7 Ways Social Analytics Will Help Grow Your Business
In the last 15 years, the world has been introduced to numerous social media platforms that have enhanced communication through images and words. Mobile technologies such as the laptop, iPhone and iPad, allow us to have the ability to use our favorite social media platforms on-the-go at all hours of the day.
With every click or page viewed, we are creating data that can be used to understand the popularity behind certain topics and pictures. This is where Social Media Analytics become important. They allow businesses to take a deeper look into information that can help evaluate the success of their company or brand. Social Media Analytics let the content creators read the minds of consumers without invading their personal space. Here are 7 ways Social Analytics can create notable growth in your business:
Communicating with social media influencers is a great way to build relationships with people who can help your brand grow. Using social analytics, you can find and learn about media influencers that are interested in what your brand stands for. Look out for these 2 groups of people online…
Connectors: individuals who are responsible for the spread of new behaviors.
Early adopters: individuals who are the first to buy a new gadget or talk about a topic. They are opinion leaders who transmit social norms through media.
Reference: Nick Cooney, Change of Heart, Published 2011
Defining your brand is crucial for the success of your business. It is important to have a brand that highlights your strengths and represents what you believe in. A brand should be associated with a specific logo or trademark that is eye-catching to potential followers. A brand should have consistency and core values that align with your business motto or mission. Social analytics will allow you to communicate with current or future customers regarding their interest in your brand. Things to consider:
- Do your customers like your brand?
- Do your customers agree with your brand values?
- Would your customers recommend what you’re selling to others?
- What would your customers like to see more of?
Reference: Info Entrepreneurs, Chamber of Commerce of Metropolitan Montreal, Branding- The Basics
One aspect of a business is getting the “buzz” going about your brand or product. Social listening lets you know who and where that “buzz” is coming from, by tracking conversations with keywords or topics about your industry. This process gives you the opportunity to see what potential customers are looking for or where they are having issues, so you find a solution to satisfy them. Instead of looking at individual comments, social listening lets you look at the bigger picture, i.e trends or patterns. Here are a few ways to use social listening to improve your business:
- Create content your customers want by analyzing key trends
- Initiate new marketing campaigns based on consumer conversations
- Identify issues to improve the customer experience
- Understand your successes for future product decisions
All in all, use a social media management tool to optimize social listening to the max!
Reference: Social Sprout, Dominique Jackson, What is Social Listening and Why is it Important?
To sell a product or service, you must know who your target audience is. Social analytics can help you track the patterns of your public. Utilizing this data is beneficial because it allows you to learn about who is looking at your business. It can also let you learn about the logistics of your public. For example, it’s possible that you’re trying to reach females, ages 25-34, but your social analytics are telling you that the people viewing your social media platforms are females, ages 18-24. In the end, these new revelations may affect your future marketing strategies.
Strategies for Posts and Updates
When trying to get a message across, it’s important that your target audience is present online to view and comment on a post or update. Especially if the content your posting can affect your customers in some way, you want them to be notified ASAP. Depending on the social media platform that is being used, the best days and times for consumers to see your content can vary. By looking at social analytics, you can align the time that you post, with active online activity from your followers. These are the best times to post on specific platforms:
- Facebook: W, TH, F from 12pm-4pm
- Instagram: M, W, TH, F from 11am-4pm
- Twitter: M,T,W,TH from 12pm or 5-6pm
Reference: Falcon.IO, Maxwell Gollin, What are the best times to post on social media in 2019?
Customer engagement is the connection between the consumer and the brand. Using social analytics, you can track the level of engagement between brand and customer. Customers that show high engagement with a brand are more likely to purchase more products or use a companies services more frequently. It is critical to note that marketing is not the main focus of business anymore. The relationship that a brand is able to build with its consumers is crucial in order to keep a level of high engagement. Customers want to feel valued and know that the brand they are following is authentic. You can give them this experience by doing the following:
- Offering them real value
- Building a community
- Inspiring them with useful information
- Providing entertainment value
- Keeping the conversation active
References: Kellogg School of Management at Northwestern University, Mohanbir S. Sawhney, 5 Ways to Authentically Engage Your Customers
Media comes in 3 different areas: paid, owned, earned. Knowing the difference between these 3 areas can help you grow your business. Using social analytics, you can track which types of media your business is receiving and where you could improve.
- Paid: Your company pays for media space or for a third party to promote its products
- Owned: Your company uses or creates its own channels to advertise
- Earned: Consumers create media or share media your company creates the i.e organic search, consumer ratings, and reviews
At the end of the day, the type of media that is most valuable to a company is earned media. A company should focus on earned media because it is credible and reliable. Earned media is powerful; whether it’s online or offline. If customers are satisfied, earned media will continue to generate around your brand for a long period of time.
Reference: Mckinsey & Company, David Edelman and Brian Salsberg, Beyond Paid Media: Marketing’s New Vocabulary
Author: Chelsea Schwartz