27 May, 2018 | Blogs
Social media platforms provide the opportunity for a brand to connect with its existing and potential customers. To do so, companies should use these platforms to listen to conversations and identify opportunities. Businesses that are looking to dominate their industries need a powerful social analytics strategy. Through social media, they have access to a variety of social insights, which include brand mentions, consumer complaints, and campaign tracking. These insights can influence the way business is done, change outcomes, and greatly improve a business’s overall success. Read more about social analytics here.
Here are 6 cases in which social analytics can improve how departments within your company operate:
Brand and Product Health
Monitoring what consumers are saying about your brand, products, or services is one of the easiest ways to utilize social data. Historical data of these consumer conversation uncovers a brand’s health and helps in measuring where the brand stands, against where it was 5 years ago. This helps the marketing team discover what they have been successful in and what they need to improve.
Shifts in Market Landscape
Social analytics can be used to gather insights about behavior changes within the industry. This includes demographics, market size shifting, and consumer expectations. By paying attention to behavior trends and audience interests, business development teams can focus on new opportunities instead of catching up with customers.
Monitoring competition is another use of social analytics, one that is critical before developing a brand’s social strategy. Tracking competition can be done to answer questions such as:
- What makes our competitors’ customers happy with their product?
- How have did the competition successfully attract a wider network with similar products?
Competitive intelligence is to find gaps within an already existing business plan and strengthen strategic decisions for the future.
Since they have access to real-time customer reactions, support teams can contain a crisis before the damage widespread. Crisis management can be means to strengthen customer care initiatives and brand loyalty.
As you can see from the above images, data analysis shows DiGiorno whether their public apology was a success or not. Data showed that customers reacted positively and that negative sentiment towards the brand decreased to a lower percentage than before the scandal had occurred.
Campaign Success and Brand Reaction
Social can be used to measure a campaign’s success and better understand customers intent to buy. The advertising and marketing teams can find answers to questions such as:
- How did early advertisements affect the purchase intent of our products?
- Is this type of behavior something we should invest in again?
New Market Opportunities
Social data can be used to uncover untapped market opportunities, to further expand the brand. This can be done by monitoring purchase trends, consumer interests, and top influencers; thus, finding insights by tracking shifts in behavior. By using social data to discover fresh digital marketing opportunities, professionals will be able to redirect or optimize their brand strategy, creating campaigns with effective media placement.
The following image shows that Clorox’s audience have interests such as Basketball, ESPN, and Football.
Furthermore, comparing the audiences of The Voice and American Idol, we can see that The Voice’s audience have interests such as entertainment news, actors, and fashion, while American Idol’s interests are similar to those of the Clorox’s audience.
After analyzing the above data, Clorox could benefit from media placements with American Idol, since both brands’ audiences share similar interests. Correct media planning and placements can eventually lead to an increase in sales.
Through social analytics, we help brands look at consumer trends, purchase intent, product attributes, drivers of sentiment, competitors, or category-level conversations. To do so, we have partnered with Crimson Hexagon, the leaders in social analytics.