--Analytic tools measure social-site traffic to empower businesses with timely, actionable insights
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"Social media analytics can uncover unique or otherwise difficult to obtain information on consumer behavior and the broader market," said Frost & Sullivan Information and Communication Technologies Industry Analyst
Social media analytics is also used by businesses to shape other corporate functions that impact marketing and customer services, such as network security. For instance, banking and insurance firms are listening for signs of fraud and hacking, such as when individuals brag on social media about duping a particular company or cracking their network security.
However, certain issues may prevent companies from employing social media analytics solutions. The most critical matters are whether and to what degree social media sentiment accurately reflects the broader customer base. Moreover, customers' stated sentiments can be swayed by the desire for explicit rewards and by competitors who want to negatively impact other brands.
In addition, social media budgets remain small as enterprises do not fully understand the value of social analytics. Some social analytics tools are too expensive, which deters uptake.
Another challenge is the small size and lack of training of the social media teams in companies. While social media managers are skilled in the art of social communication, few of them have the analysis skills to understand the vast amounts of social data generated or to connect that data to other channels.
"Social media analytics solutions must be intuitive to use and must generate reports rapidly to help companies detect, assess and act quickly on issues and opportunities," concluded Read. "The solution should present synthesized reports, encompassing summaries of key topics from all sources, but with the added ability to filter out each feedback channel."
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Analyzing Customers' Social Voices
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