Overnight, that’s how long some businesses have been built on the strength of a Tweet, Instagram, or Facebook post. Concurrently, some companies have felt the adverse effects of such power of social media:
A poor customer review, a complaint that wasn’t handled in the right way or a service that wasn’t performed as promised.
So how do you decide your way through these sometimes complex and often confusing social fields? How do you know that what you are posting on social media is being valued (and turning into a business)?
Are you creating new customers with your social media engagements? Are your customers engaging with the content you post?
What is the response rate of your customer service team via social media?
Is the brand sentiment positive?
Answer - Social media analytics.
It can give deep insight into various topics, including audience growth, post engagement, customer care service, and even conversions.
A good analytics tool is intuitive, easy to use, improves transparency and structure so marketing activities and strategies become scalable and sustainable.
04 Ways Social Media Analytics Drives Business Growth
Mentioned below are some ways social media analytics helps in business growth.
1. Focused And Strategic Business Decisions
With the advancement in social media analytics, brands can make a focused decision using insights from outside of marketing. The amount of data posted to social media is steadily increasing year after year, its important to extract valuable insights from this data.
Social media analytics can help improve critical decision-making both inside and outside of marketing by social media listening for prompt replies and using sentiment-based data for a bit of room for emotion in your decisions.
See an example of analytics from Statusbrew clearly showing the converstaion by type to make sure your efforts are where they need to be.
2. Measure Your ROI And Marketing Impact
Analytics are critical as they can give you instant feedback about how your brand is performing across social media channels and whether the strategies of your teams are executed effectively or not.
It’s logical to seek an understanding of the resources you have invested in social media (for example, paid promotions) that are bringing in revenue – directly or indirectly.
Your marketing impact should bring you loyal customer. Customer loyalty is defined as the partiality of a consumer toward one business or product over another. Make no mistake; it can truly make or break a brand.
It drives traffic, visits to your brand website, word-of-mouth recommendations, and the conversion of leads to customers. This can mean the difference between profits and losses.
See below an analytics from Statusbrew showing average CPC for a paid promotion.
A complete 61% of marketers still struggle to prove ROI from their marketing efforts. Use a social media analytics tool and make sure you are not on that list.
3. Measure Teams' Performance
To improve business growth, its essential to measure your teams' performance. You need to know where your teams are doing well and where you can improve.
Here are some key benefits of measuring team engagement:
1. To Identify Strengths And Problem Areas
Regularly measuring team engagement helps you to tackle obstacles before they even become a problem. You can also use team engagement data to showcase what is going well and connect weaker teams or departments to stronger ones.
2. To Help Everyone Understand What's Going On
Once you have the data—you can share it with everyone—leaders, managers, and team members. This allows everyone to help contribute to a better transparent culture.
3. To Understand Trends
Understand what's happening in your team over time, or compare it to benchmarks. Keep a pulse on how and where the business is (or isn't) progressing.
4. Track Your Teams Efficiency
Streamlined workflows are crucial for running a team, so understanding team efficiency is essential to guide them in the right direction. This is especially important in areas like community management and customer care service. A good analytics tool will allow you to measure KPIs like response time.
Example showing how Statusbrew helps measuring team performance
4. Sentiment Analysis
Sentiment analysis gives meaningful information out of unstructured data. The insights from sentiment analysis can help a business bring real change and transformation to its brand.
It can be in the areas that are either creating a negative sentiment such as product features, price, delivery policies, customer care service, or sites that customers are most positive about, such as product satisfaction, price match, and such.
Overall, these strategic measures help brands:
- Become more competitive
- Attract new customers
- Retain present customers
- Sell more products and services
- Reduce customer servicing
- Make customers more profitable
- Improved marketing messages and campaigns
Example below shows Statusbrew's Sentiment Analysis
Social media analytics is essential for marketing. There’s no point in your marketing efforts if you cannot see whether you’re doing well or not and your improvement areas. Measurement and analysis enable you to prove your marketing impact, constantly improve overall performance, optimize budget, create a better strategy and form a better relationship with your audiences that will nurture them through every touchpoint.
With 80+ social media metrics stay ahead of the competition with deep insights about every nook and corner of your social scene. Statusbrew helps you discover meaningful insights and take better decisions.