Understanding Social Media Analytics Process

A few years back, marketers depended on surveys to find out the opinions and feelings of customers about any product or service

. However, today the popularity of social media has provided them a great opportunity to not only know the opinions, feelings, and feedbacks of customers but also use that data to inform business decisions. This practice of collecting data from the social networking sites to gauge customer opinion to support marketing and customer service activities is known as social media analytics. The understanding of customers activities, behaviors, and demographic profiles help to improve social intelligence considerably. Popular web strategist, Jeremiah Owyang, defines social media analytics as "The practice of being able to understand customers and predict them using data from the social web."

Compared to traditional surveys, social media analytics provide fast and real time analytics. The drawbacks of traditional surveys are that they are difficult to manage and analyze. Besides that, they lacked speed and efficiency making it a difficult process when compared to social media analytics. However, it no way means that social media analytics is an easy process. There are three important stages in the social media analytics process.

* Determine the Purpose

The first step is to decide the objective for performing social media analytics. The typical objectives are driving more revenue, evaluating customer engagement metrics , measuring interactive marketing, reducing customer service costs, expanding customer reach, crowdsourcing, getting feedback on products and services, and enhancing public opinion about the company or products. Mostly enterprises have a combination of such objectives.

* Identify Key Performance Indicators

Once the objective/objectives have been defined, the next step is to identify Key Performance Indicators (KPIs). KPIs are a kind of performance measurement, which are commonly used by an organization to evaluate its success or the success of a particular activity in which it is engaged. Simply put, KPIs are a set of indicators that help an organization to assess progress towards declared goals. Some examples of KPIs are wall posts on Facebook, the number of shares on Facebook, volume of traffic to the site and so on.

* Select the Right Tool

For the different functions in the social media analytics process, there are different types of social media analytics tools. These include tools for identifying the best social media sites, tools for collecting data, managing data, analyzing data and so on.

Statistics show that one in every ten internet visits end on a social network and that social networking occupies 11% of all time spent online by the internet users. In such a scenario, enterprises must make good use of social media analytics to understand the perception of the people about company products or brands.

by: Gladeyas

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