The fact is that social media are growing at a rapid pace. While they grow, their importance grows too. For both individuals and businesses, social media platforms have become an important asset in their marketing campaigns. To leverage the popularity and influence of social media, one has to take advantage of social media analytic tools.
Thanks to these tools and the importance of social media in modern life, the social media analytics market have emerged as one of the fastest growing markets worldwide. According to Markets and Markets, the global social media analytics market will grow from 1.60 billion US dollars in 2015 to 5.40 billion US dollars by 2020. Let’s go through some other facts that will help you understand the importance and size of the social media analytics market in 2017.
Why Is this Market Growing at a Rapid Pace?
To start growing, a market has to mature. This market is one of the youngest ones, yet it is growing very rapidly; why? The answer lies in the rapid development of tools and technologies that can be used to track, record, and analyze big chunks of data. Furthermore, these tools have become intuitive, with a user-friendly interface which makes them suitable for marketing teams.
Another market driver is an exponential rise in the number of social media users. Along with social media platforms that aim to allow enriched business to customer interactions, this factor remains one of the top market drivers. We also have to mention the growing mobile platform penetration and the Internet becoming available in almost every corner of the world. This directly affects the growth of the social media analytics market. Â
The recent developments in the world have shown that social media can be leveraged for other purposes than just consumer-oriented ones. We have witnessed how important accurate social media analyses are during the Brexit referendum and the US elections. Now governments and other political bodies are trying to tap into the potential of accurate analytics.
The Importance of Social Media Analytics
With no social media analytics, there is no efficient social media marketing campaign. To understand how important this is, here are some examples.
Improved ROI
Social media analytics will help you check how effective your social media efforts are. By knowing the exact number of generated and captured leads, you can identify the social media strategies that need to be improved.
Stop wasting time
With analytic tools, you will be able to identify the best performing content on social media. This way, you can save a lot of time on creating content that doesn’t generate enough leads.
Understand Followers
You will be able to get an insight into follower demographics so that you can make your services and products more customer-friendly.
Besides these three major analytics, you will also be able to compare the performance of your social media posts on all platforms, identify influencers, and analyze the reach on each one of your posts.
How to Make Use of the Power of Social Media Platforms
To render the data provided through social media platforms useful, you have several options. You can pay to use analytic tools and ensure that the marketing team gets proper training regarding how to use these tools, outsource the entire project to a reliable partner, or use some of the free tools on the market.
All of the major social media platforms already have built-in analytic tools that you can start using immediately.
Facebook Insights
You can get access to this tool through the Facebook Insights platform. If you decide to use it, you will be able to see detailed metrics about your posts. Furthermore, you will be able to see who is engaging with your posts. This is done by using the audience analysis option.
Pinterest Analytics
If you want to check which pins are driving traffic to your website, this tool can help you with that.
Twitter Analytics
If you are using Twitter for business purposes, Twitter Analytics can help you analyze Twitter Cards performance metrics.
YouTube Analytics
In case you are advertising on YouTube, the built-in analytics tool will help you see engagement and performance metrics of your videos, as well as your audience’s demographics.
Synthesis
According to PC mag, this software emerges as one of the top solutions for social media analysis. This social media intelligence software is intended for enterprises, and it is capable of listening, analyze, educate, measure ROI, and connect with other assets to provide more accurate insights. Remember, you will need an expert social media analyst amidst your ranks if you want to completely leverage the data provided by this software.
With all the data in our hands, we can safely assume that the current trends in the social media analytics market will continue at their current pace. Businesses worldwide have recognized the power of social media, and they are going to continue to analyze this data to improve their customer support, services, products, customer relationships, and sales.
