As Facebook gears up for its public offering, marketers are clamoring to understand how to use Facebook fan data. Facebook is now the second largest display advertiser on the Web. Advertisers spent more than $3-Billion on Facebook ads in 2011, which is expected to double in 2012. The web site receives more traffic than any other site, overtaking Google in 2011. Online social media represents a fundamental shift of how information is being produced, transferred and consumed.
Delight customers by knowing who they are and delivering an entirely new level of service, only possible in today’s social world. Weaving a social context into your business is quickly becoming a prerequisite for success.
Social analytics software integrates wikis, blogs, activity streams, e-mail, calendaring and more, and flags relevant data for action. It allows for instant collaboration and the ability to build social communities both inside and outside the organization to increase customer loyalty and speed business results. Tracking the pulse of the social media outlets, enables companies to gain feedback and insight in how to improve and market products better.
Social Analytics applications deliver:
- Real time data and actionable insights to help you reach faster, smarter operating decisions
- Provides results in seconds for businesses to track user behaviors in real-time and get immediate feedback on what’s working and what isn’t so you can optimize products, features, campaigns, and interactions on the fly
- Easy-to-use visualization interface provides both trending views and drill-down capabilities
- Faster insights into the key influences on your K-Factor and virality campaigns, understand what keeps customers engaged, and uncover the levers that can most impact revenues
Uses of Social Media Analytics Tools:
- Social Media Brand Monitoring
The main uses for social media analytics tools are for Social Media Brand Monitoring and brand audits to provide insightful information for brands.
The social realm demands an entirely different approach to analyzing data and optimizing campaigns. Whether you’re a game developer, online marketer or corporate executive, our real-time dashboards and interactive reports deliver actionable insights into the dials and levers affecting your social applications.
- Real Time Analysis
The social world moves too fast for any delays. Track user behaviors in real-time and get immediate feedback on what’s working vs. what isn’t so you can optimize on the fly
- Sentiment analysis
Sentiment Analysis tools allow you to discover the positive and negative opinions about a product or brand
- Competition Analysis
Competitive analysis, as the name implies, is an exploration of the companies in a given industry sector or market niche that are competing with your company’s products or services for market share. The primary benefits of any competitive analysis are a better understanding of what your competitors are doing, what they are offering to customers, and how to maintain your competitive advantage.
- Collective intelligence
Collective intelligence application that gives you an unprecedented level of insight derived from the social network. Allows brands to target these customer segments and deliver specific offers and content, while driving engagement
Social Analytics tools must meet the following challenges of social commerce. The right tools:
- Need the horsepower to both capture the incredible volumes of data being produced by social networks and be able to quickly surface the valuable insights
- Require seamless automation, to analyze the data, apply business rules, and push out new campaigns or updates in near real-time
- That quickly points them in the best direction and provides fast insights across all aspects of their reach, retention, and revenue campaigns
Social Media Analytics are hot trends in the BI industry. Microstrategy, IBM, SAP, Qlikview and other BI Vendors are investing in social media analytics. MicroStrategy Gateway delivers your Facebook data to you in a relational model so you can gain a 360-degree view of your Facebook app users, synchronize the data with your existing enterprise applications, and more easily extend your enterprise systems into Facebook.