Social media analytics are critical to understand consumers, purchasing trends, and shopping behaviors in today’s highly connected and extremely competitive markets. More than ever, consumers have an ability to communicate with companies and one another about brands, services, and products, and to express their opinions and needs openly.
Companies and organizations that utilize social data and web and social media analytics are more likely to retain customers, and have an easier time building customer loyalty and brand recognition. This allows them to be able to create a more targeted and intuitive marketing campaign. Quantzig’s recent customer engagement insights show that web and social media analytics can help organizations reduce media costs by up to 15%, while simultaneously improving customer satisfaction by 20%.
Social Media Analytics Market Trends
As the Internet and social media continues to reign, monitoring brand perception, consumer opinion, and the effectiveness of different forms of advertising is allowing companies—especially those in the retail, industrial and manufacturing, and food and beverage industries—to greatly increase customer retention and satisfaction.
More recently, a global spare parts manufacturer was able to successfully improve customer awareness of one of their key products after collaborating with Quantzig’s social media analytics experts to better understand its target customer base and how to reach them. Many other manufacturers, retailers, and other companies are utilizing sentiment analysis, text mining, and opinion mining to understand how their brands and products are perceived by both existing and potential customers, and using the findings to optimize their marketing strategies.
Social media analytics can provide a wealth of valuable information to companies, including customer preferences, opinions, and perceptions of brands, products, and services. Analyzing posts on social media platforms reveals information that customers may not volunteer in direct surveys, and allows companies to access a wider and more diverse range of consumers.
The insights gained from web and social media analysis can be used to more effectively target certain customer demographics and helps companies to make their brands’ marketing and product awareness efforts more successful.