MOUNTAIN VIEW, USA: Companies are recognizing the value of social media as a marketing and brand management tool, besides being a customer service and support channel.
Social media is also becoming a core consumer and business-user forum. Consequently, social media analytics have finally come of age and have emerged as a popular tool to measure social-site traffic, but more essentially, to obtain meaningful, actionable and timely insights, affirmed a report as released from the stables of Frost & Sullivan.
New analysis from Frost & Sullivan’s Analyzing Customers’ Social Voices research finds that the most important trend in social media analytics happens to be cross-channel integration. Organizations are beginning to integrate social media analytics with parameters as that of speech, followed by text and Web analytics to cover all customer touch points.
“Social media analytics can uncover unique or otherwise difficult to obtain information on consumer behavior and the broader market “, reportedly quipped Frost & Sullivan information and communication technologies industry analyst, Brendan Read.
He further volumnised his rhetoric by stating thus , “It is gaining further acceptance as companies tend to execute omni-channel strategies to provide a consistent, high quality, profitable customer experience across channels.”
Social media analytics is also used by businesses to shape other corporate functions that impact marketing and customer services, such as network security. As for instance, banking and insurance firms are listening for signs involving fraud and hacking, such as, when individuals brag on social media platforms about duping a particular company or cracking their network security.
However, certain issues may prevent companies from employing social media analytics solutions. The most critical matters that surfaces to the fore – whether and to what degree social media sentiment accurately reflects the broader customer base. Moreover, customers’ stated sentiments can be swayed by the sheer desire for explicit rewards and by competitors who want to negatively impact other brands.
In addition, social media budgets remain small as enterprises do not fully understand the value of social analytics. Some social analytics tools are too expensive, which deters uptake. Frost & Sullivan expects this to change as more firms realize the importance of using social media in marketing initiatives.
Another challenge is the small size and lack of training of the social media teams in companies. Despite the fact that social media managers are skilled in the art of social communication, the writing on the wall reads that – few of them have the analysis skills to comprehend the vast amounts of social data generated or to connect that data to other channels.
“Social media analytics solutions must be intuitive to use and must generate reports rapidly to help companies detect, assess and act quickly on issues and opportunities,” clinched Read. “The solution should present synthesized reports, encompassing summaries of key topics from all sources, but with the added ability to filter out each feedback channel.”