The Power of Data Analytics When Applied To Your Social Media

Social media platforms are very powerful tools that can be used to promote your business, generate sales and attract new customers, but to make your efforts more effective and to measure your success, you need to apply data analytics.

In a nutshell, data analytics in business is the process of examining data sets (sometimes large and varied) to uncover hidden patterns, unknown correlations, market trends, customer preferences and other useful information that can help organizations make more-informed business decisions. This process is one of several related activities included in KBIS’ Business Intelligence solutions.

The massive role that social media plays in business development is undeniable. This is why it is important to understand the behavior of your social media followers. Doing so will give you a better understanding of how you can effectively market your business, maintain your social media presence, and engage with your current and prospective customers.

 

What Is Social Media Data Analytics?

Data analytics in social media is also referred to as social media analytics. The amount of information gathered through social media is vast. These are ripe data that you can extract to research consumer behavior, identify perceptions of different brands, including those of your competitors, determine your social media audience, reveal influencers of your brand, and more. However, you must note that market research and social media data analytics are different.

In a nutshell, social media data analytics has a single goal – to organize your audience’s/consumers’ opinions into useful insights for the benefit of your business. Our Digital Media Marketing solutions and Business Intelligence solutions can help your organization achieve this goal and further position your company to become a leader in its market.

 

The Objectives of Social Media Data Analytics

You do not use social media data analytics for nothing. The information that you will collect will all work together to improve your business, eventually helping you achieve your business goals.

So what do you use social media data analytics for? Here are some key objectives:

  1. Brand awareness

 

  1. Build and maintain public relations

 

  1. Build a community of loyal customers

 

  1. Research and development

 

  1. Increase revenues and gain leads

 

The Steps of Social Media Data Analytics

 

Social media intelligence entails a step-by-step process to successfully interpret the data collected and apply necessary measures to improve your business’ performance on social media. These include:

  1. Identify which business goals the data will specifically be beneficial for when gathered and analyzed.

 

  1. Define the key performance indicators (KPI’s) so you can evaluate the analytics data.

 

S.M.A.R.T. Goals and Metrics Tracking

The acronym S.M.A.R.T. also applies to setting social media goals. As a refresher, S.M.A.R.T. stands for:

Specific

Measurable

Achievable

Relevant

Time-bound

Once you have outlined your S.M.A.R.T. goals, it is easier to track your metrics. Now, what are these metrics? Let’s talk about the metrics that you would want to measure for each objective. I’ll show you some examples as well.

 

  1. Brand awareness

This is all about letting your followers/audience know about your business by posting relevant content that answers their questions. These include links to your blog posts, statistics, infographics, and other pertinent content. However, do not be too serious with your content. It is also important to show your potential buyers who you are. Post about your office, your employees (if there are any), company events, and more. Sharing memes and humorous posts are also helpful in building rapport and showing your human side.

 

Data analytics to track:

 

  • Engagement
  • Likes
  • Followers
  • Retweets
  • Shares

S.M.A.R.T. Goal Example: Gain 500 likes at the end of each month

 

  1. Build and maintain public relations

We all know that creating and maintaining relationships with our present and potential customers are necessary in the success of our business. You can measure your followers’ engagement by following your business’ mentions. Through this, you can have an idea of what others are saying about your brand. Are they satisfied with your product(s) and/or service(s)? Do they have complaints?

If they are pleased with your product(s) and/or service(s), it won’t hurt to thank them for trusting your brand. Also, it is a good gesture (and important) for you to address their concerns. In fact, according to a study conducted by Social Media Today, customers tend to spend between 20% – 40% more when businesses accommodate their customer service requests over social media platforms. By responding fast, you can solve product or service-related problems and be on top of every complaint. This results in stronger brand loyalty and can lead to an increase in your brand’s perceived value.

 

Data analytics to track:

 

  • Mentions
  • Relationships
  • Reviews
  • Ratings

S.M.A.R.T. Goal Example: Obtain 10, 5-star reviews on your Facebook page monthly

 

  1. Build a community of loyal customers

Brand loyalty is definitely among the most important goals in a business’ long-term growth. This is faster to achieve nowadays because of social media. In the past, businesses thrived through word-of-mouth marketing. Now, loyal customers can share their satisfaction via social media platforms reaching thousands of people worldwide in real time.

For example, #foodie, #foodporn, #foodgasm, and #nomnom are very popular hash tags featuring photos of foods that social media users love. To take advantage of this trend, most restaurants offer discounts and promos to those who will share pictures of their food, giving them increased social media exposure while making their customers feel connected.

 

Data analytics to track:

 

  • Likes
  • Follows
  • Mentions
  • Retweets
  • Shares

S.M.A.R.T. Goal Example: Get 5 mentions a week on Twitter

 

  1. Research and development

 

You have to consistently engage with your customers to know the problems they are facing so you can provide solutions as well. Another way to know what works is to keep an eye on your competitors. Are they running a promotion? Are they facing problems? How do they address customer concerns?

 

 

Data analytics to track:

 

  • Customer engagement
  • Your competition
  • Customer concerns & insights

S.M.A.R.T. Goal Example: Connect with 10 customers each month regarding the problems they are facing related to your brand or product.

 

  1. Increase revenues and gain leads

Using social media just for the sake of having an online presence is a waste of time. Social media platforms are the best means to leverage your business. Through these channels, you can acquire leads, generate sales and increase revenues.

Now, with this in mind, remember that by not spending ample time on the first four objectives, your sales won’t grow. Social media allows you to perfectly interact with your existing and potential customers on an organizational level and personal level at the same time. These platforms enable you to gauge their pain points and understand their culture, which allows for a warm call during your first engagement.

 

Data analytics to track:

 

  • Website traffic
  • Click Through Rate
  • Call To Actions
  • Landing pages

S.M.A.R.T. Goal Example: An average of 5% click through rate in Twitter at the end of the year.

 

Social media can definitely help your business grow through the use of data analytics. Now that you have a better understanding of how data analytics works on social media, it’s time to apply this knowledge and really get to know your customers, build your brand and increase your sales. Contact us to learn more about how we can help you manage your social media analytics and social media marketing.

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