When we hear the words “Social Media Analysis” most people immediately think of ROI (return on investment). But how realistic is it to measure your social media – it’s likened to measuring the ROI of your business phone. Your business phone is a channel or tool for sales, customer service and invaluable for running a business but can you realistically measure the ROI?
Social Media is very much like your business phone… it is a tool for reaching your customers and potential customers while some would argue that you can sell through social media and to some degree that is true but it isn’t the norm.
It should be said upfront that SMA differs from Social Media Marketing or Social CRM, which is what compels companies like General Motors to have a Twitter account — @GMBlogs — and a Facebook page… proactive marketing to consumers via social media. SMA focuses on reactive analysis to what others (competitors, customers, potential customers, competitors’ customers, etc.) are saying about an organization or their brands on Twitter and Facebook posts, as well as other social media sites. Companies want to know what their customers or potential customers are saying about them and their competitors, and social media offers the fastest, and arguably the most accurate, method to discover who hates you, who likes you, and who loves the company but despises the product. Is a recent change in service delivery models having an impact on customers’ opinions of our brand? Is that impact caused by the change, or something else? A company gets the nitty gritty on these types of questions by using SMA technologies.
There are five reasons organizations should use SMA tools, namely: Gain a Competitive Advantage; Learn from Your Customers; Enhance Your Products and Services; Better Target Marketing Efforts; and Market Innovation. Read the rest of the article here
SMA can prove to be an invaluable tool for building relationships and gathering vital business intelligence. Setting up a Google Alert is a very simple way to automate your brand monitoring process but should not be the only tool in your bag of tricks. Trackur.com is a reasonably priced tool that provides good analytics and value for the price.
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