Watch this video to get an idea of how you can use social analytics to make good business decisions:
Watch this video to get an idea of how you can use social analytics to make good business decisions:
Transcript:
We hear from clients, prospects and industry leaders that businesses are still struggling to understand the value of social media monitoring and analytics. After all, there is still a perception that social media data holds little business value. And it’s true that a social media analtyics strategy that focuses on volume-based activity yields little in the way of what consumers are saying and why.
But once you begin to refine your social media monitoring to the point where you are able to identify consumers using language around purchasing, loyalty, or having a problem, then your company can begin to map what’s talked about online to ROI.
For example, as part of a demo exercise many months back, we created 3 social indicators for the financial industry:
- Customer Service/Sentiment
- Fees/Fee Sentiment
- Problem
We then overlaid sentiment onto the Customer Service and Fees indicators. We didn’t have to a sentiment filter for the problem indicator, as it is somewhat implied. We also included a selection of brands, to track not only changes in key performance indicators like, fees or customer service, but track how each brand was performing against each other.
This type of analysis transforms social media monitoring from a passive data point into one that can be incorporated into outreach efforts like addressing consumer issues around fee changes or equip customer service with the latest resolution information to a particular problem. Social analysis begins to deliver actionable data when it’s tied to a critical existing metric.
Viewing this information over time provides the trending detail businesses need to make adjustments to their messaging or notice an emerging issue.
If you’d like more information on using social indicators to drive business metrics, drop us a line at collectiveintellect.com