From the smallest independent retailer to the dominant multi-national brand, every enterprise is cognizant of the advantages offered by social media. With more than 800 active social networking websites, social media has become a major platform for businesses to improve their promotion and marketing efforts digitally. Social media analytics can play a crucial role in helping marketers gauge the outcomes of those efforts and understand how the world perceives their brand, and products or services. It involves the process of collating vast amounts of unstructured data and deriving meaningful business insights from it.
Advantageous insights: Application of analytics in industries
Retail industry
As the retailers go through multiple phases in the selling process, they need effective tools to measure and analyze the sales at various stages. Social media and analytical tools help the retailers in bridging the gaps in the sales cycles to formulate effective business strategies. The retail businesses with physical or digital storage facilities utilize these analytical tools to enhance operational efficiency as well as acquire product information on a real-time basis.
Media and entertainment industry
Before the emergence of social media analytics, customer engagement was not the field of focus in media and entertainment industry. However, now the industry is casting its influence far and wide, leveraging social networks with the aim to deliver innovative content and interact with viewers. Social media analytical tools derive meaningful business insights from vast amounts of unstructured data to improve marketing techniques, product promotions, and customer engagement. Also, these tools help the media industry in analyzing the blogs, tweets, and comments related to their movies, events, and TV shows.
Travel and tourism industry
Public opinions posted on social media and blogs help the stakeholders in understanding the changing customer needs. The travel industry utilizes online conversations that are extracted with the help of social media analytical tools. Along with this, social media analytics helps to perform an audience analysis that allows the marketers to have a better understanding of the sentiments of the travelers and the investment pattern of the users.
Other industries
Social media analytics is widely adopted in the healthcare and real estate industries. It helps in understanding property investments and buying pattern of the consumers in real estate. Meanwhile, the healthcare industry utilizes social media analytics to obtain information regarding the expected facilities in hospitals and medical centers.
Technavio solutions: Uncovering marketing opportunities
Social media analytics has emerged as an essential tool for enterprises in various industries including manufacturing, healthcare, media and entertainment, retail, and others. However, it is important for vendors to understand market opportunities as well as the challenges that are likely to act as a deterrent to the growth of the industry.
The experts at Technavio have conducted a comprehensive study on the global social media analytics market to uncover the profitable market insights that will help vendors in formulating effective business strategies.
