NetBase Solutions Inc: Using Social Media Analytics to Market Products
Social media analysis refers to the technique of garnering data from different online social networks as well as evaluating the information based on a company’s goals in addition to objectives. The data is then used for business decisions. Social media analysis goes beyond the regular monitoring of tweets as well as likes in order to develop an extensive understanding of the consumer. The strategy is considered the major foundation upon which businesses can:
Execute focused engagements
Maximize customer experience
Enhance social collaboration
Social media is an excellent medium for understanding actual consumer choices, preferences, in addition to sentiments. The analysis of social media is used to garner information regarding the customer base on an emotional level. This is often to assist in targeting customer service. Whether a brand’s objective is to boost its sales or increase brand awareness, social media is a great tool. Marketing professionals see social media as a gold mine. Therefore, they use the platform to analyze the needs of their clients and provide quality products as well as services. For some marketing professionals, it may be challenging to comprehend the value of social media.
The first step during social media analysis is to find out which business goals can be achieved after data has been collected then evaluated. As such, the general objectives of the business include maximizing business earnings, obtaining feedback regarding services as well as products, in addition to enhancing public opinion regarding the business division. Immediately the business objectives have been determined, KPIs to evaluate the magnitude of the data have to be outlined.
Benefits of Implementing Social Media Analytics Tool
Gaining a competitive advantage – SMA tools enable an organization to gain an added competitive advantage over their competitors. This is by facilitating a better comprehension of brands. The technique includes having a viable understanding regarding how consumers can make practical use of various services as well as products, the issues consumers face when using the products, in addition to knowing how customers view a particular brand.
Learning from the consumers- In many instances, consumers could be having an effective solution for some issues faced by the organization. For instance, if the product is in a market that has no proper documentation, there can be high instances of increased use error. Some consumers may also solve these issues via trial-and-error. They can then post their findings in various forums that can assist a company in determining if documentation is needed.
Benchmark against competitors- A business can learn a lot from competitor analysis. Social media analytics tools allow brands to recognize their competitors including what they sell well, where there are gaps, and which social media strategies they use to market their products. Running a competitor analysis with the competitor can help a marketing firm to figure out approaches to use to gain an added competitive advantage in the market.
Social media analysis also enables marketing professionals to garner a vast understanding of how the market is being operated, what others are doing, and what can be improved. The depth of knowledge inspires creativity while assisting in keeping various brands ahead of the competition.
NetBase – Company Profile
NetBase provides its clients with social media analytics tools and services. The company delivers social intelligence that international brands, as well as agencies, need to use in publishing and monitoring, analyzing, as well as engaging with its consumers. By using high-precision language processing software, the platform processes various social media posts in order to extract insight delivered through tailored dashboards. NetBase Solutions Inc creates and markets the next-generation semantic technology to read and comprehend the English language.
