Traditionally, managers have relied upon IT departments to analyze data and offer insights to answer essential business questions. This conventional process required constant access to power users with professional knowledge and expertise in using analytics tools. Additionally, the incorporation of multiple data sources used to be technically complex, and poor system performance led to long waiting times between inquiries.
Nevertheless, today, many business managers have become the primary IT decision-makers, giving them more power over their analytics solutions. Although social media analytics tools have enabled businesses to identify helpful trends in social data and make informed decisions, most brands lack the understanding to choose the right analytics tools for their business.
Many social media analytics tools available in the market have similar features and functionalities. Here, we have listed some of the essential factors to consider when evaluating and choosing any analytics tools to help you make the right choice for your business.
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1. Business Objectives
Like other IT investments, your social media analytics tools should support your current and future business needs. First, you need to identify your business’ core objectives and create a list of desired business outcomes. Next, break your objectives into measurable goals. Then, pick an analytics tool that offers access to data and has features that will help you accomplish these objectives.
Before choosing an analytics tool, be fully aware of the costs associated with it, including subscriptions and hidden fees. Various analytics tools have different cost structures, so it’s crucial to know them before making any investment.
3. Advanced Analytics
Your chosen analytics tool must be able to identify patterns in data and predict future trends and outcomes. It should have the ability to generate contextualized insights, giving you the capability to create advanced models for your business.
4. Multiple Data Sources
When launching a campaign technique on Facebook or YouTube, you perhaps want to measure its success. As a result, you want to keep an eye on metrics such as Facebook impressions, Instagram follower growth, Twitter link clicks, LinkedIn engagement, and more. Thus, choose an analytic tool that will help you access your social accounts insights data and combine the obtained data to determine if your strategy works as per your plan and whether you have used the right content to reach your target audience.
5. Custom Metrics
Choose a social media analytics tool that will allow you to measure what you want. A tool that embeds custom metrics enables you to add all the specific metrics you want. This way, you can customize the analysis as far as you can while using other metrics.
It’s ideally great to give your software a personalized touch. Co-labelling means you can add your business name or logo in the left top corner. Thus, ensure you pick an analytics tool that you can customize. This way, you will give reports for your customers a more professional look.
7. Comparison of Different Social Media Platforms
Choose an analytics tool that supports social media benchmarking. This feature helps you analyze your profile’s performance and compare your business performance to that of your competitor. This way, you will identify why a specific profile or campaign is working much better or worse. Consequently, the gained insights will help you adapt and adjust your technique and improve your performance.
About Netbase Quid
Netbase Quid is a leading social media analytics organization that helps businesses build their brands and connect with their customers through social analytics. The firm provides valuable insights to reveal business trends, help businesses understand competitors and define their position in the market.
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