Wondering if your marketing efforts are up to snuff when compared to other brands in your industry? Benchmarking data is always useful to sort that out. Our 2019 Global Social Media Market Survey Report presents findings from a global survey of more than 1,700 senior marketers around the world. It offers the precise insight you need to inform your comparison, and your future social media marketing efforts.
Social Media Marketing Metrics
We perform yearly surveys to capture comprehensive insights around how master marketers are using social media analytics to grow their businesses. This intel helps other businesses secure more realistic marketing budgets. And, in turn, they’re able to connect meaningfully with segments instead of just capturing (and speaking to) surface insights.
Further, when not dealing with surface insights, some marketers find themselves at the other end of the spectrum. They have massive quantities of structured and unstructured data to contend with. And when this happens without a social media analytics tool to process and make sense of the noise, it remains just that – noise. This is a dangerous game.
Market Misunderstandings Can Prove Fatal
As we reveal in the report, misunderstanding market needs is the reason why 42% of businesses fail. And with 472 million entrepreneurs worldwide attempting to start 305 million companies, and approximately 100 million new businesses set to open each year around the world – competition is fierce. Even if your brand isn’t international, your competitors are.
Finding tools that will help businesses make the most of the absolute mounds of data, tools that can capture and/or integrate all of the data sources that businesses have to process, is only part of the struggle. The tool employed also needs to be user-friendly. And it must map everything out in a way that informs strategy and can accommodate real-time needs.
How does that look? They offer dashboards that are interactive and allow for transparent, granular digging. This is the only way to provide meaningful context to a conversation or concern. And these same dashboards update in real-time, so brands can take decisive action quickly.
Real-time Reactions with Social Media Analytics
In this report, we share how marketers, spanning a wide swath of categories, are using social analytics to generate awareness and grow businesses in these challenging times. We share their understanding of the importance of accuracy and immediacy to:
- inform their campaign strategies
- monitor brand heath
- manage their customer care
- respond to crises
- and generate exceptional ROI
Because they know that responding in real-time on social media is what separates online winners and losers:
We also explore how and why many brands are unintentionally leaving wiggle room for competitors to swoop in. For many, social analytics would change that.
Savvy businesses are using social to find new product ideas, and also new markets to sell them in. They’ve tapped in to customer experience analytics in ways they never dreamed possible before. They are also expanding internationally, even when they hadn’t planned to do so. It just makes sense from an eCommerce standpoint. Correspondingly, agencies are able to expand as well. Thanks to social listening, they can serve a wide variety of categories, as social data is destroying learning curves.
Online in general, informed by social media analytics, offers brands and agencies the ability to generate greater opportunities and ROI overall (both short and long-term savings). But businesses still aren’t budgeting realistically for social monitoring. This is crazy, but it speaks to a larger disconnect – and one that we also detail in the report.
Social Media Analytics ROI Disconnect
We found that respondents agree that social media analytics are standard (and supremely necessary) for the roll-out of any campaign. They’re having trouble connecting the dots when it comes to attributing positive social media analytics results to increased ROI though.
Online marketing powered by artificial intelligence is set to disrupt all markets – this is abundantly clear. It offers an exceptional ROI, thanks to outreach tactics able to scale as fast as the business it generates.
We share many stats in the report to support this contention, but one to be aware of right now is this: By 2021, it’s predicted that 3 billion people will be using social media, so the eventuality of every audience inhabiting some social platform seems likely. You are mistaken if you think there is not a lucrative place for your brand online.
The future is now, and the tools and resources that many marketers “in the know” wish for are already available. This, and other stunning revelations abound, as we reveal insight from these global marketers. We share who heads social in businesses across the globe and why it matters, and which social channels are giving brands the most awareness bang for their buck.
Be sure to download the survey data to read all about it. And reach out for a demo of the many ways social media analytics can help your brand set the pace in your category as we steam towards the final quarter of 2019!