Social media is one of the most important components of marketing and advertising in the 21st century. Although television, radio, and even print media are viable avenues for reaching customers, social media is the strongest wave of influence right now. With millions of active users every day, social media platforms offer companies an indispensable resource for finding and reaching potential customers on a daily basis. In reality, companies who aren’t utilizing the advantages of social media are bound to fall behind the competition.
It’s important to understand that using social media isn’t enough to bolster a company’ success. Social media analytics must become an integral part of this online strategy in order to see impressive results. By collecting information and data from social media platforms, companies can gain a better understanding of their audience and the market overall. Social media analytics utilizes this data to make inferences and decisions about the direction of a company. Here are the major benefits of using social media analytics.
Determine your ROI
With any major investment, companies want to see definitive results to ensure that the strategies are worthwhile. An analysis of social media methods can help prove the value of these platforms. Through social media analysis, companies are able to see easily determine the ROI for their online campaigns with tangible and adjustable figures. For example, Google Analytics can be used to the exact number of users that clicked a particular link or visited a website. Analytics can even be found for the number of purchases made from a social media campaign.
Improve your online strategy
Through the implementation of social media analysis, you’ll be able to tailor your online strategy to make improvements along the way. This detailed analysis offers an overview of each aspect involved in your social media methods. Through this specific overview, you can see which details need to be adjusted and which are working fine. For example, content with high-quality images may be converting better than those without pictures. With this enhanced oversight, you’ll be able to make detailed changes to improve the social media strategy overall.
Learn more about your target audience
Knowing your audience is one of the most important factors for any successful marketing or advertising strategy. This rule applies for social media strategies as well. Another great benefit of social media analysis is the amount of information that companies can gain on their target audience. Every piece of personal information that users place on social media increases the level of detail and insight that companies can gain into a potential audience.
Companies can find an audience based on age, gender, payment preferences, personal interests, and more. You can also determine which type of content works best with the audience. For example, your audience may engage with video posts more than image posts. This would information would encourage your company to start reaching out to the audience with video content to improve conversion rates and retention time. It’s important to understand your customers’ online habits and preferences. This information makes it much easier to create a bespoke social media plan.
Learn about the competition
Customers aren’t the only people leaving online footprints. You can also learn a lot about your competitors through the right social media analysis. With the right methods, companies can identify potential competitors, determine their strengths and weaknesses, and even learn about their social media strategies overall. With this information, you can tweak your social media strategy to mimic what is working when compared to the methods of the strongest competitors.
NetBase offers industry-leading social media analytics for companies in any field. With the help of NetBase’s solutions, companies can gain a better understanding of their audience, market, and competitors. This information will also provide a detailed analysis of what is working and what is failing within any given social media framework.