Social media analytics : A trick for a treat
contributed by Ayesha Prasad Narain
Quoting Paul Gillin, ‘transparency may be the most disruptive and far-reaching innovation to come out of social media.’
Delving into consumer insights has never been this easy or efficient. In the reign of mass-media and broadcasting, to actually understand who fit the brand persona was a daunting (and tedious) task. A lot of manual reports were created and certainly not error-free.
In the wake of technology, ‘data gathering’ has been revolutionized. A small spend or a dipstick study can lead to various reports that dovetail into your overall business strategy. Harnessing data through efficient media monitoring/ social listening software/s is the key. The right insights that slice through brand reputation and sentiment analysis are important. Campaign assessment and maneuvering when encountering a small blip can mean a scalable intangible benefit for the brand. Good technology drives not just time and cost efficiency but builds brand share of mind and heart.
Social Media Analytics spans across a variety of sub-topics, which can help
- build a community of loyalists/ advocates/ on-lookers/ followers
- empower social alliances and enable the cross-functional thereby benefiting the overall value chain
- reach out to the end-customer, understand what makes them tick and assess need-gaps
Customer preferences, sentiments, affirmations, opinions are garnered to find a right fitment in terms of communication/ products/ services to effortlessly plug-in to their wants/needs/desires. Thereby, making the traditional marketing models of “Awareness-Interest-Desire-Action” fairly redundant.
Understanding even base level analytics can truly benefit organizations by
- Market segmentation
- Identifying the foundation for segmentation
- Identify characteristic traits which are unique for the given segment
- Benchmark against competition
- Market targeting
- Value-benefit analysis of each segment
- Assess if they are homogeneous/heterogeneous mix
- Plan a call-to-action calendar
- Product positioning
- Develop a unique selling proposition for products to fit into the segments
- Develop a strong marketing mix to capture & retain the segments
- Technology driven smart organizations are a necessity to scale brands
Paying heed to the above can enable businesses to adopt a more refined customer-centric attitude and also pave the way for product extensions and up-selling.