Social Media Analytic Tools-Rewarding as well as Challenging

By CIOReview | Thursday, June 15, 2017
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The ubiquity of social media has changed the face of marketing landscape in terms of interacting and connecting with prospective buyers. Many enterprises today are indulged in strategizing social media marketing plan and creating relevant content in order to market their products, promote brands, and foster new business. In order to allure more customers and increase the ROI, enterprises are inclining toward social media analytics tools to gather information and turn them into actionable insights. Social media analytics tools offer broader range of insights about customer needs and interests, and also help enterprises to improve engagement and gain a better understanding of their marketing impact.

But, according to experts and research analysts, social media analytic tools can provide valuable information to companies, along with that it can also pose challenges in terms of interpreting the data, cost and many more that need to be avoided to help the business grow and generate enormous leads. Here are some of the best business practices to keep in mind while dealing with social media analytic tools.

Nothing in this world is perfect and social media analytic tool is no exception. The analytic tools could be inaccurate at times unless it is modified with necessary software to monitor carefully to the online conversation and deliver meaningful insights about customer engagements. If enterprises have large quantities of data to be analyzed, then it is better to outsource the work to an analytics software vendor or services provider to boost the analysis process, instead of tweaking it in-house Social media analytic application.

When it comes to analysis, just having access to the social media data doesn’t yield. Enterprises need to look for ways to allure customers and develop algorithm that differentiates between genuine and fake feedbacks. Enterprises must have highly-skilled professionals who can normalize and structure all the data being collected so it can be further sent for performing analytics to predict the future outcomes. It is essential for enterprises to have talented officials to efficiently manage all the complexities of mining social media posts for churning out meaningful business insights.

Further, best way to gain benefits from social media analytic tools is to understand and know up-front the essence of it. While deploying, it is also important to know if the tool is matching organizational needs. Moreover, involvement of C-level executives plays a vital role in deploying the analytics tools into business processes. Reason being, one should know every minute details of how the tool is going to benefit organizations.

With large amount of data proliferating it’s challenging for an organization to consider all analytics generated. Here the trick to successfully integrate social media analytics and identify the metrics that matters. Visualization is another crucial aspect while generating insights   and making better decisions with the data. Combining the graphical display with complex algorithms provides deeper insights, especially when visualized.

Along with the above challenges, SMA has potential to help firms with various benefits. It includes enhanced marketing strategies, better customer service, customer engagement, brand awareness, business process improvement, product innovation and discerning new business opportunities.

While organizations are trying to figure out ways to manage the growing data and reap benefit out of it, social media analytic tools are slowly evolving and gaining popularity. It is considered to be an important new and increasingly indispensible source of insights. With the appropriate social media analytic tools organizations can accumulate data from social platforms, gain insights and enhance marketing strategy.