Social media platforms have steadily become an integral part of our daily lives. With new platforms being introduced to users regularly and new brands making their way into the market, social media spending for brands have had to be upscaled. It is no more enough for brands to simply manage and monitor their social media engagements. There are large volumes of content being published on social media platforms by the brand themselves and an even larger amount of data being generated by the customers engaging with the brand. This is where social media strategy necessitates the use of data analytics, paving the way for Social Media Intelligence.
Simply put, Social Media Intelligence is the process of analyzing social media data to glean actionable insights for brands to leverage. A data-driven method for understanding the customer better and how best to serve them. It is the insights derived through data analytics that can help the brand take better informed business decisions, benefitting both the brand and its customers.
Brands need to be aware of the distinction between these three related terms, to be able to gather insights through the right process and implement their business decisions accordingly.
Marketing teams monitor the brand’s social media output and customer engagements, in an effort to ascertain if there are risks associated with certain products or services and how the brand image is being reflected online. But the insights gathered through monitoring are mostly subjective to individual marketers and not backed by robust data analysis. Hence the business decisions these insights influence, are reactionary and not always the best course of action. There is a need for detailed data collection, leading us to the concept of Social Listening.
Social Listening tools can enable brands to collect data from the billions of social media engagements and interactions from users across the globe. You can use the tools to analyze your Owned Media, or all the posts made by your brand, along with Earned Media, which refers to all the unpromoted posts by consumers about your brand. While finding out how your brand is performing and which products are gaining popularity, you also get the opportunity to see how your competition is faring. Some of the popular Social Listening tools today, are Brandwatch, Talkwalker, Meltwater, and Sprinklr. But simple Social Listening is inadequate as it doesn’t offer you an all-round picture of how your brand is performing because of the lack of social media data analysis. Social Media Intelligence becomes paramount when trying to frame not just your social media strategy, but overall business strategies.
Take a deep-dive beyond the vanity-metrics such as social media mentions and hashtags. Track the data which actually matters, analyze said data and make better informed business decisions based on the actionable insights and not sentiments.
Social Media Intelligence can help your brand to understand customers better, predict their behavior and foresee emerging trends, and stay ahead of the curve. Let data lead the way and help you not just improve on customer interactions online, but influence better decision making, improve customer experience and enhance brand equity.
Social Media Intelligence tools are what will enable your brand to harness the power of social media data and channelize it towards enhancing your business.
Social Listening without Social Media Intelligence is like having bullets, without a gun to help you shoot the target.
You can’t just gather customer engagement data and customer feedback but never have it analyzed so you can understand them better. Once you have the right analytics tools to sift through the data provide you with actionable insights, you can influence business decisions in real-time and make tangible improvements in products, services, customer experience and brand value.
In fact, Social Media Intelligence has the power to impact every facet of your business in a positive way.
Unique problems require custom solutions, and Social Media Intelligence can help your brand not just identify the problem to the core, but address it effectively and enhance customer satisfaction.
Social media data is the key to Social Media Intelligence. You can collect this data from the relevant social media platforms using an Application Protocol Interface, better known as an API. This data does not reflect social media intelligence on its own, but has to be in conjunction with other business data so that it may be leveraged for valuable insights. To get a better understanding of industry standards, data from your brand and competitors have to be analyzed together to get the full picture. Similarly, to better understand how your product is performing, you need to analyze sales data in conjunction with social media engagement and customer feedback.
Moreover, the sheer amount of data being generated every day by social media platforms is too much for manual analysis by individuals. The process has to be an automated one, where the Social Media Intelligence tools collect the data, sort it out and analyze it using algorithms. It is only post analysis that human intervention is needed to spot the pain-points or trends outlined in the insights, and take business decisions based on those insights.
Your brand can leverage Social Media Intelligence to target specific segments of your business and reach specific goals. You can use the data to better promote new products and services, introduce special offers and discounts, receive customer feedback, and improve on existing offerings. You need to identify your brand’s objectives, to be able to effectively leverage the right tools, whether they be for Social Listening or Monitoring or Social Media Intelligence. Social Media Listening and Monitoring tools can enable you to better R&D and Troubleshooting problems related to your products and services. But for truly effective social media strategies and evaluating the real results of your marketing efforts, Social Media intelligence tools is the resource you need to tap into. It can help you analyze your own efforts, analyze your competitors, create better strategies and maximize ROI.
Social Technology Landscape
Artificial Intelligence (AI) has a major role to play in dictating the future of Social Media Intelligence. The amount of data being generated every day is growing exponentially and it is too much for humans to handle. AI has to lead the way and automation is the answer to being able to not just collect, but efficiently analyze all the data and present it in a way that humans can decipher valuable insights from it. AI will enable your brand to identify patterns and predict trends instantaneously, allowing you to take informed business decisions, all in real-time. Course5 Intelligence has been making significant strides in this domain and is geared towards leveraging the power of AI to deliver real-time actionable insights, allowing you to focus on strategy execution and effecting change. Our proprietary platform Course5 Compete, is a scalable market and competitive intelligence platform, designed to help your business improve strategy and drive growth, through enhanced visibility into the market, your competitors and your customers.
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