The purpose of social media analytics is to monitor, analyze and improve the performance of social media marketing. Instead of making assumptions about the value of your social media presence, it’s necessary to study real data. Some social media tools like NetBase provide the guidance needed to optimize the outcomes of marketing campaigns. Let’s take a closer look at how social media tools can work for your business.
Competitive Intelligence
Every business must understand its competitors in order to effectively compete in the market. It allows you to assess your marketing strategy based on the data gathered. For instance, you can get an understanding of why consumers purchase from your competitors. Through social media tools, there’s a possibility of finding out about changes you can make to your products and services. You can also gather information about what consumers don’t like about your competitor to ensure you don’t make the same mistakes.
When leveraging the power of competitive intelligence gained through social media tools, so much information can be obtained beyond what your competitors are doing to boost sales. Information can contribute to the development of both short-term and long-term marketing campaigns to ensure you obtain an optimal return on your investment. The reason why the information obtained by companies like NetBase is so valuable is that you are able to review data directly from consumers. Unlike focus groups and other methods of obtaining information, the data is often from actual customers in real-time.
Social Media Sentiment Analysis
When you consider the history of social media, there was once a focus primarily on the numbers based on an assumption that if you have a certain number of followers, you’re obviously doing the right thing. While that might be correct, there’s more to the story. Instead of just collecting followers and shares, it’s important to assess the information thoroughly to get an understanding of what it represents. It’s also important to understand the engagement aspect of social media, especially as it relates to why consumers engage with your brand and how you can gain momentum for continued growth and development.
As you probably know, when it comes to social media, it’s possible to have engagement that isn’t positive. Some brands have experienced social media’s wrath in ways they could not have imagined years ago. This is precisely why sentiment analysis is necessary, which is an offering of NetBase. It enables you to understand whether consumers are frustrated with your brand or thankful for it. What’s interesting about the type of information that can be obtained is that you can identify the strength of the sentiment, which can play a key role in how issues are addressed.
Trend Analysis
It’s quite amazing how trends come and go, especially on social media. What’s hot this month might not be of interest to most people six months from now. Whatever the hottest trend might be, by analyzing the data you can jump in on the bandwagon or lead the pack. It depends on your marketing strategy and how you choose to integrate the information you’ve gathered. You very well might find yourself working with a top influencer on a trending topic in a few days.
Social media analytics happens to be the expertise of NetBase. For years they have helped leading companies develop marketing campaigns that advance business objectives and boost ROI. They offer a wealth of products and services that can do the same for your brand. For example, they provide customer insights that are in real-time, which means you can address issues when they arise. The breadth of the data available for analysis is extensive, totaling trillions of conversations. NetBase has systems that leverage modern technologies to provide insights that can take your brand to the next level.
