Social media nowadays offers both big and small companies a voice, which in turn means that knowing how to measure social insights is a powerful tool. It’s crucial for companies to understand how to use the internet in order to promote their business and their products, as business becomes more and more global thanks to the internet.
Defining Social Media Analytics
Social media analytics simply means the gathering of data from online content and social channels in order to help guide business decisions. While the topic can get very complex, social media analytics has 3 stages at its core, with the ultimate goal being to provide actionable social insights. The first stage that is part of measuring social media analytics is to identify primary business goals. The goals will dictate the other 2 stages, as they will give analytics purpose. Goals can range from to improving brand perception to growing traffic to the website.
The second stage is setting up social key performance indicators. These metrics will indicate whether a campaign is successful or not, and will depend on what goals are targeted. Key performance indicator can vary. For example, measuring sentiment refers to how the audience feel about the product sold by the company, the brand, etc., while measuring conversion shows the impact that social strategies have on sales and revenue.
The third and final stage is measuring and analyzing social data. Once companies know what their goals are and by which metrics to measure success, they can start assessing the state of their business and make necessary adjustments based on the insight provided by social media analytics, measured with the right tools.
Which Tools To Use – Finding The Right Fit
Finding the right fit can depend on many things. There are numerous options available online when it comes tracking social media performance. Staying ahead of competitors means that its important to have the right tools.
A good way to start to understand an audience is by simply using built-in tools that social media platforms offer. YouTube, Instagram, Facebook, Twitter, etc, most of the major platforms provide social media analytics, and if the company’s presence is limited to major platforms, using those tools can be helpful. However, if a business is on more than one channel, putting together data manually from all platforms can be time consuming. In addition, certain platforms don’t offer these tools.
In order to gain access to more data, compare information from multiple platforms and have more options available, using third-party tools is ideal. There are a number of free options available on the internet, each of them offering certain perks – such as Zoho Special, SumAll, How Sociable, Hootsuite, etc.
Beyond Free Tools
Built-in dashboards and free third-party tools can be very useful, not only in understanding the audience, but also in gaining more experience when it comes to measuring and analyzing the information available. On the other hand, free tools can only do so much and they might not provide the cutting edge advantages that would push a company when it comes to their social media game.
Paying for tools can be a very good investment for companies that have the necessary budget and need more advantages. Netbase, for example, is an industry-recognized platform, and offers real-time monitoring which is able to alert a brand when it comes to reputational threats. Their monitoring is layered with image analytics and Voice of the Customer analytics, and they use NLP (Natural Language Processing) to help decipher languages, as well as online slang. Netbase, as well as other paid tools, offers several packages, designed to fit all needs as well as budgets.