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Companies spent $74 billion on social media advertising in 2018, according to the Pew research center. Social media is an excellent extension of a company’s website, and when used effectively, it can be very beneficial. For companies to understand how the market works and make the necessary changes, gathering and evaluating data from its various social media platforms is the way to go. The use of social media listening platforms offers a prediction on the reaction of customers to a particular campaign prior to its launch.
Types of Social Media Analytics
Social media is an endless sea of data that can be very valuable to your business. However, you have to use social media analysis to turn this data into meaningful information that will help propel your business into an unimaginable success. A clear of your company’s objectives and needs will help you to choose the suitable social media analytics.
Predictive Analytics (Foresight)
Predictive analytics focuses on evaluating data that has been accumulated over time and uses it to predict an event in the future or create a campaign that will yield positive results. When conducting foresight analytics, “what” and “why” questions are involved. It provides an understanding of what event might occur and why it might take place. The essence of predictive analytics is to improve the probability of occurrence of a desired event.
Descriptive Analytics (Hindsight)
This is the most common form of social media analytics. It focuses on “what” questions. Through descriptive analytics company’s can compile their data in clusters, reports, and visualizations. This helps in identifying the problems faced and unexploited opportunities. Every comment left by people on enterprises social media platforms such as Twitter and Facebook falls under this category.
Prescriptive Analytics (Foresight)
The difference between prescriptive and predictive analytics is that prescriptive gives you an idea of how to approach the predicted event. It is an essential tool for dealing with the needs of diverse demography. For instance, predictive analytics comes in handy when a diverse group of people shows interest in a particular product. It helps you to go with an approach that allows you to meet all the needs of your customers and achieve the desired results.
Diagnostic Analytics (Insight)
Diagnostic analytics are ideal for understanding why a particular campaign succeeded or failed. Unlike descriptive analytics, diagnostic digs deeper and provides information to improve future campaigns or events.
Key Features of Analytics Platforms on Social Media
Since our needs vary, it is imperative to examine the features of various social media analytics platforms. The ability to share and transfer data from our analysis is an important feature. It makes it easier to share data in different formats to shareholders. Combining social media insights, personalizing, and customizing your social media analytics tools are also vital features.
Companies that operate globally need tools and platforms that have a global presence. The ability to detect and monitor sponsored content can also be helpful. Paid advertisements help to upgrade a company’s visibility. NateBase is a platform that has many attractive features, such as customer segmentation and demographic data. It is also present in multiple countries, offers social media integration and multichannel marketing.
NateBase uses data from forums, Tumblr, Facebook, YouTube, Instagram, customer review sites, and many more sites to provide a deeper understanding of your customers. It can track your competitors, people, events, and campaigns in real-time.
It is no brainer that the first step in digital marketing is to create and publish excellent content. However, that is not enough; tracking, analyzing, and improving your content is vital. Social media analytics helps you to deliver valuable goods and services to your customers.
