Social Media Analytics
Can social media analytics be used to improve business performance, reputation, and profit? Share your insights?
Reflecting on all the information gained over the past few weeks, it is undeniable that today’s businesses, big or small, benefit from social media if used correctly. Majority would argue that social media is no longer an option for businesses but an essential to succeed (Newberry, 2018).
The recorded number of active social media users in 2021 hit 421 billion (Needle,2021). As a social media marketer that is 421 billion people who could engage with your brand, a number inconceivable to business owners in times before social media and the internet. According to Sherpa Marketing, people tend to follow brands on social media more than celebrities, with a whopping 80% of all Instagram users following at least one business (Newberry,2018).
Any business today is able to improve their performance by analysing their social media analytics and gaining a meaningful understanding of their audience, therefore creating better content to target said audience. You are able to determine which platforms are the best for your business to utilise and establish when the majority of your audience is online allowing you to post at the most influential time. In addition, social media analytics can help you scope out your competition, find relevant influencers, track customer needs and address issues regarding effective customer relationship management, all of which helps improve overall business performance (Sharma,2019).
Social media further helps businesses expand and increase their reputation. With more than half of the world’s population using social media, social media platforms are a natural domain for current and potential customers to research, evaluate and interact with businesses. When using social media analytics businesses are able to target existing and potential customers by communicating, posting and advertising to their particular interests – also considered as engaging with customers prospects (Adams, 2018). By maintaining your businesses authenticity, communicating clearly and creating meaningful customer relationships on social media, the large and public scale can clearly display your reputation through comments, reactions, followers and reviews.
Having an increase in business performance and reputation increase business revenue therefore creating an opportunity to increase profits. Using social media analytics businesses can assess their competition and increase their profitability by competing against such rivals. For example, a Canberra café business can evaluate their rivals social media profile and use analytical data to consistently update a strategic communications plan to ensure they are offering the most desired offers to maintain an increase in profits which can be monitored through KPI and ROI reports.
Social media holds numerous benefits for businesses, professional individuals and organisations. By understanding social media analytics and utilising the recorded data businesses, individuals and organisations are able to capitalise on the benefits offered by effective social media use.