May 31, 2016
Finding the edge that puts your business above competitors is a challenge that many companies strive to overcome on a day-to-day basis. Social media has brought many markets to the next level with its unparalleled ability to encourage direct interaction with customers.
However, many marketing experts are pushing the boundaries of marketing one step further by incorporating business analytics into their social marketing strategy. Doing so is a profound way to reduce expenditures, connect and expand into a global marketplace, and to identify customers more efficiently.
Business analytics help make companies more competitive because they are able to identify important information about clients, processes and strategies that are working much more rapidly. In fact, analytics are so important in the modern world that according to Boston University, nearly 54 percent of business leaders believe their company needs to be more analytics focused.
Utilizing social media-based analytics can help quickly identify which strategies are working and which can save money in the long run.
One way to do this is to target two or three different metrics the company has determined are important indicators of marketing success. For example, tracking how many times your brand is mentioned on social media or determining which platforms are driving the most conversions.
Having this information at your fingertips can make it far easier to determine if more money should be funneled into developing your mobile platform, interacting with new followers on Twitter, or developing a new campaign to create buzz on Facebook.
As many people that have already incorporated social media into their marketing strategy know, finding the right customer to market to can be a bit of a challenge.
Often, beginner social media marketers make the mistake of following as many people as possible. Although, this can help send out a blanket message, it won’t help facilitate one-on-one interactions with potential customers who truly may buy your product. Social media analytics can help identify these potential purchasers.
One aspect that is taken into account is the semantics that are associated with specific comments found online. This can help determine if there is a positive or negative link to the product or if your marketing strategy is creating a buzz among people new to the brand.
Analysis of this type of data can help determine the demographic you are best connecting with, which people are generally not at all interested in your products, and where you might be able to open up a new market with targeted marketing strategies.
The global market is growing at an astronomical rate. This means that new connections with potential customers are always just around the corner. Your company can prepare and take advantage of them with the right social media analytics.
For instance, social media analytics could be utilized as a means to determine if a new demographic is becoming interested in your product. This knowledge could then be used to assess if there are any positive marketing changes that could be made to provide kindling to your new, growing customer base.
This could mean something as simple as using specific terms in marketing, expanding your ad structure to specifically make the new demographic feel included, or any variety of strategies that use psychology to build brand loyalty. This type of analytics can help your company expand in the right direction without quite as many bumps in the road.
There are many powerful ways in which to incorporate social media analytics into your marketing plan. Often, this can mean that your company will make faster, more accurate decisions, connect with the right customers and ultimately save quite a lot of money. Utilizing social media analytics could be the tool that gives you the edge over competitors and rockets your company to the top!
Brittni Brown is a current graduate student at the University of Idaho. In her free time she enjoys a variety of outdoor activities such as hiking, biking and camping.
Images via Pixabay: 1, 2
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