The Role of Social Analytics in Growing Your Business

how do social media analytics help companies identify and attract customers
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In 2019, marketers spent more than $89 billion on social media ad campaigns. However, not every ad dollar is well spent.

There is an overwhelming amount of businesses throwing money at ineffective ads and hoping they will see a return on investment.

Lucky for you, you don’t have to drain your accounts with this approach. There is a simple and specific solution to these ‘going-nowhere campaigns’. Social analytics.

There is a clear link between companies that use a data-driven strategy and successful social campaigning. If you want more effective spending, a larger audience, and a better brand presence, you need to know this digital marketing strategy.

Follow along to learn how social analytics are playing a crucial role in your business growth and how to implement them. 

What Is Social Analytics?

Social analytics is the collection of data on a digital platform. These measurements focus specifically on how consumers are interacting with a brand. Each social media platform will display analytics specific to that audience. We know that demographics and active time online will shift from one platform to the next. 

When a post is published or an ad is dropped, your business will have the opportunity to read into the analytics delivered by this activity. Understanding this data is crucial to scaling your audience and in turn, growing your business. 

The purpose of these analytics is to gauge audience perception and deliver valuable information about your consumers. Businesses can then use this information to identify their audience, predict how they will respond, and engage with consumers based on their behavior. 

So, how can social analytics help with your digital marketing strategy?

Target Your Audience

In order to see growth, your business must let go of the ‘we’re for everyone’ mindset. Narrowing down your audience and understanding your target consumer is the first step to scaling your reach. 

Social analytics can provide you with a clear picture of who your consumers are. This information will outline the age range, gender, and even the location of your existing audience. Once you know who is interested in your products, you can take steps to appeal to more of them. 

You will see the direct connection to this when you are choosing who you would like to see your advertisements. This will increase the number of relevant eyes on your product or services and reduce your company’s bounce rate. These small changes can help to give your ads purpose and measurable goals rather than a blind and hopeful approach. 

Having a target audience will also help you determine what kinds of content to produce. You can adjust your tone and brand voice accordingly and speak to your consumers on their level. 

For example: if your audience is mostly females aged 45-60, you can steer clear of newer slang terms and male-focused keywords. This is a simple adjustment to capture and grow interest from your already proven market. 

Maximize Brand Activities

Not only can you see who your audience is, but you can begin to understand how they are engaging with your content. This includes what time are they online, what posts they prefer to see, what keywords are catching their attention. All of these metrics will help you determine what to give them and when to do it. 

In essence, you can use these insights to develop more engaging content for your audience.

Has your following decreased or your engagements fallen off? These issues can be time-consuming to diagnose and repair. Paying careful attention to analytics will clarify when you have strayed from what your audience wants. This will help you get back on track more efficiently. 

Once you have an understanding of these specifics, you can start to analyze each social activity. Feedback from these activities will allow you to adjust your approach accordingly. Just as the world keeps moving, trends keep evolving. It’s important to continually keep up with your consumers and deliver relevant content.

With consistent analysis, you’ll be able to predict how your consumers will respond to your content. Use this valuable data to optimize product releases, events, or promotions. 

These tailored approaches will see your brand experiencing a higher click-through rate, better conversion, and increased sales. 

Increase Engagement

89% of consumers make a purchase from the brands that they follow on social media. So, how do you get more consumers to follow you? Increase your engagement.

As mentioned above, analytics will provide you with an opportunity to learn how your consumers are engaging with your content. Their perception of your brand can be more accurately measured with sentiment analysis. 

This will tell you if your audience has a positive or negative view of your business. This is an important metric to consider when deciding what measures to take next or even getting ahead on crisis management. 

Appealing to your consumers in a positive way will increase the quality of engagement they have with your brand. This could translate to more shares, comments, bookmarks, and of course, more revenue for your business. 

Social media algorithms can be a tough nut to crack but increasing the quality of your engagements is a tried and true method for reaching more potential customers. Not only will they be seeing your content more, but they will also begin to develop a level of trust that is essential for loyal return consumers.

Developing a Data-Driven Strategy

From growing a more relevant audience to maximizing the impact of a product release, there are so many benefits to a data-driven strategy. If you are ready to engage with your audience, gain their trust, and skyrocket your sales margins, it’s time to zone in on your social analytics.

Not only can you grow your reach, but you can also stop wasting your advertising budget and start dominating your niche market. 

Ready to take your business to the next level? Learn more about maximizing your digital marketing approach today.

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