5 social analytics benefits that help build any business 0

Posted on February 19, 2018 by Rob Petersen

social analytics benefits

If you can’t measure it, you can’t manage it. – Peter Drucker

Social Analytics benefits any company by helping them better measure and manage their business. Social Analytics benefits come in the form of competitive intelligence, targeting, customer support, predicting behaviors and course correction. They help build any business.

Social analytics is the collection and analysis of statistical, digital data on how users interface with an organization, particularly online. It is an analysis of the tweets, blogs and other postings on the social web, with a focus on a particular subject area.

This does not negate the importance of traditional research, where focus groups give you a private view on possibly sensitive topics or a questionnaire is filled out by 500 people in a designated age group or profession. Social analytics provide access to data and conversations about a topic or subject occurring right now and the opportunity to listen, learn, filter, measure and put them to use for business benefits.

Why is this relevant? Here are 5 social analytics benefits that help any business.

COMPETITIVE INTELLIGENCE: Is collecting and analyzing actionable information about competitorand the marketplace to form a business strategy. Its aim is to learn everything there is to know about the competitive environment to make the best possible decisions. Here’s what can be accessed through social media.

TARGETING: Every effective audience profile starts with a fundamental understanding of who your audience is. There is an incredible amount of information about your ideal customers in social media. Social analytics helps you identify and target them to find them. For example:

CUSTOMER SERVICE: Social media is one of the most effective channels for customer support in today’s digital world. Whether they have questions, complaints, or compliments, people are increasingly using social to connect with businesses.  Here’s are some of the finding social analytics reveal:

PREDICTING BEHAVIORS: Given this enormous volume of social media data, Social analytics benefits business using data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data. Here’s how it’s working:

  • 70% of executives consider predictive intelligence the most critical data insight
  • Facebook accounts for 53.1% of social logins made by consumers to sign into the apps and websites of publishers and brands
  • On average, businesses are only analyzing 12% of their data, leaving a lot of untapped opportunities and critical insights
  • 29% of patients viewing health information through social media are viewing other patients’ experiences with their disease

COURSE CORRECTION: Even the best business strategy can require connection. Social analytics benefits business by connecting the dots from what people say, do, act and are likely to behave in the future. Here’s how it can help overcome challenges you may be facing.

  • When social media is part of their buyer’s journey, customers tend to convert at a 129% higher rate, and they are four times as likely to spend significantly more than those without a social component
  • 80% of CEOs say that mobile technology and analytics are key to their strategy
  • 72% of business leaders say that their organizations will be susceptible to threats from digital market disruptions in the next three years
  • 69% of organizations that have used an external partner to gain better data insight report positive results from that decision

Are these social analytics benefits useful for your business? Do the facts help? Are you ready to get get started?

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    BarnRaisers builds brands with proven relationship principles and ROI. We are a full service digital marketing agency. Our expertise is strategy, search and data-driven results.

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