Business owners and marketers have more information available to them today than at any other time in history. This data is extremely important and can help businesses drive growth and initiate effective change. The social media experts at NetBase suggest that business owners who have not done so already familiarize themselves with the many ways that social media analytics can help their company.
Goal Setting
Without the correct set of information, goal-setting for your business will be the result of a hodgepodge of guesswork. These goals will change from time to time as the business owners and other people connected to the business ‘discover’ additional information.
Social media analytics allows a business to observe exact data from historical trends and past occurrences to develop a clear road map for themselves. Well-defined goals are a good way to minimize the possibility of missed opportunities.
Market Segmentation
Data analytics will allow you to divide your audience into groups. This benefit will allow you to ensure that members of your audience receive the tailor-made message that is appropriate for them.
Social media analytics will help you develop better methods of communication with customers and make better products. A simple example is a company that uses Google Analytics to observe and evaluate exact searches for consumers. Once you understand exactly what your audience is looking for, it is much easier to develop products that satisfy their needs.
Mass Personalization
Mass personalization is possible once you have taken the time to segment your audience using data analytics. Email marketing content can be customized for customers with the use of automated tools. These tools will allow you to get your message out to a large audience while at the same time using a personal touch. This will boost both the effectiveness of your ads, as well as, your businesses’ ability to reach customers with ad content. The result is a tangible improvement in conversions.
Higher Revenue-Less Expenses
The equation for making a business more profitable is to eliminate expenses while increasing the amount of revenue the business enjoys. Social media analytics can help with both terms of this equation. One study demonstrated the ability of data-driven analytics to increase the revenue of a business by 20 percent A 30 percent decrease in expenses was noted in the same study.
Ad campaigns, e-commerce activities, and multi funnel channels will all benefit from data analytics. The effectiveness and performance of these activities can be conveniently monitored so that you can see which activities are working and which should be discontinued.
Boost Memberships
Social analytics can be used to increase the membership rates for your website. The insight gained from analytics can be used to develop more optimized membership campaigns. Once you identify the methods that work best, you can make sure more resources are used in the correct places.
Websites that are designed to depend on their membership platform will benefit from having more information pertaining to their visitors. Hobby sites, educational platforms, and community sites can all benefit from the deeper understanding of their visitors that will be granted to them by social media analytics.
About NetBase
NetBase is a social analytics platform that uses artificial intelligence to provide companies with the needed data to grow their business and build their brand. The NetBase platform processes countless data from social media and other sources to provide clients with insight that will help them pinpoint where their marketing resources should be used. NetBase is recognized by experts in the industry as a leader in social media analytics and the list of satisfied businesses that have benefitted from their services continues to grow.
