against your competitors. Social analytics offer a context to benchmark your social media performance against competitors and industry standards. These insights can allow you to make well-informed strategic decisions to improve your social media presence.
How to use social media analytics to stay competitive?
According to a recent survey, 60% of business executives identified that investing in social media resources is critical to gaining a competitive advantage. Performing social media analysis is crucial to devising marketing strategies that help a business grow. Here are some of the ways social media analytics can help you stay competitive:
- Understanding your customers: Social media analytics offers insights into your customers’ behaviour, preferences, experiences, and expectations. With the right social analytics metrics, you can understand the audience size and engagement levels, customer demographics, major influencers, and evolving market trends to guide your strategic business decisions.
- Keeping track of competition: You can also track both positive and negative conversations about your competitors with social media analytics. You can use these insights to avoid your competitors' mistakes and modify your products and services as per customers’ requirements.
To effectively use social media analytics to stay competitive, you must:
- Select the most appropriate social media metrics: Social media analytics lets you measure several metrics, but measuring and keeping track of every metric is not realistic, practical, or helpful. You must select your objectives and KPIs to effectively track your progress with social analytics, refine your strategy, and stay competitive.
- Select the right social media analytics tool: Selecting a social analytics tool can make or break your social media marketing strategy. Be sure to select the right social media analytics tool that offers accurate, actionable insights and empowers your strategy.
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