Social media analytics is essentially an approach in which data is collected from blogs and social media platforms. The data is then evaluated and the findings used to help in the decision making process of a business. This procedure goes far beyond the basic analysis or normal monitoring of ‘likes’ or ‘retweets’ to cultivate an in-depth concept of the social end user. This is viewed as a base for empowering an enterprise to:
• Heighten social collaboration over a range of business functions like customer service, support and marketing.
• Make the most of customer experience
• Execute concentrated engagements such as one-to-many and one-to-one
Social media provides a great medium for business owners to understand real-time customer sentiments, intentions and choices. The most established application of this type of analytics is getting to know the consumer base on a more emotional level to assist with more targeted marketing and customer service.
Figuring out the business objectives that can benefit from the data that has been collected and assessed is one of the first steps when a social media analytics program is being established. Included among the standard goals are maximizing business earnings, lowering customer service expenditures, getting feedback on products and services and improving public opinion regarding a specific product or business division. The moment the goals of the business are figured out, the KPIs or key performance indicators to carry out objective assessment of the data has to be outlined.
Included among the benefits of applying social media tools are:
Learning from the Customers
Often, consumers have effective solutions for many of the issues an organization faces. For instance, if a product without proper documentation is on the market, it increases the chances of user errors. The users could solve these issues through trial and error and their findings can be posted in forums. This can assist the company in determining whether better documentation is needed.
Competitive Advantage
Analytics tools enable organizations to get a competitive edge over competitors by assisting with a greater understanding of their brands. Typically, this includes understanding how customers use specific services or products, the issues they faced while using them and getting feedback on the product or company.
Develop Products and Services
There are numerous blogs, tweets, complaints and comments about products and services. These consumer sentiments can be used to assess users’ experience. This data can then be used to assist companies with better performance.
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