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Why is Social Media Analytics important to your business?

The way business is done has been revolutionized by social media. From multinational corporations to small retail outlets, every business needs a social media presence to prevail. Social media accounts and interactions lead to a data gold mine and Social Media Analytics is the strategy that helps you to put a spin on this data. 
 
Social Media Analytics entails tracking, gathering audience data via social networking sites and applying the right analytics tools and strategies on it to derive powerful insights and methodic business decisions. Read on to understand why your business is in dire need of Social Media Analytics.

The main applications of Social Media Analytics 
Precise Product Development: Product development is a strenuous, expensive, and risky endeavor; a company needs to bring out or improve on a product or service that impresses the greatest number of people. That is where the data and insights bestowed by social media can help you the most. Analyzing social media posts, tweets, product reviews on e-commerce sites, etc. can provide you with a clear picture of what a customer desires and expects from you.

Improve Customer Experience: Social Media empowers businesses by providing a platform where they can directly reach the target audience and actively engage them. Customer polls and other such interactions help to create conversations on the brand and the products, it also apprises the business about what the audience wants and what they don’t. Social Media gives you direct feedback, it makes your customer interaction more personal which augments the brand image and brand loyalty in the long run.

Amplify ‍operational efficiency: Social Media analytics can examine the way the customer interacts with the brand, products and services and help you to measure demand more efficiently. For instance, analyzing social media ‘mentions’ will help you understand the demand of your brand, it can also help you narrow it down to specific products and provide location-specific data. This information can also help retailers and suppliers to stock up, optimize resources and manage the inventory and supply chain. Read more on how Social Media Analytics leads to operational excellence here.

Inch-perfect Competitive Analysis: Assessing your competitor’s activities is crucial to help you refine your business strategies and stay ahead of the competitors. What platform is better to follow your competitors than their social media accounts? An Increase in social media mentions of certain products can alert you to work on exploiting the newly created opportunity by launching new products or tweaking your products according to the change in trend. In addition, competitor analysis will also enlighten you on how well your competitors are using social media and avoid mistakes that your competitors have committed.

Why do you need Social Media Analytics when social networking sites are providing rudimentary analyses about basic metrics like customer engagement, customer behavior, etc.? 
If you take the case of social networking sites such as YouTube, Facebook or Instagram, they furnish data and insights on your business content and your brand’s engagement. For instance, you get crucial info such as the gender ratio of your followers, the geographic info, the time of the day when you get more engagement, etc. It is true that peripheral data from social media sites like retweets, comments, shares, and likes can throw light on basic engagement metrics. 
However, Social Media Analytics is much more complex and broader than such metrics and elementary analytics. Site Lantern can help your business collate data from multiple Social Media Platforms and it can help you probe deeper into the impact of your products, services or business initiatives. With the right Social Media Analytics tools, such as Site Lantern, you can gain a deeper understanding and insights than what is offered by Google Analytics alone. 
Get in touch with the data experts at Site Lantern to make better sense of your business data. Browse through our wide array of services and find the data solutions that fit your business requirements like a glove.

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