Social media analytics is a process of formulating a purpose or objective, collecting data, sorting it, analyzing it, interpreting it, and reporting conclusions
What Is Social Media?
Social media is the computer-based research source of information that serves as the basis for social media analytics. It shows what people are thinking and what they are telling other people.
It’s not just the text of the content that is important for marketing. The analytical tools also tell us who wrote the text, what category of the populous they are from, where they live, what social media venue is it found, and when did they post it.
There are more than 4.5 billion social media users. It is forecast that by 2023, the number of users in the United States is forecast to be 257 million.
Social media users are younger. Ages between 18 and 29 make up 90% of social media users. They tend to be relatively wealthy and better educated. This means that social media has an inherent limitation on a source of information for some purposes.
The most popular social media platforms include Facebook, Twitter, LinkedIn, Instagram, Snapchat, TikTok, Pinterest, Reddit, YouTube, and WhatsApp.
What Are Social Media Analytics
Social media analytics is a complicated process. The integral elements of the process are:
- Define the purpose of the process.
- Identify the social media content that is relevant to the purpose and the best sources of that content.
- Gather, filter, and sort the content by relevance to the purpose. Keywords are a principal tool for filtering raw data.
- Analyze the data and build a data model.
This phase takes filtered raw data and translates it turning it into information that is relevant to the purpose.
Special tools are employed to analyze the filtered and translated data.
How Is Social Media Used For Marketing?
Social analytics have become widely used for targeted marketing or brand research. It is used by businesses to identify their potential customers and structure their advertising campaigns accordingly. They might even modify their product features to expand their pool of potential customers.
Brand research tools include social media marketing and social media listening.
Social media monitoring scans the internet to identify and capture what is being said about a given brand or product.
It is an algorithm-based computer program that scans sites and indexes them. For example, it can pick up messages directly related to a specific product or brand and indexes them for use in social media listening or further analysis.
Social media listening is the next more sophisticated step in the analysis. It takes the information attained from social media monitoring and puts it to use to analyze internet conversations about a brand, as well as the entire industry.
The listening analysis reveals why, where, and how the conversations are made, and what people are thinking. In short, it tells the public perception of a product in the context of a well-defined market. That analysis is used to improve marketing strategies.
Social media monitoring and listening are very sophisticated processes that require third-party programs and professional guidance to administer. NetbaseQuid is a market leader in social media analytics and artificial intelligence text analytics. They serve multi-national customers with expertise and software for consumer and market intelligence.