Today, social media has become an inseparable part of people's lives. Everyone is indulged in social media in one way or the other. However, knowing deep down that one can be an expert and social media is one thing and being able to back it up is quite another. Using social media for one's profit has become easy with the help of social media analytics as it plays a crucial role in making a brand campaign a success.
Data is very important as it allows professionals to clearly look at the brand objectives and decide how to proceed with them. Social media analytics helps in understanding what is more crucial and what can be considered secondary. An online CMO program can help you better understand the concept of social media Analytics and how it can increase one's engagement and reach.
Social Media Analytics: Meaning
Social media analytics is the process and ability to collect and identify meaning in the data sourced from various social media streams, platforms and channels. Social media analytics also includes measuring the performance, engagement of social media accounts and collection of data points. Based on the evaluation, analytics professionals incorporate the best strategies to convert the actions into results.
Social media analytics includes heavy marketing research and the various parameters help digital marketing professionals assess what works in their favour and what does not. Social media analytics not only contributes to the larger brand objectives of a company but also assists in understanding customer sentiments and providing support to them in every way possible.
Additionally, social media analytics also contributes to the larger goals of an organisation that includes the metrics of spotting recent social media trends and preventing PR problems even before they occur.
Tracking Data From Social Media
Keeping a regular tab on social media activities can be very confusing and tiring at times. One may think of it as a very difficult and time-consuming task but the only hack is proper planning and implementing the right strategies.
One can effectively track social media analytics by setting SMART goals. SMART stands for Specific, Measurable, Attainable, Relevant and Time-bound. SMART goals act as a guide to assess the success or failure of social media and to determine whether the campaign has been able to achieve the organisational goals or not.
SMART goals can be described as follows:
- Specific: One should be absolutely clear and precise about what one is trying to achieve, and what the goal is. For effective social media analytics, one should specify the exact objective that needs to be fulfilled.
- Measurable: Quantification of data is always a top not advantage for every analyst. Setting quantifiable indicators is very important to make the goals clear. For tracking the success of a campaign it is essential that the goals are specified in some quantifiable metrics.
- Attainable: The goals must be within the reach to achieve them. Setting the bar too high that achieving it becomes absolutely impossible is of no use. Setting reasonable goals that can be attained is a mindful decision.
- Relevant: setting goals that are relevant to the company or the brand is useful. One must be clear about how the goal fits into the bigger picture. One must try to achieve a goal that can yield better results for the company.
- Time-bound: Setting appropriate deadlines is crucial. A brand must be clear about when they hope to achieve its objective. The goal should be feasible and defined in a manner that a timeline can be anticipated for achieving the goal.
Benefits of Social Media Analytics
Social media has been extremely important in present times as it provides the following benefits:
- Enhance customer acquisition: Customers are the lifeboat of any brand. Marketing professionals use social media analytics to increase brand awareness among potential customers. Social media analytics also improves customer interactions. The consumers feel satisfied and know that the brand is always there to back them up.
- Protect brand reputation: Maintaining good brand health is one of the key features of a successful marketing campaign. Social media analytics improves brand awareness among potential clients. Reaching out to new consumers and making them aware of the brand is also part of the process. The reputation of the brand depends upon how the consumers perceive it.
- Reduce customer care expenses: Customer care requires focused attention and a dedicated team to solve customer issues. As consumers know that the brand already has information about their purchases and so, they expect that the brand will instantly do away with all their issues. Consumers expect that the brand will make efforts to strengthen its relationship. Regular social media analytics allows the brand to anticipate the needs and wants of the customers.
- Increase product launches: Brands can capture the market on new trends with the help of social media analytics to understand the area of interest of the customers. Additionally, it helps in creating actionable insights aid, minimising risks, and identifying market opportunities that ultimately help ensure the success of the product launch.
- Enhance crisis management: Social media analytics is a great way of avoiding a crisis even before it happens. However, it depends upon parameters like the gravity of the crisis, duration, consequences and so on. Social media analytics helps prepare a management strategy and response protocols.
- Improve campaign performance: Through social media analytics, brands can discover what matters and motivate their customers to buy a product or service. Social media analytics assists in creating engaging and thoughtful brand campaigns that build an emotional connection with the audience. The marketing team can put more personalised and effective marketing plans in motion.
Choosing the right social media analytics is one of the best investments a company can make for their brand. Marketing professionals are in high demand as every company wants to use social media to their best advantage in today's time. Social media has become one of the greatest ways of marketing which places marketing professionals even more in demand.
If you are a marketing professional and want to become a CMO of the future, register for the Executive Certificate Programme for Strategic Chief Marketing Officer by Imarticus. This course will help you learn all the recent marketing tactics and their use cases. This can help you climb the success stairs in your marketing career.