Customers today are more than just customers where using social networking they influence others and reveal their buying trends. Data is everywhere but the ability to get insights out of it is becoming challenging day-by-day. Social media analytics here plays a critical role in capturing some of the vital clues with respect to the consumer data to make informed business decisions.
Social media tools that allows seamless digital communication and collaboration are increasingly making an impact on the corporate world. Social media has expanded from its genesis in the consumer space to the point at which its effect on brand and corporate reputation can be instantaneous and far-reaching. Thus companies are discovering the need to monitor and measure this growing space where social media analytics is instrumental at every stage. Social media’s biggest strengths is to gauge the brand awareness among the user groups with a deep insights on what consumers are saying.
Today, social media analytics is considered to be one of the intoxicating instrument to understand customer preferences and outlooks across a myriad of online sources. Businesses across the verticals are gaining insight about consumer mind with the help of social media tools. Through analytics these can further be channeled into action based insights.
Social media analytics
Understanding social media analytics allows organizations an edge over their competitors through advanced knowledge about their products and services are perceived by the existing and potential clients. It also provides an overview about the user data and information to make strategic business decisions with respect to consumer needs, behavior, interests, latest trends and opinions. With the virtual world advancement it helps them reaching out to the diverse audience in a more convenient and effective way.
Social media data garners attention because it is new and exciting; however, it isn’t necessarily the primary customer analytics focus in all organizations. Sources such as transactions, service records, call detail records, and Web clickstreams are often far more important for customer analytics. Data quality can also be a concern with social media. However, few organizations can ignore social media, because it is a living and adaptive ecosystem where consumers are actively participating around the clock and around the world.
With Social media analytics:
- Track your Facebook content performance with web data connector
- Analyze twitter data to maximize your reach
- Visualize live Twitter data to stimulate engagement
Social media analytics drives business advantage for financial institutions & banks
Consumers today increasingly expect banks to use social channels to deliver faster and more effective customer service and customized financial advice; Share financial offers and upcoming events; offer knowledge about banking regulations; and provide feedback mechanism about banking products and services. Most of the banks and financial institutions are not catering these services today.
Increasing followers and interactions alone will not help in analyzing the insights, whereas it is also essential for the banks to rethink their core business strategies to make them more consumer centric. The industry focus has shifted from “customer service “to “customer engagement” which requires a two way mode of communication. To sharpen their engagement capabilities banks and financial institutions needs to enhance their understanding of customers by using social analytics to gain insights on customer preferences, behavior and need. Banks can use social media insights to:
- Expand the customer base
- Educating the customer
- Gaining customer insight
- Transitioning from enterprise CRM to social CRM
- Improving customer service
- Facilitating internal collaboration
Understanding behavior in the social sphere can have a positive impact, not just on marketing and sales functions, but also on services and other processes in the organization irrespective of any industry segment. Marketing executives should use social media insights to improve brand awareness and reputation throughout the organization.
So are you ready to give your CMOs and marketing executives the ability to understand the financial impact? Share your comments!