Social media analytic is the approach companies use to collect data mostly from social media sites and platforms such as blogs and use this data to make business decisions. Social media analytic is way more significant than the regular monitoring and analysis of tweets and posts to develop and develop in-depth conclusions that are beneficial to the consumer.
Social media analytics refers to something bigger than Facebook, Twitter, and such platforms, but it encompasses other platforms such as forums and reviews sites and a host of blog outlets. Social media allows any person to share their opinions, feelings, and beliefs online.
Most brands do not understand the importance of using social media in their brand management. Most lose sight of the potential social media platform offer, and they mostly regard it as noise. Most companies usually filter social media posts as spam, and they do not take time to sort and filter the good stuff that they can achieve with these platforms.
It’s not surprising to come across a company that runs a social media analysis on a specific topic and then forgets about it. These brands make the mistake of not understanding that social media and online analytics are in a state of flux. There is a significant relationship between data gathered in social media platforms through various analytics platforms they use to collect data and the connection between the services they offer as a medium of exchange.
What brings the difference between the brands that reap big in the social media game and those that do not realize the potential social media holds is the ability of companies and brands to sieve and cut through the noise and pursue the actionable market. It can only be achieved through competitive consumer intelligence and consistent social media intelligence tracking, bringing out the difference in results.
Social media analytics have evolved. There are a lot of tools that one can use to analyze data collected from social media and come up with consumer insights that can drive marketing and sales in a company.
Most brands usually confuse some buzzwords associated with social media analytics. Some of the terms that are synonyms to social media analytics include social media intelligence and its closely related to it. Social media intelligence usually refers to technology and solutions that use various methods to monitor social media platforms. This technology also monitors social media conversations and also other social emerging trends. When this technology gets analyzed through an intelligence lens can create some meaningful analysis. Some of the best and most informed marketing and consumer decisions can get made from these analyses.
Another social media analysis synonym one must incorporate in their social media analysis is social media listening. This term implies a brand listening to its target audience attentively. Social media listening is one of the best ways a brand can learn about its target consumer. The data collected during the learning process informs the decision-making either for marketing or other corporate decision. Finally, social media monitoring is another critical aspect of social media analytics that is also confused with social media listening. It is important to note that social media listening and social media monitoring are two different terms. Social media monitoring refers to keeping tabs and following social audiences. As part of the monitoring process, spikes in activity get analyzed to determine if it’s an opportunity or a miss to the company or the brand in question. The outcome of the monitoring and evaluation in social media analytics can sometimes point to a potential disaster, and such a brand should avoid such a situation.