Social Media Analytics
In the contemporary world, businesses and organizations are emphasizing on the use of data to make crucial, marketing, management and production decisions. These organizations have adopted technological models though which they can track the distribution of their products, the location of their customers and their production capacities. However, all this data is useless without any critical analysis. This explains the introduction of various analytical solutions that aid in drawing vital insights from business-related data.
The first firm of analytics id descriptive analytics that rigorously views data from a statistical perspective to give an insight into what had happened in the past. This kind of analytics aids businesses in comprehending their performance in the market by providing a platform through which investors and stakeholders can interpret data to make feasible decisions for the business (BRINKMANN, 2019). The platforms availed can be in the form of data visualization techniques like graphs and charts. Predictive analytics, on the other hand, takes into account historical data that it feeds into artificially intelligent machines that produce patterns and trends. Current data is then subjected to the produced patterns and trends to predict what is likely to happen in the future. Prescriptive analytics comes in to take the results of the predictive analytics to the next level. This analytic gives a plethora of suggestions on the courses of action that a business should take based on the predicted future (BRINKMANN, 2019). Apart from giving a raft of suggestions, it also proposes the repercussions of each course of action that a business will adopt.
Facebook, a social media platform that is currently being used by many organizations and businesses for marketing, has analytics tools that can be used by businesses to scale their sales and gain more traction into markets (Newberry, 2020). To gain access to the Facebook analytics tool, organizations have to create Facebook pages and scheme through the settings of the page to gain access to the tools. Facebook analytics tools can measure various metrics like audience, performance, competition and customer services, among others. The audience metric is critical for the success of most businesses. Facebooks analytics tools enables businesses to have a proper view of their audience from the various angles like their age range, their locations and generally their purchase behaviours depending on the pages they like on the platform (Crawford, 2020). Organizations that have proper knowledge of their audience have an easy time coming up with adverts and developing marketing and distribution plans for their products.
Facebook analytics tools can also measure a competitive metric. Competitive metrics come in to aid businesses to analyze their competitors and the competitive advantages that the competitors have against them. It is critical that businesses rigorously comprehend their competitors to ensure that they are not edged out of the competition (Newberry, 2020). Through competitive analytics, businesses are able to compare their social media performance to those of their competitors, thus enabling businesses in rectifying their mistakes and gaining more traction of a market.
Customer service and community management is another crucial metric that can be measured via Facebook analytics tools (Crawford, 2020). Survey shows that close to fifty per cent of consumer resort to social media to learn more about a product or company before making purchase decisions. The customer service analysis thus comes in to enable businesses to monitor their touch with customers visiting their Facebook pages. Businesses can view their response time to messages from clients and the rate of interaction with customers in comment sections (Crawford, 2020).
References
BRINKMANN, B. (2019). Comparing Descriptive, Predictive, Prescriptive, and Diagnostic Analytics. Retrieved 10 April 2020, from https://www.logianalytics.com/predictive-analytics/comparing-descriptive-predictive-prescriptive-and-diagnostic-analytics/
Crawford, C. (2020). Social Media Analytics: The Complete Guide. Retrieved 10 April 2020, from https://www.socialbakers.com/blog/social-media-analytics-the-complete-guide
Newberry, C. (2020). Facebook Analytics and Insights: A Guide for Beginners. Retrieved 10 April 2020, from https://blog.hootsuite.com/facebook-analytics-insights-beginners-guide/