Is There More to Social Media Than People Know? Discover what’s Beyond Likes, Retweets, and Shares
In the online business, one booming enterprise leads to the opening of many more in its wake. This is what happened when sellers – from big corporations to small entrepreneurs alike – discovered the power that can be harnessed through social networking sites.
This is why Facebook likes, Twitter Followers, and YouTube views have become a hot commodity all its own. As a result, the social media giants have implemented stricter terms especially towards their business subscribers. Twitter, and now Instagram, does a clean-up to eliminate inactive users so that followers of personal and business pages have significantly decreased. Facebook suspends sites bombarded by thousands of Likes in a short period of time. YouTube penalizes, rather than rewards, videos with suspiciously high views dumped in a small amount of time.
However, the number of Likes, Shares, and Views that are organically accumulated also seem to do little difference in business, or so many sellers feel.
Marketing is a tough business but it is even more competitive in the digital world. That is why advanced advertisers refuse to believe social media is nothing more than just the number of fans and shares.
Why Advertisers Should Start Seeing Social Media as Social Data
Social media is a constantly open window to see into the consumers’ world: People share their favourite sites and services on their pages. Users tag friends on content they want to share. And people prefer to provide feedback and follow the latest news about their favourite brands on platforms that allow them to chat with friends and post personal photos.
There are a lot of creative ways advertisers have yet to tap on when they stop seeing social media as social avatars and start valuing the data it can provide:
Social Media as a Real-Time, Large Scale, Impartial Focus Group
Businesses used to turn to focus groups as the main source of social data. However focus groups in person require a lot of money and time. It can also be quite tricky to garner honest feedback from conventional focus groups because of social dynamics issue inside the room.
Now, businesses no longer have to splurge money and waste time doing research on in-person focus groups when there is social media. Social networking sites provide a ready and easily accessible venue where companies can gain insight about what their target market is like. People are much more candid and unbiased in the comforts of their social accounts rather than in a controlled atmosphere that a traditional focus group has.
Breaking Down Social Data for Marketing Analysis
Marketers can collate the trending topics online to be used as advertising leverage. Entrepreneurs can make use or start their own hashtags to learn the take of consumers about a certain product or service. For example, a post which merely talks about a brand can be tagged as brand awareness while a post citing the different attributes of a brand or product can be regarded as brand familiarity or product endorsement.
Collecting and breaking down the discussions on social media can help business owners and advertisers analyse the consumers’ stand on the purchase funnel. Through this specified data, businesses can then craft a more personalized campaign to present to their target market.
Social Data as a Competition Monitoring Tool
Marketing strategies can be honed more effectively when business owners know where their brand falls in a competitive landscape. Whether in terms of purchase intent or category conversation, adjusting one’s selling standpoint and marketing technique through such social data can create a more lucrative sales funnel.
Like any type of technology, social media is a goldmine of wealth only waiting to be tapped. The key is knowing the right perspective and practices to take.