Online social media is a big deal for businesses. The way we interact with friends, or in the most part casual acquaintances, has drastically changed in the last 15 years. Remember chat rooms? Those early browser-based instant forums evolved into dedicated instant chat programmes such as ICQ, then Instant Messanger. Facebook and YouTube were game changers, Twitter changed it again.
It is the need for monitoring the impact of marketing tweets, posts, video, and their sentiment that provides the biggest opportunity for businesses.
SocialAnalytics is software giant Adobe’s latest product within the Adobe Online Marketing Suite and provides analytics data to measure the impact of social media on business.
Adobe has been in the analytics game since it acquired web analytics specialists Omniture in 2009 for $1.8 billion. It now offers a range of analytics, research and optimisation products under the Adobe Digital Marketing Suite title.
In the past, marketers haven’t been able to easily, or definitively, analyse the business impact of social media. Although it is obvious social media now plays an important part of a marketing strategy, it has been difficult to answer hard and fast questions regarding its effect.
For instance, a recent post by a company on their Facebook page may have received several “likes” , but this has been difficult to translate into resultant conversions or return on investment statistics.
SocialAnalytics offers marketers an all-in-one tool to monitor and measure their efforts towards social media activity. The concise reporting that web analytics provides enables faster decision making for marketers who can then engage stop losses or capitalise on the provided data.
Although the immediate focus for marketers will be to show the link between social media and it’s effect on conversions and profit, it is insight into sentiment which may prove to be the more interesting data to analyse. After all, we tend to buy from business we like and trust.
It is still early days yet for online social media, though no one can deny it’s huge impact on sentiment towards a business. Although we may never truly be able to measure the “love” of a brand or company, analytics solutions such as SocialAnalytics are bringing us one step closer.