Social media may be a relatively new marketing strategy as compared with traditional media marketing, but the power of social media has proved that it is here to stay. According to Pew Research’s Internet Project, as of January 2014, 74% of online adults use social networking sites. With a variety of social media platforms available, including Facebook, Twitter, Pinterest, and LinkedIn, online users have more options than ever of which they can choose to engage with. Consider the video below to see how the social media world continues to evolve and how users are impacted in their daily lives:
Which of these facts and figures surprised you most?
It’s not enough just to consider the power of social media, but even more so, to be able to analyze, understand, and evaluate the way social media is used. Social media analytics is used “to provide the ability to track a company’s return on investment (ROI), which will help a company justify its digital marketing budget and/or to optimize that budget by supporting activities that have the most impact on revenue…also allows marketers to analyze and statistically process user and customer behavior (Reed College of Media, WVU, 2014).
(Source: MediaBistro, http://www.mediabistro.com/alltwitter/social-media-monitoring-analytics_b55547)
This is particularly important for brands as they engage with social media to seek business results. Take a look at the infographic below to learn about some different types of social media analytics tools.
Have you used any of these tools before? From a brand perspective, what features do you think would be most beneficial from a social media analytic tool?