What is Social Media Analytics?
3 Things you Need to Know
- Social media analytics is the gathering data from social media sites and analyzing it to make business decisions.
- The most common use is to focus on customer sentiment and insights.
- Natural language processing (NLP) is key to obtaining accurate customer sentiment.
FAST FACTS
- Social media analytics became mainstream in 2010.
- There are over 2.3 Billion social media users.
- The most popular social media sites are – Facebook, Youtube, Instagram, Twitter and Reddit.
Social Metrics
Likes, comments, mentions, retweets, and impressions can’t stand alone, but they are a necessary step in identifying who your audience is so you can go deeper. step in identifying who your audience is so you can go deeper.
Audience Analysis
Create segments of “feel-alike” consumers that cross demographic lines to expand your audience and offer individualized messaging so consumers feel like you’re talking specifically and personally to them. This is also important for community management and offering up the right customer experience.
Social Media Listening
Social Media Listening ups the ante by dialing into more specific aspects of what social users want, need and desire. It’s a consumer-centric, as opposed to brand-centric, approach. as opposed to brand-centric, approach.
Competitive Analysis
Look past your own brand to play the hero for dissatisfied customers of competing brands, as well as to spot and leverage industry trends for your own benefit.
Social Media Sentiment Analysis
You need to understand both positive and negative emotions – along with intensity of emotion – to spot customer service issues and reputational threats, as well as influencers to advocate on your behalf.
Social Media Monitoring
Be alerted to emerging trends in real-time, as well as reputational threats and negative posts with crisis potential. The latter is especially important, since the earlier you know something’s wrong, the better your chances of stopping a crisis from happening at all.
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Joe Russell is the Chief Financial Officer of NetBase Quid