Social Media Analytics
Social Media Analytics,In recent days,there are lots of buzz around social media data and insights.You will be hearing buzz words like engagement,likes,shares,post,feeds etc..Marketers around the world always puzzled on how to reduce the marketing expenses and increase the ROI. Social media is the place where you can spend less and get more engagement/Promote for your products.
Where do social media marketing happens? Facebook,twitter,blogs ,youtube and many other sources.Facebook leads the overall bid.It’s mostly unclear on how enterprise dervive ROI from these social media platforms.Today ,its mammoth task for any enterprise to track social media marketing returns.Though,we see many tools like Brandwatch, Hootsuite and many more,still its puzzle to understand how the metrics really make sense for an organisation.
Social media analytics tools are still undergoing maturity .It will take another decade to get a standardised metrics and clear-cut ROI from this tools.
Let’s understand what is the meaning of social media analytics?
“Getting insights from various online platform such as facebook,youtube,blogs etc to make decision around promotional effectiveness,product bundling and to measure the marketing effectiveness”
The above picture depicts about simple fan tracking for Shoppers stop fan distribution in India.Social media analytics way more than getting likes,share and comment count.It’s not limited to getting the fan page likes,PTAT metric which is (People Talking about that).Social Media Analytics is more about getting deeper insights on how the metrics make sense to Marketers?
Some of the key questions ,we should get answer using Social Media Analytics:
- What is my brand sentiment across social media platforms(Positive,Negative,Neutral)
- How’s my social index across the social media platforms,this is to measure overall effectiveness of the Social media marketing
- How’s my sentiment across category like Merchandising,E-Commerce,Parking spaces,Customer experience during purchase
- How can I quickly resolve/address some of the negative experience during shopping/purchase
- How’s my brand compared to other brands -Brand benchmarks
- What are my competitors doing differently which enables them to get more engagement /sales/promotion
- What’s my brand USP perceived by my customer?
- Who are my top influencers for my brand and how do I retain them?
- How do I find best product bundles for my brand loyals?
- What are my customer expectation on different product categories(Like Low price,discounts,buy 1 and get 1)
I have written detail article on Social media analytics for enterprises
Sounds like a big list isn’t it.It’s like wife sharing her wishes to husband.After the conversation you say Whow….that’s all you want !!! 🙂
To solve above questions ,you need a clear plan on where you actually get those information feeds in Social media platforms. There are lots of challenges during data collection.Comments ,you get from social media platforms are all unstructured in nature.
- Data feed plan(Facebook ,twitter,blog ??)
- Data Aggregation
- Reporting and Analytics
Social media analytics comes with following challenges:
- API data extraction(From FB,twitter & youtube etc..)
- Aggregation from multiple sources
- No common definations
- Changing Graph API calls V 2.11 is very different from V2.2
- Sentiment packages limitation in parsing the words (You sometime need to write your own scripts)
- Storage -Big data Problem???
Though ,marketers are trying various approaches to solve the Social media analytics problem,it’s still at a very nascent stage when it comes to making an informed and unified decision out of this.I expect more and more tools will come in coming years to address the above issues!!