How to unleash the awesomeness of real-time social media analytics

real-time social media analytics

Real-time social media analytics is not just about smarter marketing; it is also about positively transforming your business by intensely listening to customers as they express themselves through the digital media.

To maximize the value of digital and social media KPIs, enterprise today use a variety of advanced and predictive analytics tools. These tools help marketers mine the constantly growing pools of structured and unstructured data to deliver more timely and actionable insights for better informed decision making.

Social media in its character provides huge opportunity to marketers. To get an idea about the magnitude of opportunity we are talking about, consider the facts below –

Facebook has over 1.39 billion monthly active users, 890 million daily active users, and over 520 million mobile-only users as on fourth quarter 2014. Twitter reports 500 million tweets sent per day and they have over 280 million monthly active users of which 80% are on mobile. (Source: venturebeat.com)

These statistics, combined with other user generated and social content such as millions of blogs, discussions on forums and social networking content provide unfathomed content enterprises across the globe can leverage to generate business value.

Further, Interactive information in real-time through user reviews, tweets, updates, images, videos etc. holds a treasure pile of data to be analyzed, interpreted and converted to actionable insights. Thus, using social data, marketers around the globe can identify brand sentiments, trends, issues, aspirations and competitor intelligence.

Now, imagine the business value marketers can create if they are able to capture, analyze and use these behavioral and sentiment data in real-time to make informed decisions. 

In the context of marketing, I define real-time social media analytics as – A mechanism to analyze very high VOLUME social data aggregated from a VARIETY of sources and responding at higher VELOCITY to generate greater VALUE.

Key features of real-time social media analytics
  • To be able to accumulate and analyze large volume of social conversations as they occur
  • Creating trending views and digging deeper in to relevant conversations to draw meaningful insights
  • Managing all your social networks and content publishing in a seamless manner
  • Using relevant insights to make faster and smarter decisions on-the-go
  • Planning and running targeted campaigns based on accumulated insights
  • Review results against set KRA / goals and analyze RIO
How to ensure a fast track and fail-proof real-time social media analytics implementation 

To ensure success in implementation marketers should create a holistic strategy encompassing the following elements –

Real_time_social_media_analytics

Social media analytics is not new for marketers. But, when it is about real-time social media analytics, marketers appear to be stuck in a metaphor!

Plenty of tools are available out there to capture and analyze and respond to social media conversations. Rather than take the risk of driving blind, marketers could try implementing real-time social media analytics in a smaller scale to test their marketing ideas. It is also very important for marketers to define and understand their customer touch points, build adequate consumer insights and build mechanism to measure RIO before committing large scale investments.

Happy to hear your experience of real-time social media analytics implementations, challenges met and off course the benefits. Post your comments or share your feedback if you liked what you just read.

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