Almost all businesses, no matter what industry they are positioned in, are now aware of the importance of social media. What many are yet to understand is how data analysis is important to the implementation of social media. Here are five reasons every business should be using data analysis when it comes to social media.
1.KNOWING WHAT IS WORKING
Even though business continues to become more and more data driven, social media seems to be one area where the old ‘throw it at the wall and see what sticks’ adage still continues. When asking potential clients about how their social media is working, our agency hears again and again ‘we don’t know’ because businesses send social media out and then don’t track how it is performing other than maybe counting followers and/or likes. This is not due to laziness on their part but ignorance – most businesses don’t even realise that it is possible for anyone to utilise data science when it comes to social media, and therefore have not even considered using it for their business. Even the most basic data analysis tools can help you see what is working, and what is not, so you can stop wasting your time.
2.RETURN ON INVESTMENT
Do you know the ROI on your social media? Even if it has been split out of the overall marketing budget (and for a growing number of businesses, the social media budget IS the marketing budget) many companies don’t have much of an idea about the return on spending for specific social media platforms or campaigns. Social media data analytics give you the ability not just to see what returns you are achieving, but also to predict what type of returns you can expect based on past performance and current industry trends.
3.PREDICTING THE FUTURE
Data analytics is about more than assessing how things went – it is about predicting how things will go in the future. Data science is about using current information to predict trends, split test alternatives and run through scenarios to decide what is the best way forward. It may not be a crystal ball, but when it comes to social media it is the next best thing you have available.
4.NICHES AND CUSTOMERS
Do you know who likes your products? Do you know if you are reaching the candidates you want to apply for positions at your firm? Are your biggest customers French speaking women who also like cats? Or teenagers who are interested in physics? Data analysis can tell you who is currently reacting to your social media, and also where to find the audience that you WANT to react to it, and how to attract them. It can also be a powerful tool for discovering things like potential markets, product development opportunities and shifting cultural trends.
Social media influencer has become a bit of a negative term lately, but it doesn’t just have to mean a wannabe celebrity trying to cadge free lipstick and trips to the Maldives. Influencers can be a huge asset to your business if you can identify them. They include not just people who are willing to share and promote your content with their audience, but also people in your field or industry that are thought leaders and content promoters. Being able to pinpoint who is valuable for you to follow, team-up with, offer collaboration or even promote yourself to their followers is valuable information. Data analysis can provide all this from broad industry thought leaders to nano-influencers with small but passionate followings.
Unlike many other social media agencies, Rec-Social believes in a data-driven approach to delivering social media excellence. We combine science with creativity to provide you with social media that gets the results you are looking for. Get in touch today to discuss how we can use all our resources, including first-class data analysis, to make social media work for your business.