Every business organization aims at promoting its brand, reaching out to a wider audience, and increasing the return on every investment to maximize profits. This is where social media analysis comes in handy to help form effective marketing strategies to achieve the goals.
What is social media analysis?
This is the process of pursuing, collecting, and evaluating data from social media platforms to determine and improve the performance of a company online.
For your businesses, the analysis will help you to:
- Monitor online public conversations about your brand and notice areas that need improvements to keep your business stable in the market.
- Improve your products to suit customers’ needs by enabling you to recognize their preferences, frustrations, and the dynamism of their needs. Effective social media analysis will give the marketing team the appropriate data to show what can work perfectly for the social media content approach to enhance key decision makings aimed at promoting the business.
- Understand the general industry trends to allow you to identify new opportunities to exploit.
- Track the efficiency of the marketing team to keep them in the right direction. This is because the needs of the customers can be challenging to manage and any wrong step can lead to a serious social media crisis. The working speed should remain high and any kind of hindrances must be eliminated.
How to conduct social media analysis
You can use the following steps to carry out a competent analysis:
Define the reason for the analysis
The goal you want your company to achieve through social media must be shown clearly to give a proper area of focus. The objectives can include increasing sales volume, widening brand awareness, or targeting a wide range of new consumers.
Do a SWOT evaluation
This analysis focuses on four aspects of your business. They include strengths, weaknesses, opportunities, and threats. This analysis can help you to improve your business by enabling you to identify and address specific weak links in your company. You will also be able to identify various opportunities to exploit and specific threats to eliminate.
Identify your business niche
Evaluate the location of your customers and their demographic data such as social status, age, sex, race, and beliefs. You also need to look at their education levels, attitudes and preferences. Most importantly, you need to find out the number of your customers who use social media, the platforms they use, and how often they go online. These will help you to produce and sell products that suit the needs of your consumers.
Identify your competitors
Track the performance of your competitors’ brands and benchmark against them to improve your business. Evaluate their presence in all social media platforms focusing on their brand reliability across the platforms, types of content they create, frequency of their posts, and how much feedback they get from their posts. Benchmarking allows you to notice where you are not doing well so that you can establish competitive strategies to keep your business on the right track.
Use collected data to improve your business
Based on the findings, you can make suitable adjustments to your social media marketing strategy to make it work better than what your competitors use. Ensure you apply unique tactics and captivating trending topics to influence and retain customers.
How is your company performing online? Do you want to conduct a competitive social media analysis but don’t know where to start? You don’t have to keep struggling. That is what we do best at NetbaseQuid. Reach out to us for a demo and we will show you everything you need to know.
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