{"id":11105,"date":"2021-10-05T17:55:21","date_gmt":"2021-10-05T15:55:21","guid":{"rendered":"https:\/\/www.bestviso.com\/?p=11105"},"modified":"2021-10-19T10:22:13","modified_gmt":"2021-10-19T08:22:13","slug":"social-media-monitoring-and-analytics","status":"publish","type":"post","link":"https:\/\/www.bestviso.com\/en\/social-media-monitoring-and-analytics\/","title":{"rendered":"Social media monitoring and analytics"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”3.22″ global_colors_info=”{}”][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.11.1″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

Recently\u00a0introduced channels for\u00a0interactive advertising and communication require\u00a0businesses to engage in\u00a0continuous social media monitoring and analytics.\u00a0Doing so\u00a0is the only way\u00a0that\u00a0companies can measure\u00a0both\u00a0the effectiveness and efficiency of their communication activities in these channels.\u00a0To accomplish\u00a0this\u00a0goal,\u00a0defining valid success indicators is\u00a0vital in this area as well.\u00a0Social media monitoring\u00a0enables a company to constantly observe, measure, and gauge\u00a0all\u00a0reactions, discussions,\u00a0and interactions\u00a0taking place\u00a0on the net.<\/span>\u00a0<\/span><\/p>\n

This change\u00a0in the business environment\u00a0also creates new challenges for corporate market researchers\u00a0because\u00a0communication departments or agencies often measure and assess social media marketing activities separately.\u00a0A better approach, however, is to\u00a0implement\u00a0an overall strategy that should converge in the\u00a0departments responsible for\u00a0insights.<\/span>\u00a0<\/span><\/p>\n

But how can\u00a0we measure\u00a0the success of a social media strategy? What role do influencers play? How can companies use social networks to gather information about themselves and their competitors?<\/span>\u00a0<\/span><\/p>\n

Social media monitoring runs continuously<\/h2>\n

Analyzing\u00a0a company\u2019s success on social networks involves\u00a0two main approaches:\u00a0social\u00a0media analytics and social media monitoring.<\/span>\u00a0<\/span><\/p>\n

The first of these, social media analytics,\u00a0focuses on analysis of the company\u2019s own online activities. Quantitative indicators such as impressions, clicks, leads, conversion rates,\u00a0or the number of followers\u00a0all\u00a0furnish\u00a0information about which platforms the company\u00a0is deploying\u00a0effectively, which content is\u00a0proving\u00a0most successful,\u00a0and the\u00a0optimal\u00a0time period in which to reach a certain target group online.<\/span>\u00a0<\/span><\/p>\n

With the other approach, social media monitoring,\u00a0a researcher obtains\u00a0an overview of the\u00a0web\u00a0signals about one\u2019s own brand. The goal: understanding\u00a0the opinions of current and potential customers.\u00a0Such\u00a0signals include new company-relevant topics, customer opinions about one\u2019s own company or brand, products or services\u00a0offered,\u00a0and the competition.\u00a0To\u00a0achieve this objective,\u00a0tools can be\u00a0wielded\u00a0to set and track specific keywords\u00a0which will\u00a0inform ongoing\u00a0online\u00a0conversations.<\/span>\u00a0<\/span><\/p>\n

Social media monitoring is carried out continuously so that any problematic posts can also be recognized and addressed. Those in charge can set up automatic notifications – so-called alerts, that promptly recognize and respond to any emerging crisis situations.<\/span>\u00a0<\/span><\/p>\n

Social media monitoring methods<\/h2>\n

Monitoring tools use a broad range of methods to locate and analyze relevant information about social network activities. These methods are grounded in texts text analysis – a general term for the computerized analysis of words and texts for the purpose of extracting data or summaries. Using either a dictionary or a machine learning algorithm, the tools perform sentiment analysis, assigning opinions about specific products and services as well as brands and companies. The greatest challenge when using this method is the tendency of customers to issue or distribute their opinions only when they are dissatisfied with a product. Hence, the ratio of positive to negative posts is not always representative of a product\u2019s true success.<\/span>\u00a0<\/span><\/p>\n

In order to prioritize the posts, the tools convey background information about the users. Examples of such information could be the number of friends or details about the profile\u2019s activities. Data of this type can be used to estimate the post\u2019s reach. Furthermore, the tools can identify influencers by means of social network analysis, a method that analyses the relative importance of connections among users to identify influential profiles. The University of Leipzig, in a 2018 study entitled \u201cSocial Media Analytics: An Analysis of the Functionalities of Free Tools,\u201d defined influencers as:<\/span>\u00a0<\/span><\/p>\n

\n

\u201cPeople on social media who have a\u00a0large\u00a0impact on a specific group of people.\u201d<\/span>\u00a0<\/span><\/p>\n<\/blockquote>\n

KPIs of social media analytics<\/h2>\n

The social media analytics\u00a0approach\u00a0involves setting specific goals and\u00a0establishing\u00a0KPIs (key performance indicators, also known as\u00a0performance metrics) to measure the success of social media activities. The most important KPIs fall into three\u00a0primary\u00a0categories:\u00a0presence, engagement, and ROI (return on investment).<\/span>\u00a0<\/span><\/p>\n

Presence is about an organization\u2019s visibility on social networks. This visibility encompasses metrics such as the number of followers, subscribers, and how often the organization gets mentioned. Engagement KPIs address the reactions to an organization\u2019s posts – the quantity of likes and comments falls into this category. Also of importance are the KPIs for ROI; for example, conversions (the number of users who visit the company website specifically because of the post) and cost per lead (the social media cost calculated by the number of social media users who become new customers).<\/span>\u00a0<\/span><\/p>\n

Conclusion<\/h2>\n

Monitoring and analytics enable companies to continuously measure their social media successes. Yet social media monitoring and analytics should not be used in isolation. By developing and implementing an overall strategy in your insights department, you can place both these KPIs and insights into a broader context – thus comprehensively evaluating your communication strategy\u2019s ultimate success. As an operational market researcher, you have the opportunity to successfully incorporate these new tools into your department. Only then will it be possible to use them profitably and beneficially to improve your company\u2019s strategy.<\/span>\u00a0<\/span><\/p>\n

If your company\u00a0still\u00a0doesn\u2019t have its own\u00a0Insights Officer, then\u00a0BESTVISO will be\u00a0glad\u00a0to help you\u00a0profitably\u00a0link and use information sources.<\/span>\u00a0<\/span><\/p>\n

Do you have\u00a0market research\u00a0results\u00a0that you\u2019re still not using to add value?\u00a0Learn\u00a0more about our BESTVISO Insights Activation Workshop<\/a>.<\/span>\u00a0<\/span><\/p>\n

If you\u2019re\u00a0interested in brand management in the digital age,\u00a0you can\u00a0read more here<\/a>.<\/span>\u00a0<\/span><\/p>\n

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Recently\u00a0introduced channels for\u00a0interactive advertising and communication require\u00a0businesses to engage in\u00a0continuous social media monitoring and analytics.\u00a0Doing so\u00a0is the only way\u00a0that\u00a0companies can measure\u00a0both\u00a0the effectiveness and efficiency of their communication activities in these channels.\u00a0To accomplish\u00a0this\u00a0goal,\u00a0defining valid success indicators is\u00a0vital in this area as well.\u00a0Social media monitoring\u00a0enables a company to constantly observe, measure, and gauge\u00a0all\u00a0reactions, discussions,\u00a0and interactions\u00a0taking place\u00a0on the 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