Wondering why most social marketing campaigns fail to meet brand expectations? It’s because they’re long on expectations and short on insight – and it’s why having a strategic social analytics program is so essential. It serves as the foundation of industry leaders’ online efforts.
Our latest report shares Five Steps to Building a Successful Social Analytics Program. And we have some highlights below! But first, some myths and barriers that require busting.
Social Analytics Adoption Barriers
The biggest barrier most brands face is around securing budget to implement the social analytics capabilities they require. There are many reasons for this:
- They haven’t found a tool that offers actionable insight
- The brand has been burned before by tools offering advanced AI when its tech was old school, comparatively
- Time to learn a tool feels like too much down time for too little insight
- Measurement feels sketchy, if not downright impossible
Instead, they’re left tallying likes and followers by hand in an Excel spreadsheet. A task that lots of time and offers very little (if any) context around consumer behaviors, which is the heart and soul of any brand’s marketing power.
It’s a challenging situation, for sure, because social analytics are essential. And, as a rule, it’s never a “one and done” endeavor. Benchmarking is bound to be a meaningless metric if you’ve never truly explored that baseline. And sporadic check-ins are alarmingly inaccurate and ineffective when it comes to informing strategy. This leaves even the best marketer feeling defeated, as capturing this insight by hand inevitably drops to the bottom of the ‘must do’ list.
Making daily monitoring part of your process is mission critical. And moving your organization toward the technologically advanced social analytics model your efforts require is largely a matter of educating them around its potential. And our five steps offer exactly that!
Social Analytics in a Nutshell
Par for the course, beyond processing the massive amounts of consumer insight available online, your social analytics program should inform and drive every business need imaginable. When used effectively, social analytics can:
- Increase campaign performance
- Foster innovation and ideation
- Protect brand reputation
- Support new customer segment discovery and significantly improve retention
- Enhance competitive intelligence gathering efforts
- Identify influencers and brand ambassadors
And that last bullet is very important. As Mark Zuckerberg offered recently, “People influence people. Nothing influences people more than a recommendation from a trusted friend. A trusted referral influences people more than the best broadcast message.”
Combining all of the structured and unstructured data that your next generation AI-powered consumer and market intelligence tool captures, the analyses outputs are incredible. It touches every part of an organization – and can transform it into something better.
Transformative Social Analytics Insight
It captures consumer experience and wraps it in context, so its actionable. Social analytics allows brands to:
- Grow their business by understanding the loyalty concerns their target customers have, and how to keep them happy
- Know how their brand is perceived across industry specific KPIs. Industries include retail, restaurant, food & beverage, consumer packaged goods, automotive, finance and more
- Save time with over 1000+ certified themes that surface the exact conversation they want to understand
Given the enormous amount of insight that can be gleaned from social analytics, and based on promises from technology vendors, it’s tempting to select a social analytics platform right away and start collecting data. However, this product-first approach is a common mistake and leaves many organizations with unmet expectations from their social analytics tool.
Understand what to look for – and take heed of this fact: The number one reason social analytics programs fail is because an organization is not poised to accept and implement its results.
This guide will help you determine best practices for your business around how to:
- Align Your Analytics with Strategic Business Objectives Across Your Organization
- Set Criteria for Selecting the Right Social Analytics Platform
- Throw Out Marketing Personas & Replace Them with Psychographic Insight
- Benchmark the Metrics That Matter
- Stay Ahead of the AI Technology Curve
Don’t Become a Statistic
ROI can’t be tracked unless goals are set and KPIs are clearly defined. So, a business short on social strategy is bound to realize little (if any) analytics ROI. They’re doomed to fail where it really counts—assigning metrics to quantifiable actions. In the words of Jay Baer, “The end goal is action, not eyeballs.”
And, as mentioned at the outset – not committing to social analytics as a necessary and valuable tool to inform any organization’s strategic decision-making. Be sure to download our Five Steps to Building a Successful Social Analytics Program to get yours reoriented toward truly transformative tactics. And reach out for a demo to see how a successful program looks in action!