Accounting Blog for Business
Posted by Gillian Vitug
Jun 21, 2016 12:30:00 PM
Social media has become an integral part of the consumer’s buying journey—from brand awareness, to consideration, to building their preferences, to purchase decisions, re-purchasing, and loyalty. Many businesses are making use of social media to build and promote their brand, however, not all are able to integrate insights and have an in-depth understanding of what all their social data mean. Social intelligence is something that all businesses should cultivate, as it is a great approach to delve into the minds of consumers on a very personal level. Here are the top reasons why social media and business intelligence combined spells success for your business!
1. Measuring Brand Awareness and Recognition
The first step in the consumer’s buying journey, you have to make sure that your brand reaches the right audience and that they recognize it. Social business intelligence can help measure your “share of voice” through the times that your brand was mentioned over social networks and against competitor brands. Other metrics would include the number of followers or fans on your social media platforms, as well as blog subscribers. Social BI can segment audience data by demographics and geography, helping you maximize your reach.
2. External Analysis
Studying external factors that surround your business is important when positioning your brand. It’s never just about learning how people are talking about your brand, but that of the competitors’ too. Social business intelligence can help track your competitors, the profiles of your target audience, their lifestyles based on their posts, and the issues that concern them. Knowing all these will give you a clearer view of current and emerging trends across your social networks, and will help you see opportunities to address their needs immediately, ahead of competition.
3. Gives An In-depth View of Your Customers
With social media as a channel for openly expressing one’s self, businesses can easily extract information as to what consumers want, what satisfies their pickiness, as well as their aversions. Social BI can track and integrate these information from all your social networks to help you exactly determine what your target audience wants. This will not only help you craft a better content strategy but will also help you develop better products and services that exactly caters to them.
4. Helps Improve Your Customers Service Efforts
If you want to evaluate your customer service efforts, Social BI can help monitor customer sentiment, complaints, and praises. Metrics in this area could include the time it took to resolve any customer complaints or answer queries, as well as the level of satisfaction that the customers felt after they were attended to. You can then have a clearer view of what needs improvement to build better relationships with customers.
Business Intelligence can do a great job in integrating all your social media channels, as well as organizing and segmenting all your social media data, and turn them into valuable insights to expose an array of opportunities. With so many metrics to track in social media, your business needs to have a solid strategy in place, clearly defining what you want to achieve through your social media efforts. Business intelligence will only be a tool to organize and visually present data, to have a clearer understanding of the data that you want to obtain.
Want to maximize the insights out of your social media efforts? Give business intelligence a try. Get in touch with us now to learn more!
Topics: Business Financial Forecasting