Why Social Analytics?
Social media has given an unprecedented opportunity for business to keep connected with the audience. Enterprises can easily share their brand knowledge, explain how the products and services work and trigger real time interaction with prospective clients in any intervening nights. These personalised interactions enable businesses to increase their possibility of collecting and storing seamless amount of data.
Entrepreneurs are responding to the windfall in a positive way, making social media analytics one of the major factors for business growth. Forrester Consulting survey has revealed that 64 percent of marketers believe that they need data to analyse prospects. A major chunk of them agreed that customer acquisition is more challenging that customer retention.
Acquiring new customers is a matter involving huge capital investment. Social media data analytics gives an opportunity for searching and finding business answers regarding customer acquisition within an optimum cost. Social media analytics help businesses to derive informed decisions on creating deeper and broader customer insights. It gives real time data on a prospects purchase history, product usage patterns, and social media behaviour.
Social network analytics helps in deriving strong reasons behind the intention of a prospect, analyse their business actions (like search data, price comparison, product review). Once compiled all these data into one place, businesses can turn these data to actions. They can analyse the customer behaviours, anticipate future events and gain insights on developing valuable customer relationship as well.