More businesses are now becoming global because of the internet. When companies have a greater reach, markets become more competitive. Today, even businesses that have one or more offices or stores often operate online as well. Social media is becoming a powerful tool for marketing and for maintaining good customer relations. Companies that can identify and measure social media insights can build better growth strategies. To measure social insights properly, a company must have the right analytics tools. There are several types of social media analytics tools.
What Is Social Media Analytics?
It is important to understand the features of social media analytics before choosing tools. NetBase defines social media analytics as gathering data from social platforms and various content sources to enhance business-related decisions. Although analytical tools come in many forms, they all share the goal of creating actionable insights that help a company boost its strategies. Some programs are simple to use, and some programs are complex. However, they share the same three stages.
The first stage is identifying the top business goals. For some companies, this may include increasing online traffic, boosting the number of file downloads or building a stronger brand. With clearer objectives, a company has a stronger sense of purpose. The second stage is determining key performance indicators from social media channels. A few examples of performance metrics include followers’ engagement with paid or posted media, how people feel about a company or product and how sales revenue relates to social strategies. These metrics help determine failure or success, and metrics vary from one company to another based on goals. The third stage is measuring and analyzing social data. In this stage, a company has already determined what is important and why. It uses that data to customize business strategies based on its mission, its vision and its aspirations.
Choosing The Right Social Media Analytics Tools
With the right tools, even small companies can compete against large global enterprises. Fortunately, there are analytics tools for all budgets regardless of business size. To find the right tools, a business must determine its needs and its budget. As a business succeeds, an owner can upgrade to more sophisticated tools.
Many social media platforms offer their own dashboards. Although they are free to use, companies or individuals must pay to advertise. These are some of the top dashboards for useful features:
Free tools are great for smaller businesses or startups with limited funds. While free built-in dashboards often provide in-depth insights, they only offer them for one platform. Also, not all social media sites offer dashboards. Tumblr is one example. For those who use multiple social media platforms or have accounts on sites that lack dashboards, these are some good free tools to use:
- Google Alerts
- Social Oomph
For companies that are serious about staying ahead of competitors and minimizing manual research and analysis tasks, paid social media analytics tools such as NetBase are ideal. NetBase offers an intuitive platform with time-saving features. Also, the program is so advanced that it can generate insights based on multiple languages, slang and even emojis. The best way to find the right program is to compare the features with the company’s needs.