Thalasar Ventures

The best way to define social media would be a platform that encourages communication between individuals either in a linear or non-linear way. Social networking portals initially started as a casual media platform where individuals networked, made new friends and shared their views and insights on various issues. Thus it gave everyone a platform to voice up their thoughts and opinions on weightier issues as well.

As the years passed by it caught the attention of numerous marketers when views shared by individuals on certain services and products influenced purchasing decisions and brand loyalties. Hence, it significantly impacted the corporate and brand reputation. Marketers therefore cannot ignore the power of social media as a medium for marketing. Therefore, social media today is an essential aspect of most firms’  marketing strategy and is a popular social analytics tool.

Popular web strategist, Jeremiah Owyang, defines social media analytics as “The practice of being able to understand customers and predict them using data from the social web.” Thus the main aim of social media analytics is to evaluate, interpret and analyze the constant conversation taking place in the social networking websites.

Social media analytics tools are an essential component for any social media campaign to maximize or measure social effectiveness online. It offers a whole new paradigm for evaluating interactive marketing by analyzing, integrating and enabling enterprises to act on the social intelligence gained by extending their reach, maximizing retention thereby generating greater revenue.

With the rapid expansion of social media platforms such as Twitter, blogs, Facebook, marketers are required to assess differently about the next generation analytics needs in this era of web 2.0. Eminent service providers of social media analytics tools have come up with solutions that cater to the dynamic business requirements and challenges today. Some of the services offered are:-

* Offers quick results for businesses to keep a track of social media behavior in real time and attain instant feedback on what might work for the product

* Offers trending views as well as drill – down capacities

* Acquisition to revenue

* Provides predictive insights that helps to make smarter, faster operating decisions across vast amount of social data

* Users can get quicker insights into the main influencers on the K-factor and viral campaigns

* Helps you to understand on what keeps the users engaged and discover the levers that influence revenues

Social media analytics enable organizations to arrive at relevant business decisions by offering information such as “what is working” and “what is not working”. This is helps to optimize products, campaigns, features, and other interactions. It also helps to find out whether users are happy with a certain product or not. Furthermore, it encourages the adoption of remedial measures to drive out any or all incorrect opinions formed against any organization, service, product or brand.

Steve Lucas discusses Mobile Analytics at SAPPHIRE NOW Madrid and BYOD- Bring Your Own Device in the enterprise space.
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