What Are Social Media Analytics?
In today’s world, it is imperative that businesses are active on social media platforms in order to reach and engage their target customers. To make the most of marketing on these platforms, businesses should understand and act on the data received from these websites. Social media analytics is the practice of gathering and analyzing data from social media platforms, such as Twitter, Facebook, Instagram etc. and using the data to make informed business decisions. This may seem pretty straight forward, but it is easy to get overwhelmed by the sheer amount of data received and the number of metrics to track.
Common Metrics To Track
The metrics that a company should monitor vary from platform to platform, based on the company’s objective and type of campaign they are running. Needless to say, things can get complicated fast if a company is active on multiple platforms. Some common metrics to track include, customer engagement, click through rate, conversion rate, cost per click, impressions, views, follows, likes, shares etc.
Once a company decides what their objective is, they should identify the key metrics to monitor in order to evaluate their success in achieving their goal. For example, if a company wants to raise brand awareness, they should monitor impressions. If the goal is to build a community, companies should track user engagement.
In addition to the more standard metrics, companies can now use advanced tools such as sentiment analysis provide more in-depth understanding of their customers.
Sentiment Analysis, also called opinion mining, is the use of advanced digital language processing technology to identify emotional tones within bodies of text. This technique combines AI, artificial intelligence, machine learning, and data mining to provide businesses with unique data insights on what their customers are saying. This type of social media analytics can help businesses identify brand awareness, popularity, consumer reception to new products or services, evaluate the success of marketing campaigns, target demographics and audiences, and collect feedback across a variety of platforms.
Tools For Social Media Analytics
Thankfully, as social media continues to grow and evolve, there are a variety of tools available to help businesses track and monitor their metrics and data. These tools can be simple, such as single platform data monitoring to extensive multi platform monitoring and analytics.
For companies looking to stay on the cutting edge of social media analytics and not just rely on the number of likes their Facebook page receives, NetBase offers a Social Media Analytics Software that will revolutionize your social media presence.
NetBase’s AI Sentiment Mining software captures company feedback from over 300 million different websites, including blog posts, forums and review sites. Companies can use this data to have a real time understanding of how their brand and products are perceived in the marketplace as well as stay relevant with continuous analysis of language and emojis used by customers. This data can also aggregate customer feedback into localized regions to understand real time regional trends and be the first to know if there any potential brand crises.
For companies that want to make the most of their online presence, it is important to actively analyze incoming social media data in order to stay relevant and engaged with their customer base. Tools and platforms for online data analysis, such as NetBase, provide real time, in-depth data that allows companies to make the best business decisions possible.