Social media analytics is the process of collecting and analyzing audience data shared on social networks to improve an organization’s strategic business decisions.
Social analytics helps simplify data from dozens of networks, millions of people, and various activities. Social analytics allows you to understand user behavior and demographic data much deeper than Google Analytics. This is why social media analytics is so important.
Depending on your business goals, social media analytics can take four forms: descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics.
Social media analytics can help you learn from the competition. Monitoring and analyzing unstructured information can provide businesses with up-to-date information from competitors, customer reactions, and activities to avoid.
With so much consumer information shared on social media every day, social listening tools have become an important component in audience analysis, competitive research, and product research.
At the heart of social media analytics is gathering and analyzing marketing and audience data to make business decisions. It’s the only surefire way to access insights you can use to optimize your marketing efforts and product strategy.
Despite playing a fundamental role in performance and success, true social media analytics solutions are still under-utilized. Many companies still fail to take advantage of these platforms with only basic tools that provide shallow performance metrics for each channel. These businesses are missing out on all the data points and insights derived by contextualizing social media data across channels and industries, plus many more in-depth metrics.
The dashboard displayed on the Twitter Analytics homepage is a brief overview of the key metrics. These metrics are what you need if you want quick updates on how your tweets engage your audience.