Top 3 Ways How Social Media Monitoring and Analytics Boosts Social Media Marketing

Is social media marketing only about aggressively selling products on the social or only limited to garner the maximum number of likes and fans? 

As someone who believes strongly in the business intelligence  of the social, I would say that brand marketers must explore and exploit social media for gaining actionable marketing insights. And if there is one trusted way to do this, it would be using social media monitoring and analytics tools.

Here are 3 ways in which Social Media Analytics tools can boost social media marketing:

Pick the Right Marketing Channel(s):

While your brands may be active on more than one social channel, it is extremely essential for the marketing team to know which social channel is best suited for achieving the brand’s business goals. Social media monitoring and analytics tools help you answer this question by correctly monitoring and analyzing your success rates with Facebook, Twitter, LinkedIn, YouTube etc. 

Measure ROI:

I have said this repeatedly – social content drives social engagement and such sustained engagement eventually materializes into successful sales. While social media allows marketers to do this easily, they can rely on social media monitoring and analytics tools to measure and gain insights from the engagement levels of their content to know if they are posting the right content or not. 

Also, through clear, in-depth analysis, these tools give insightful reports and inform organizations what their ROI, their social media marketing have been.

Convert Probable Customers Into Loyal Customers: 

While marketers are already successfully promoting and selling products on the social, wouldn’t it be great if they could zero-in on just the right prospects for their products? 

Social media monitoring and analytics tools help brand managers to list specific keywords related to their products, monitor the social channels for their mentions and frequency of mentions. Plus, with sentiment analysis and predictive analysis capabilities, the social media analytics tools accurately signals to the marketers what their customers want and expect from a product like theirs.

This critical information guides the marketing and sales team to target the right prospects, nurture them over time through greater engagement, build a strong relationship through exemplary tailor-made services and successfully convert probable customers into loyal customers.

Have you sensed the need for social media analytics for your marketing efforts on social media? Share your views in the comments below. To know how Shout Analytics can help boost your social media marketing, write to us at info@shoutanalytics.com

Do Banks Need Social Media Analytics Tools?

We all have been talking about Big Data. In fact from manufacturing to retail to public sector to finance – industries in every realm of business have to deal with big data. However, not much is talked about finding effective solutions to the challenges put up by big data.

Social Media Analytics (SMA) tools are a boon in this regard. They are efficient, cost effective means to glean insightful insights from big data and build a holistic business intelligence repository.

  

While SMA tools are useful in every industry vertical, it is especially beneficial to banks and other related financial institutions.

While it is important for banks to leverage social media, these institutions must also exploit the prowess of SMA tools to manage their big data and gather customer, competitor and business insights from it.

The India Trend:

While banks and financial institutions are aware that they need to invest in Analytics, not much has been done in this direction for reasons unknown.

Word Scenario:

3 high priority things in a SMA tool for banks around the world

•         Analyzing customer reactions, customer comments on social channels in order to give valuable inputs for product development.
•         Being able to sieve through Twitter, Facebook and WordPress feeds
•         Powerful enough to measure key metrics without being too expensive.

ROI:

When SMA tools gathered buzz and slowly became an integral part of most banking organization’s marketing and brand building plan, ROIs were not a major concern for then. Why? Because the heads of these organisations quickly realized that SMA tools was an important and crucial asset to reckon with for several years in the future. These tools, were going to empower their organizations with powerful, valuable insights about their customers, competitors, markets, brand reputation, product health etc.

Plus, using SMA tools, banks could add a distinctive human value to their brands make their brands thereby transforming them from mere institutions to “a socially engaging partner”.

This qualitative human value was and even today is far more valuable than any quantitative figures of ROI.

Shout Analytics is an innovative social media monitoring and analysis platform that enables banks to use the power of social media to understand, monitor and engage with its customers. So, if your bank needs a complete social media Analytics solution, write to us at info@shoutanalytics.com

Also, does your bank) use Social Media Analytics tools? How has it improved the bank’s overall functioning? Share your thoughts in the comments below.

Public Data: What It Is and How Can Your Business Benefit From It

Public Data is any data on the vast online platform that is accessible by anyone. It is that data which is available to the public. In that sense, even social data qualifies as public data because it is available on the internet and is accessible to the public too. 

 

As businesses continue to create their online presence, they also create a lot of Public Data. Here is what comprises your Public Data on the social channels – 

  Face book posts

• Tweets and Re tweets 
•  Likes
• Comments
• Shares
• People talking about your product/ page.
• Favorites
• Fans and followers

If this was about social channels, even your company blog and in fact your website itself are all sources of Public Data. The content on your website pages, external and internal links within the websites, blog content, blog comments and shares all constitute your Public Data.

Importance for Businesses

As Public Data is accessible and most importantly visible to anyone and everyone who visits your online pages, it acts as a public profile of your business. It tells your visitors and customers everything about you. In other words, your Public Data will give insightful information of your perspective to existing customers as well as to your competitors, about your business and how well or badly you are doing. 

Similarly, for you as a business house, Public Data is an essential and useful resource to learn all about your customers and competitors. If they can glean insights from your Public Data, so can you. Closely analyzing your customers’ likes and dislikes, product and brand affiliations, service requirements will open up a whole new world of opportunities for your business to explore and exploit for revenue building. 

In the same way, analyzing and understanding your competitors’ Public Data will provide you with actionable insights loaded with critical business intelligence on their product and service strategies, their marketing tactics and promotion techniques.

Public Data is here to stay and it is very important for business houses to make the most efficient and valuable use of it. In fact, I believe that the future of business will largely be defined by how business organisations use their Public Data. 

So, have you explored the benefits of your Public Data yet? If not, now is the time to do it.

Social Media for Artists and Fans, Social Media Analytics for Films and Production Houses

Friday is just round the corner and that means a slew of films are slated for release. As film buffs around the world get ready to savour the performances of their favourite actors and works of their favourite directors, they, do not realise how important a role they are playing in this age of social media analytics.

As social media gets accepted and endorsed as a vital technological assistance in film distribution and marketing, entertainment houses are slowly discovering the Predictive Analysis capabilities of social media analytics tools with regard to opening day sales and box-office performance based on the sentiments and vibe surrounding their film on the social channels.

While social channels allows actors, producers, script-writers, lyricists to connect and engage with their loyal fan base, it also helps fans turn into critics and reviewers by allowing them to give their instantaneous verdict for every film they watch through real-time tweets and Face book posts. Review forums, discussion boards and YouTube comments are also other social spaces that movie goers use excessively to tell the world how much they liked or disliked a movie, its actors, storyline, music, dialogues and everything else. 

So you see, in the wake of such heightened usage of social media by the consumers of films and motion pictures, it becomes imperative even for production houses to rely on social media analytics in order to explore, understand and extract the right piece of useful information from tons of social media data and further use that useful information to make the right business impacting decisions. 

Advanced and big data competent social media analytic tool like Shout Analytics helps entertainment houses to predict trends, activities and behaviors using cutting edge predictive analysis and sentiment analysis techniques. Shout Analytics makes possible precise social media monitoring and management, gathers actionable insights from the film and entertainment industry to equip you with critical business intelligence to reduce financial risks, discover newer avenues for investment and multiply profits across production, distribution, promotion and marketing.  

If you are a motion picture company or a production house and are looking for social media Analytics solutions for your organization, then write in to us at info@shoutanalytics.com

How Can Predictive Analysis Help My Business?

As CEOs, have you ever felt that you could perform better and derive better results from your team if you had the power to foresee the effects of and reactions to your business strategies, especially social media strategies? Nine out of ten times, the answer is yes, isn’t it? 

So, the big question is, how can we get that still elusive but highly exclusive ‘power to foresee’? The answer is Predictive Analysis. Wikipedia defines Predictive Analysis as a process that “encompasses a variety of techniques from statistics, modeling, machine learning and data mining that analyze current and historical facts to make predictions about future events.”

 

Let me simplify this further. Using complex mathematical and statistical methodologies, Predictive Analysis allows organizations to scrutinize their enterprise’s customer data – both existing and current, and relating it to customer actions – to find a distinctive and definite recurring pattern in customer behavior. Based on the scrutiny results, a set of characteristics (called predictors) are identified. These specific predictors guide and help businesses to extract essential business insights and guide their future decision making. 

 Where Is Predictive Analysis Useful?

Predictive Analysis is especially useful in those business verticals which have to deal with large volumes of customer data like telecommunications, financial institutions, insurance companies, retail, healthcare, travel etc.

Benefit for Organizations

· With Predictive Analysis, organizations become more confident because they have the power to predict future business scenarios and take appropriate actions to tackle the said scenarios. 

· Relying on Predictive Analysis, organizations can do two things at once – predict problems or issues and also be armed with solutions for the problems.

·   Enhance Customer Loyalty. Find customers displaying similar traits and characteristics and group them and offer them those services and products in line with their requirements.

·  Improve Products. Identify faults in products and services early and prevent it from escalating.

·  Use the forecasting abilities to beat competition.

·  Identify new business opportunities, new customers and thereby expand your market reach. 

·  Up-sell and cross-sell.

·  Reach business goals easily, meet the desired numbers, increase profits and gain more revenue.

When used correctly and optimally by an organization, Predictive Analysis transforms that organization into a Smart Enterprise. It  yields a ‘power to predict’ whereby the said organization can implement efficient business practices, enhance product development process, strengthen customer relations and most importantly reach goals and make profits. 

We, at Shout Analytics, an advanced social media analytics product, make Predictive Analysis possible for businesses. To know more, write to us at info@shoutanalytics.com