As brand marketers we have long understood the value of Social Media marketing to engage with our customers not just by offering great value through awesome content but also as a very valuable cost-effective channel for customer service. Though we have also seen in recent times organic reach falling and putting our brands before new customers has also got harder.
I love Social Media I’m happy to admit even if it’s not that cool to say among some of my friends outside of marketing. Though even I have stopped talking about the potential of G+, still my worst prediction in an article of digital trends for 2014 back in 2013. Hey we can’t always be right.
Where I know I am right and will continue to be is in the need to move onto new ground as a brand when it comes to Social Media. It’s not just about content marketing, brands need to start harnessing the data Social Media provides. Step forward Social Media Analytics and I’m not just talking about the admittedly great insights that the likes of Facebook give you. Social Media Analytics is more than just about finding the best time to post to for maximum reach, it offers you a wealth of insights that can help your brand really get the most out of Social Media and more.
If you were to ask me whats the business case for Social Media Analytics I would certainly start with these 4 reasons as to why a brand needs to get started:
1. It gives you amazing customer insights
Whats the first place customers pretty much go to complain? Thats right on Social Media. With Analytics in place your brand can proactively resolve customer service issues. You can do so earlier while the analysis of social insights can reveal the underling issues and causes, enabling faster changes to products and services based on real customer insight. Thats not all, it becomes much easier to target and acquire new customers by using the social data to identify these potential prospects with a much higher value. At the same time you can increase the effectiveness of campaigns to existing customers – I guarantee response rates will increase dramatically! It even helps understand and combat customer churn.
2. Manage your brand better
Conversations about your brand are happening not juts on your channels but everywhere. Using social data to understand the best way to interact with your fans and more importantly your influencers enables you to improve brand perception. In the social media age brands can also find themselves at the sharp end of public relations issues within minutes of a news story or damaging hashtag. Social analytics can help brands quickly respond to emerging public relations issues before the proverbial @#$! storm hits the fan. I know I’ve been there at the social coal face as its happened.
3. Develop new products and services your customers will love
To put it simply, develop products and services customers actually want. The data will help identify customer needs and wants and allow brands to develop new or amend existing products and services much quicker and more effectively. Here there are many synergies with my points in reason 1, especially if we want to help combat customer churn.
At IBM we can help you get the best out of your Social Media data, but and this is a great opportunity we can help you harness not just your own data but also all publicly available data on Twitter via our partnership. The insights you can get from a much large corpus of data including meta data that is not available on your standard Twitter tools like Hootsuit. Interested? Then be sure to check out the details of how the IBM Twitter partnership can help your brand.
**This article was originally published on Insights-on-business.com and can be found at http://insights-on-business.com/ibminteractive/3-reasons-your-brand-needs-social-media-analytics/