Social Media Analytics has become an increasingly important topic as the various social media platforms that consumers use to communicate with brands expand. Social Media, together with the usability of mobile devices and the widespread availability of mobile internet, has given voice to the consumers to not only communicate their grievances to the businesses and brands but also share their experiences and expectations from both new and existing products. It is therefore, important that businesses and brands closely listen to their customers and respond to their needs and desires on social media.
Social media has therefore, not only created a medium for the brands and businesses to connect with millions of people; it also provides a channel to listen to all these people. Brand communication has moved from being a one-way (brand to consumer) to a bi-directional dialogue (between brands and consumers). However, social media transfers these powers to the hands of the consumer and has brought new challenges of interpreting volumes of data available on social media platforms.
The answer to the challenges put forth by big data on social platforms is ‘social media analytics’. These platforms sieve through bulk of data gathering meaningful insights and help generate reports for the businesses and brands capturing various aspects like people sentiments, connect with the brand, determine personas, provide competition benchmark and target brand influencers, etc. These insights help the brands to make meaningful interpretation of the social data and take informed decisions.
Social Media Analytics
The fast evolution of social media has brought us to a stage where businesses, irrespective of their scale (small, medium or large) cannot ignore it. They need to get to the right customer with the right product. It is therefore, important that social media analytics become an inherent part of the digital media strategy to help target the right customers.
SMEs in India has off late started with their digital journey. While bigger enterprises had tested waters with social media couple of years ago and now have dedicated strategies / teams to drive it; SMEs are in a nascent stage of adoption. However, this movement will help SMEs drive new business models and efficiencies.
Adoption of social media strategies will help SMEs utilize their limited marketing resources in a more efficient manner. The availability of social media analytics platform will help them determine their returns on marketing investments and support decision making. Social Media ads in combination with social media analytics can help better target their customers. Moreover, it can also help them with social lead generation and sales resulting in steeper revenue growth compared to other mediums.
The growth in the field of social media analytics has also led to the development of mobile optimized platforms that can be easily accessed on mobile devices (smartphones / tablets). It will therefore, not be a challenge for the SME to invest in hardware resources in order to utilize the benefits of social media analytics. The boom in the smartphone adoption in the country will help provide the SME with a device ready workforce thereby, leading to an easy utilization of social media analytics in their strategy planning and execution.