As we come out of this pandemic, capturing consumer and market intelligence is a top priority for businesses. Understanding the shifts that are happening across categories worldwide is mission-critical and we uncover how industry leaders are doing this in our 2020 Global Social Media Market Survey Report. A summary of the insight it offers can be found below!
Moving Business Forward Post-COVID
Our global survey of more than 2600 senior marketers shares how they’re using social media analytics to grow their businesses. With so many moving parts in the online analytics puzzle, it was important that we narrow it down to offer the most relevant insight to readers – much like we offer immediately actionable real-time data intelligence to brands. As such, the topics in our report zero in on a targeted set of topic, including:
- How social media analytics keeps markets moving forward
- Use cases such as community engagement, campaign strategy, brand health, and influencer identification
- Which social channels marketers view as musts
- Measuring and misunderstanding ROI
- Social marketing leadership and budgets
The answers form a basis that will kickstart your own efforts. One thing they all agree on is the importance of capturing accurate audience insight to inform strategy. And that this capture hinges on data transparency, which boosts brand confidence in the insight. This, in turn, allows brands to act with the speed required to keep pace with the ever-changing consumer.
As such, one of our most telling questions was about which social analytics tools brands were using at the end of 2019.
Which Tools Brands are Using & Why
NetBase Quid is a clear leader in the space. And although we aren’t seeing huge numbers of brands saying they use social analytics tools themselves, we know they do. Why the disconnect? It’s because they’ve partnered with agencies who do it for them. And the expectation brands have for these agencies is clear: they expect consumer and market intelligence gathering expertise.
Each respondent shared correspondingly aggressive ROI requirements and this is particularly true in light of COVID-19 concerns. So, having a consumer and market intelligence solution that offered clear ROI was a deciding factor. As it should be.
Creating a Brand Baseline
NetBase Quid helps brands develop a solid and realistic baseline and measure success against it. Before brands can measure anything, they have to determine what you want to measure – and why. Questions to ask include:
- Are you trying to increase social engagement to drive sales?
- Are you hoping to level up your customer experience online and off?
- Or are you seeking to measure the results of a single campaign?
- Do you want to improve brand health by retooling customer service?
- Or maybe you need ideas for new products?
- Possibly more influencers to increase brand awareness?
Or maybe your brand seeks to understand where your awareness is really coming from? It all comes to down to understanding the consumer and creating meaningful interactions. And marketers are feeling the pressure to get this done faster and with better results. Brands expect agencies to be on top of their social media analytics game:
Beyond that, it’s not just about moving consumers through the purchase funnel, but also finding tools that will help agencies make the most of the massive quantities of data available to them. Because it’s all relevant and fills in a missing piece of the consumer and market intelligence puzzle.
Capturing, Integrating & Analyzing Multiple Sources
And these tools need to integrate the structured and unstructured data sources they have to contend with, and map it all out in a way that informs strategic decision making. Because, although listening online is something everyone is doing to some extent—few are doing it well.
The expert professionals surveyed are using consumer and market intelligence to inform every aspect of the enterprise, but competition is fierce. With 472 million entrepreneurs worldwide attempting to start 305 million companies last year, and struggling harder than ever to stay afloat this year, the room at the table is shrinking.
Risks to global business are growing and changing daily, as digital transformation continues to accelerate. The businesses that are failing are unable to meet shifting market needs in light of COVID-19. Social media analytics would change that. This reports shows how – and why.
Because, mastering social media analytics is the end game for every brand worldwide right now. Are you counted among the leaders in your category? Whether you are and you’d like to stay that way, or you’re seeking to dismount top competitors, be sure to download the 2020 Global Social Media Market Survey Report to learn the latest and greatest in the data analytics and social media marketing space. And reach out for a demo to see more that relates specifically to your brand or agency needs!