Social media analytics: The new marketing paradigm (Part I)
Facebook reports 1.11 Bn users, Twitter subs top .55 Bn , Google+ has over .34 Bn users. The Social Media Juggernaut is becoming impossible to miss in terms of planning and executing Marketing strategies. Companies are using conversations on social media platforms to shape entry strategies in new markets, address consumer grievances and communicate directly with target groups. This post (First of a two part series) explores the scope of Social Media Analytics as a tool for the new age marketing paradigm.
Social Media Analytics
While the social media is now a matured platform, it is still early days for social media analytics. Social media analytics roughly imply the set of tools and metrics that Social media in terms of experience, engagement, click thrus and others. In the right term Social media analytics is to this decade what SEO was to the 2000-10.
Social media analytics helps brands and marketers converse in the proper context with the right audience and close business with customers. Brands are using analytics to understand who they are interacting with, what users like and how to create communication to reach out to the right audience. Markets are truly all about conversations. Thus, Brands need a new suite of analytics solutions to keep them on top of competitive campaign activity and to mine actionable insights. Although at this point of time, brands have mainly focused on changing communication according to the analytics it is expected that in times to come Brands will reach maturity in terms of a stage of creating products and services based on analytics. Consumer instead of being the last point of the marketing channel will be aptly present across the full value chain.
Key benefits of Social media Analytics (SMA)
1. Status Versus Dynamic: Provides a continuous monitor of conversation about any marketing program. Compare this with Surveys and research programs that are intermittent and snapshot based.
2. Scale: While numbers in surveys are limited, and the social media is all about the exponential movement of a conversation through the population
3. The Various shades of consumer response: While Ads are carefully constructed and completely vetted by brands, consumer response to these ads was only on overall aggregate level. SMA however can space out the nuances in the way.
4. Putting Context in the equation: Context affects the extent to which an ad/program generates buzz. Historically, context was held as a constant – whereas SMA determines that context plays a fundamental role in the interaction of the brand and the consumer.
5. Monologue versus Dialogue: Also SMA signals an effective shift in power from one way communication (traditional media) to dialogue between the brand and consumers of mass media.
6. Responsiveness: An early feedback from the first adopters could also provide clues on potential wider impacts and the brand marketer may tweak the message to suit his TG.