Businesses are past the fact that they need to use social media. Customers are using social tools to communicate, shop, research and discover — most of which are rapidly becoming an immersive experience. And so, organizations are shifting how they run their business around that fact.Social media analytics is rapidly evolving, always challenging the ways marketers measure and draw insights from web and social media. CMR defines social analytics as the data that measures key activity and engagement around people’s social graphs. Data is not that meaningful unless it captures what really matters. Equipped with that data, marketers can then tie social with purchase information to model sales effectiveness.Finding meaning in people’s comments is a Big Data challenge. Many social media sites provide access to customer data via public API’s; however, combing through data in a variety of formats and extracting comments relevant to the subject of interest is a significant challenge. After extracting the data and determining the relevance of each comment, assessing the sentiment (positive, negative, or neutral) creates a further challenge.The volume of data, rapid pace of social opinions, and the time value of information all place scale and latency demands on the process — the value of social data is directly proportional to how quickly a company acts on it.CMR recommends brands follow these tips to understand how many people are buying a product because of social marketing efforts:
- Tie social to sales — tracking the sales effectiveness of social media boils down to marketers’ ability to track social marketing efforts down to the individual sale – whether that is an actual sales through coupon redemption, a donation through a click-through, or showroom visits due to a location-based ad. When marketers can track each social action, then they can track sales effectiveness
- Integrate social analytics with web analytics — Marketers cannot get the full picture unless they marry social data to web data. Web analytics allows marketers to capture the activity from social channels and tie it to deeper customer interaction insights on a brand’s website – this in turn provides marketers with the invisible data they need to understand what makes people tick and buy.
- Monitor Social CRM developments—Social CRM tools are on their way to resembling their traditional CRM counterparts, capable of not only capturing social profile and interaction data but evolving to tie that data to transactions.
Companies have come to realize that the popularity of social media creates a viable forum for the voice of the customers. This creates a major opportunity for companies to harness customer perceptions and use them to better understand what people are saying on a topic or about a company.
CMR feels businesses can benefit greatly from gauging three aspects of analytics:
Reach
Marketers understand the social scale of their brands. They know how many fans, followers, subscribers, visitors and views they have, and how many discussions are taking place. They have visibility into where, when and in what context their brand is being discussed.
Engagement
Marketers have moved beyond counting fans. They have insight into the activities in their various communities. They analyze the drivers of participation and amplification, studying the patterns in comments, likes, shares and take rates.
Advocacy
Marketers can identify and encourage user behaviors that are associated with brand commitment. These include such metrics as: intent to recommend referral and re-share activity, comments and followers per user, and brand favorability, consideration and preference
Key topics of discussion at the roundtable:
□ Leveraging on New Social Business & collaboration capabilities
□ Technology enablers to optimize Performance Measures
□ Understanding consumer needs
□ Engage effective tools for market trends
□ ROI Accountability
Who should attend?
A must attend event for CMO, VP/GM, Marketing heads, Brand Managers, Product Managers and other key marketing decision makers and influencers from large enterprises across verticals. |
