Is your brand on track to best the competition as we round out 2020? Many marketers are relying on advanced social media analytics intel combined with powerful social media listening capabilities to inform strategy. How does that look exactly? We’ve uncovered that and more in our 2020 Global Social Media Market Survey report.
Global Marketers Share Social Media Analytics Understanding
Our global survey of more than 2600 senior marketers shares comprehensive insight around how they’re using social media analytics to capture their piece of the market – and how they plan to take a good bite out of yours as well!
Competition is fierce and these marketers are setting the stage for success. They using next generation AI-powered social media analytics combined with social media listening to reveal key consumer and market intelligence. They’re using it to:
- Inform campaign strategy and measure results
- Monitor brand heath
- Manage customer care
- Respond to crises
- Generate exceptional ROI
- Identify influencers
We expand on each in the report and reveal how peer organizations view social media analytics overall, including:
- How social media analytics keeps markets moving forward
- What social channels marketers view as musts
- Measuring and misunderstanding ROI
- Social marketing leadership and budgets
The Social Media Analytics Survey Results
After surveying 2,621 senior marketers across the globe to explore how they’re using social media analytics and social media listening, we have lost of insight to share. There are some commonalities globally, but the one that stands out most is this: They all agree that capturing accurate audience insight to inform strategy is a must.
And this is all part of a larger push toward accelerated digital transformation.
Digital Transformation or Bust
As we share in the report: Digital transformation has either begun for businesses or they have closed—possibly permanently, as the world moves online at an ever-faster rate. There’s little choice as they cannot transact business in-person as before. With 4.57 billion people active online globally, which is approximately 59% of the world’s population, brands in the know are eager to connect with consumers there. And they’re making meaningful, brand loyalty-inducing connections with their (and your) customers right now:
But being slow to the digital transformation game is just the tip of the worry iceberg. The risks to global business are many and social media listening helps brands stay ahead of them all:
So, businesses need to be aware of so much more than before, and marketers need to be equipped to do a job that really informs the entire enterprise.
Informing the Entire Enterprise
We found that marketers are not only feeling the pressure to connect meaningfully with segments and move them through the purchase funnel, but also to find tools that will help them make the most of the massive quantities of data available to their organization. And these tools need to capture and/or integrate a variety of structured and unstructured data sources, offering social media listening capabilities that are top notch. And increasingly, at least with top brands, the tools they’re using are doing just that:
These respondents aren’t all putting their best face forward though. Many are unintentionally leaving wiggle room for competitors to swoop in. There were many industries poised for growth at the start of 2020, but thanks to the pandemic, the ball is still in the air for many categories, waiting for brands able to jump up and grab it.
And mastering digital transformation is really just one piece of the puzzle. The associated online component, and everything the data it generates has to offer, must be understood. And this understanding can no longer be a surface sighting of likes and shares, it must go much deeper than that and they’re using social media analytics to uncover it.
Identifying Risks & Opportunities with Social Media Analytics
Brands need to identify risk and opportunity with a quickness and flexible enough to pivot as needed. They need to separate actionable intel from distractions equally fast. And they must trust their intel to confidently guide these decisions, so they can move first and win. These marketing pros are using social media listening to gather insight around:
- Who is talking about my brand and what is their demographic profile?
- Where are people talking about my product or service—on which channels, sources, and in which geographical areas?
- Why do people buy my product or service? What need are they satisfying with their purchase?
- How much are people talking about my brand and how much they are talking about competitors’ brands?
- What is my competitive share of voice—overall and in key markets?
- Does the range of sentiment around my brand change over time? How does sentiment for my brand compare to sentiment for my competitors’ brands?
- How does conversation volume and sentiment differ when segmented by sources, channels, or product attributes (such as quality or pricing)?
- Who is expressing sentiment in conversations that mention both my brand and my competitors’ brands?
- What are the underlying reasons for positive or negative brand sentiment—what is driving emotions, behaviors, and other attributes emerging from conversations about my brand?
- How is my brand’s owned media impacting conversation among key influencer groups or media contacts?
- Who are my competitors’ advocates and how can I identify and engage with them?
- How are competitors positioning and messaging about their products?
And they credit social media analytics with providing these answers and helping them secure success:
Upping Brands’ eCommerce Game
Every business must up its ecommerce and mcommerce game and be prepared to compete globally. And risks to global business are growing and changing daily. 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. Will your brand sink or swim? And how it is doing compared to other brands, right now? It’s so important to have a sense of where you stand!
Be sure to download the 2020 Global Social Media Market Survey to learn more! And reach out for a demo to see next generation AI-powered social media analytics in action as it relates to your brand.