5 ways to bring value to social media analytics
How do you make the most of Social Media Monitoring? Read 5 practical tips.
I was recently scanning through a series of blogs from around the world using M-Adaptive, M-Brain’s digital media monitoring and engagement toolbox when the following title caught my attention “I’m still dubious about the need for Social Media Analytics”. I thought to myself ““ here is a challenging provocative sceptic in the field of social media analytics placing the gauntlet before me. How do you in practice gain a range of insights in this field, benefiting your company, campaign or promotion interests?
Catching negative feedback
What I’d come across was a thoughtful and thought provoking article written by a Venture Capitalist Investor called Hsien Hui in a private capacity. Hsien Hui argues that the main value of Social Media Analytics is in the field of the B2C consumer marketplace, when there is a sudden surge of negative criticism about a product or service.
As Hsien Hui puts it, “negative criticism will put people off from considering a product or service”. He also points out that engaging with the value of events and trends, and finding a connection with campaigns and actual sales is “hard to draw”.
In my opinion, Social Media Analytics should not just be measured in terms of the direct decision to make (or not make) a new purchase. Here are some thoughts about the value of Social Media Analytics which prove that a good monitoring system can be instrumental in bringing value to the sales and marketing environment:
1. “‹Campaigns by B2C related companies like to promote their sense of responsibility and wellbeing. For example, if a supermarket removes sweets that tempt young children away from the checkout counters, and turns this into a campaign which generates comments in social media about parental (and supermarket) responsibility, is this not a way of enhancing a retail brand’s image beyond just price or product offering convenience? Such campaigns can be measured through feedback from the social media channels and used to engage with consumers.
2. “‹Responding to blogs, like I am doing by writing this article, may work wonders for marketing and brand building. Some blog writers can be very influential and you need to find out that they exist beyond the “by chance” method. How to do this? Use Social Media Analytics.
3. Using Social Media Analytics helps to review results at glance by different sentiments, foreign languages and different source views (editorial intelligence, social networks, forums, blogs etc.). This is particularly important in huge single market areas like consumer retailing or services across, say, the European Union which operate in a single market.
4. Social Media Analytics can also be used to directly monitor, benchmark
and target your competitors in both the B2C and B2B arenas. Who are attending trade fairs and conferences? Where are you competitors exhibiting? How effective are your competitors` PR activities in the public domain? How good is the response and engagement of your own business in the social media world?
5. Detect sentiment. Discover who are your supporters and advocates – and those of your competitors. Are there key individuals which need to be identified? Is there a trend to be recognized? This you can find out in the world of social and editorial media – and quickly. “‹”‹
Reflections in the digital mirror
Summing up, it is worth bearing in mind that Social Media Analytics can measure a number of views and themes at the same time. Different views can be extracted at a click of a mouse. Valuable information, conclusions or items can be easily drawn out for further indirect or direct engagement on or off-line with social media contributions.
It’s also clear that the performance and capabilities of Social Media Analytics is constantly becoming more effective and efficient in its interpretation. In this business six months is a long time.
In developed countries, and increasingly also in emerging markets, the majority of the population are engaging every day online on their phones, tablets or PCs. There are loyalty clubs, Social Media hubs, countless applications and discussion forums. Nearly all of it happened in real time and is constant interaction between the virtual and real worlds.
The digital mirror on the world is like the transparency of the weather and the scenery around as we go on a mountain walk: we can see it on any scale and at any level – individual or collective. In today’s world we literally have the information means to decide how we engage with the scenery and people around us.
By Andrew Garrett, Sales & Marketing
Marketing & Communications