Author : Aina Raj
The magnitude of conversational data that is generated every second is enormous. Navigating through social media conversations and deriving valuable consumer insights out of it becomes the biggest challenge for the marketing team of any consumer obsessed organization. As brands maneuver through a whirlpool of consumer data, it is social media analytics that comes to the rescue.
“90% of millennials are active users of social media. This is closely followed by 77% Generation X and 48% of baby boomers.”(Emarketer)
In short, nearly 50% of the world’s population uses social media (Statista)
“A person spends an average of 2 hours and 22 minutes per day on social media” (GlobalWebIndex)
From deciding what brand of baby diapers to buy to choosing between green tea or lemon tea, we tend to gravitate towards social media for reviews and recommendations.
“49% of consumers claim that they depend on influencer recommendations on social media to make their purchasing decision” (Fourcommunications,2019)
“71% of consumers who have had a positive experience with a brand on social media are likely to recommend the brand to their friends and family”(Lyfemarketing).
You need to continuously monitor what is being said about your brand and share the right content at the right time to ensure consumers have a positive experience. By leveraging social media analytics platforms brands can scan through volumes of conversational data to derive key consumer insights that directly impact your business metrics.
If brands need to connect with their consumers, they need to become more human. Consumers want to feel heard and brands need to listen. “Consumer engagement with brands on social media is so high that 48% of consumers make a purchase with a brand who is responsive to them”. (SproutSocial). Using social listening tools brands can engage, interact and respond to consumers in real-time. Social Media Analytics provides real-time insights that helps quick resolution of issues and crisis thus making it easier to manage the reputation of the brand.
Some brand campaigns go viral and some are cringed upon. Deciding what to say, when to say, how to say and which platform to use has become more crucial than ever, so much so that these decisions can make or break your brand. Campaign optimization features enable brands to measure performance and KPIs of the campaign, analyze past campaigns and create and time viral campaigns in the future.
Social media analytics enables you to understand your brand’s buyer persona and align your business strategy and communication catering to their needs. By using an AI-powered social media platform like Talkwalker, you can not only analyze consumer sentiments and emotions including (sarcasm and irony) in real-time but also detect brand-damaging conversations and predict consumer unrest early. By enabling you to access conversations from 150 million data sources and 20 social media channels Talkwalker helps you with tracking, benchmarking, and optimizing social media performance.
Social listening and monitoring consumer conversations in real-time will provide you with valuable insights into what consumers like about your brand, what they hate, what your competition is talking about and what is trending? It gives you direct access to consumer pain areas, challenges, needs and gaps and enables you to spot business opportunities, enhance product features and bring about consumer-led product innovations.