Social media is more than just an advertising or customer service channel for brands. It should be used as a building block to support and inform almost every aspect of your business. The use of three key analytics – research and development, customer retention and referrals – will allow you to identify if you are getting the right sort of ROI from your social media presence. Here’s why they are so important to measure your social impact.
RESEARCH AND DEVELOPMENT
Once you have the demographic data of your target audience, then you have the raw ingredients with which to successfully market your product or service. Social media is an important platform to use to conduct key research that will later inform the strategy you use for your business.
A study by product innovation company Kalypso, highlighted that although 70% of brands surveyed had intended to use social media for research and development purposes, in fact only 33% were in a position to apply the data sourced from their findings. Not only that, but social media teams lose their opportunity if a solid feedback funnel isn’t in place. This makes it more difficult to prove the value and worth of the social platforms themselves.
There are a number of tools available that make it easy to analyse the information gleamed from social media platforms. Google Analytics is not only free, but it can help quickly cut through the data to find what you are looking for.
Without understanding what your customers are looking for, you won’t be able to respond to them quickly enough, meaning a competitor will beat you to the punch. However, use the invaluable data social media provides, and you’ll be one step ahead of anyone else.
The way you present your brand and interact with others will quickly create an online personality for your business. This will influence the way potential customers view and feel about your product or service – which can make or break your success on these platforms. Creating and continually developing a brand personality is important for a number of reasons:
- A clear brand identity creates consistency of tone and style that customers can associate with and rely on.
- Creating your own brand personality will set you apart from the competition. Customers will identify with brands that reflect who they are – which is a key area for you to develop.
- Customers also look for brands that reflect their aspirations. There’s no limit or boundaries on what this may be. By tapping into this, you also connect with your target audience.
- Social media also presents the chance for customers to interact directly with you. It gives them a voice they once never had. Whether it’s a simple like, comment or even a complaint – your response will demonstrate how important they are to you as a brand.
Gaining referrals plays an essential role in the success of any business. Traditionally it was done via word-of-mouth (and still can be) but increasingly, referrals via social media platforms are taking precedence.
If a customer is happy with your product or service, they can easily talk about it on social media. This can quickly spread and encourage others to try out your offering. Even if it doesn’t go viral, chances are there will still be plenty of eyes viewing the tweet or post which can go a long way to boosting both your customer base and image.
If you need help putting together a coherent social strategy that enables you to measure your social impact fill out the form on our Contact Us page and we’ll be in touch to discuss further.