Almost everyone has at least a social media account. A study by Statista revealed that there are 4.14 billion social media active users globally. Furthermore, the study said that even brands have one or more accounts to run their marketing campaign. Hence, the advertising expenditure in the social media advertising segment is forecasted to reach US$110,628m by 2025.
Social media has quickly become the strength in business strategies and are vital to establishing connections with consumers. From there, a marketer can get real-time insights from their audience’s preference and test new strategies.
Statista added that global social penetration reached 49 per cent last year. East Asia and North America have the highest penetration rate at 71 per cent and 69 per cent, respectively.
Today’s consumers are tech wizard. So, marketers need to know how to entice them by gathering data from social channels, knowing who the customers are and their expectations.
Social Media and Customer Analytics
Using customer analytics with social media can help marketers make decisions faster to decide the attrition rate, retention rate, and other crucial aspects.
It is also important to address customer experiences by knowing what works and not with them.
It is critical for product development to get a clearer image of customer pain points, shifting needs, and desired features. Spotting trends can shape existing products and assist in the design of new strategies for product development.
Little things that keep consumers happy and, in turn, increase brand loyalty can be leveraged by tools such as behavioural analysis. Social media analytics helps to maintain the health of the brand and suggest the right characteristics for it. A marketer can also demand using social media analytics, which further manages inventory and reduces costs.
There are plenty of opportunities available for marketers. But, a top priority today is to become a “customer-centric” brand. Consumers nowadays do more than just making purchases; hence marketers need to have customer analytics using social media.
Finally, it is essential to mention customer analytics in the age of social media, as it is the age of the customer, and it requires the right social intelligence to satisfy the customer at every turn.