Or a spike in positive mentions for a new product can alert organizations to market disruptors. For example, a competitor may indicate that they are foregoing a niche market, creating an opportunity. Competitive Analysis - Understanding what competitors are doing and how customers are responding is always critical.Natural language processing and sentiment analysis can continually monitor positive or negative expectations to maintain brand health, refine positioning and develop new brand attributes. Customer experience - An IBM study discovered “organizations are evolving from product-led to experience-led businesses.” Behavioral analysis can be applied across social channels to capitalize on micro-moments to delight customers and increase loyalty and lifetime value.īranding - Social media may be the world’s largest focus group.Trends can be identified and tracked to shape the management of existing product lines as well as guide new product development.
In fact, IBM finds social media analytics is now “being brought into the core discussions about how businesses develop their strategies.” These insights can be used to not only make tactical adjustments, like addressing an angry tweet, they can help drive strategic decisions. Map how third-party partners and channels may affect performance.Uncover what competitors are saying and its effectiveness.Identify high-value features for a product or service.Gauge response to social media and other communications.Derive customer sentiment towards products and services.Understand conversations - what is being said and how it is being received.Spot trends related to offerings and brands.Social media analytics helps companies address these experiences and use them to: Consumers are now holding organizations to account for their brand promises and sharing their experiences with friends, co-workers and the public at large.” And news about a bad product - or a bad experience with a customer service rep - can spread just as quickly. IBM points out that with the prevalence of social media: “News of a great product can spread like wildfire. Social media analytics tools typically incorporate listening into more comprehensive reporting that involves listening and performance analysis. Listening is monitoring social channels for problems and opportunities. Social media analytics includes the concept of social listening. Fragments of text are returned, loaded into a database, categorized and analyzed to derive meaningful insights. Data about keywords or topics is retrieved through search queries or web ‘crawlers’ that span channels.
SOCIAL LISTENING TOOLS EXAMPLE SOFTWARE
Social media analytics uses specifically designed software platforms that work similarly to web search tools. It also differs from reporting offered by services that support marketing campaigns such as LinkedIn or Google Analytics. Social media analytics is broader than metrics such as likes, follows, retweets, previews, clicks, and impressions gathered from individual channels.
Social media analytics is the ability to gather and find meaning in data gathered from social channels to support business decisions - and measure the performance of actions based on those decisions through social media. Practitioners and analysts alike know social media by its many websites and channels: Facebook, YouTube, Instagram, Twitter, LinkedIn, Reddit and many others.
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