Social media has become an indispensable part of our lives and a critical part of most businesses’ marketing campaigns in 2021. If the past five years have taught us anything, it is that social media is an incredibly powerful tool that, when used correctly, can enable businesses to connect with thousands or millions of potential customers affordably.
However, making the most of social media does not happen by pure chance. Thanks to social media analysis, brands can capture strategic marketing information to shape their marketing campaigns and heighten their likelihood of success. Social media analytics tools are like a web that captures nuggets of information from all the consumer data posted online every day. By gathering and analyzing the right data using these tools, brands can significantly improve their product and competitor research.
What Is Social Media Analysis?
At its core, social media analysis involves gathering and analyzing consumer data from social media to gain meaningful insights that will shape business decisions and optimize product strategy and marketing efforts. Some of the most common applications of social media analysis today include:
- Spotting relevant social media trends
- Discovering an audience’s content expectations
- Quantifying each social media campaign’s/channel’s ROI
- Discerning how content is perceived relative to other competitors’ content
In the marketing field, measuring and analyzing performance is paramount to achieving consistent results sustainably. Without consumer and market intelligence solutions like NetBase Quid’s host of proprietary software, including NetBase Enterprise, social media marketing becomes an error-prone game of chance. NetBase Quid’s social media analysis software provides marketers with data-driven roadmaps that give them an edge in a hypercompetitive industry.
How to Perform Social Media Analysis
1.Set Realistic Social Media Goals
Social media marketing without goals is akin to walking in the dark – you might reach your destination but with a lot of stumbling. Clearly defined objectives are the foundation of any successful marketing campaign. Depending on your position as a brand, some of your goals could include:
- Expanding brand reach
- Capturing new leads
- Retargeting prospective customers
- Increasing sales
- Tapping into a new audience
2.Define the Target Audience
Customer demographics – social status, age, gender, geographical location, education, interests and religious or political inclination – help segment potential customers from the massive pool of social media users. Besides these basic categories, it might also help to dive into more habitual information.
Check the most popular social media platform among your target audience, their usage patterns and what they intend to achieve through social media. For instance, intrusive marketing (using invasive tactics to promote products or services) might put off prospective clients if it interrupts their infotainment.
3.Analyze the Competition
Understanding your target audience and their needs is only one piece of the puzzle. Social media marketing is a crowded space, and any competitive edge you can achieve should be embraced with both hands. Besides identifying your competitors, find out if they have an active web presence. Some key areas to analyze include:
- Your competitors’ influence in different social media platforms
- The consistency of their branding across their most active platforms
- The type of content they promote and their post frequency
- The level of interaction they generate from their posts across all platforms
Additionally, check their official websites thoroughly, and take note of their web design, blog posts, white papers, social media buttons and social sharing options.
4.Assess the Available Company Resources
Before taking a leap of faith into social media marketing and hoping for the best, outline the resources your company has at its disposal. This information will form the basis of your budget estimates.
Determine the amount of time and money your company can comfortably spend on social media marketing. Also, make a list of the tools you possess already and what to include in the budget.
5.Finish Everything Off With Social Media Monitoring
Social media monitoring works more or less the same as web crawling: an algorithm-based software crawls the web searching for mentions or engagement involving your brand. Incorporating a sound social media monitoring plan will ensure you receive a constant stream of fresh information throughout the year. Up-to-date is particularly useful for identifying new opportunities as they arise.
Analytics play a fundamental role in the success of any social media marketing campaign, especially long-term. Spending time and money on campaigns without the right data is rather pointless. Invest in the best social media analytics tools to formulate sound product strategies, optimize your budget, improve your company’s bottom line and nurture deeper connections with your audience.