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Social Analytics to Better your Business

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					                                 Social Analytics to Better your Business

Many companies have become aware of the importance of “listening” and customer engagement, and are looking
at capitalizing on social media and social analytics. There’s no doubt that social media is hot and growing at a
phenomenal rate. Smart companies are taking note and analyzing the numerous conversations available online,
integrating the information gained into their overall go-to-market and business strategy. A recent Forrester
Research predicts Interactive marketing spending in the US will more than triple over the next five years, reaching
$61 billion by 2012 and spending on social media alone will grow to $6.9 billion as marketers understand how to
use and measure this channel.

Social only works if you know how to measure the results and one of the core ways to make those measurements
is through analytics. Social media analytics offers an entirely new standard for calculate interactive marketing by
integrating, analyzing and enabling organizations to act on intelligence gained by expanding their reach, increasing
retention, and ultimately, driving more revenue. With effective Social Analytics, a business can bring you closer to
your customer, uncover untapped markets, and provide insight into your competitors. So it becomes imperative to
determine which social media monitoring solution is right for the business.

Having a firm understanding of the key components of Social Analytics is the first step in helping to effectively
utilize the data. Identifying your niche audience can help you to cater to a specific category so that your chances
of success are guaranteed. It is therefore important to choose a solution that provides quick results for businesses
to track social media behaviors in real-time and get immediate feedback on what will work for the product. It must
also

      Provide trending views and drill-down capabilities
      Offer insights to make faster, smarter operating decisions across huge amounts of social data.
      Allow acquisition to revenue.
      Get faster insights into the key influences on your K-Factor and viral campaigns
      Understand what keeps customers engaged, and uncover the levers that can most impact revenues.

Social analytics can improve your business as it bring many insights along with a host of benefits that include
identifying new markets, understanding the competition and capitalizing on it. With social analytics you can
identify product development opportunities and develop effective brand management, while also ensuring
marketing campaign measurement and tracking.

Going beyond just listening to online conversations, true social media analytics provides valuable, actionable
insight for shifting strategic focus.

Click here for more on actionable insights & facebook analytics

				
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Description: Many companies have become aware of the importance of “listening” and customer engagement, and are looking at capitalizing on social media and social analytics. There’s no doubt that social media is hot and growing at a phenomenal rate.