Wikipedia defines social media as “interactive platforms via which individuals and communities create and share user-generated content.” The core concept of social media is socializing and establishing communication and hence it started as a means to stay in touch with one’s current and estranged friends and family members. However, its ability to reach wider audiences got the enterprises thinking about leveraging social media to augment business profits.
The factors that contribute to social media’s popularity are its accessibility, reach, immediacy, permanence, and usability. That makes it the most popular media when compared to other forms of media. According to Jody Nimetz, author of Marketing Jive, there are five major uses for businesses and social media: to create brand awareness, as an online reputation management tool, for recruiting, to learn about new technologies and competitors, and as a lead generation tool to intercept potential prospects.
As per Nielsen’s recent study ‘The State of the Media: The Social Media Report (Q3 2011)’, social networks is a top online destination- accounting for a total of 23% of time spent online. This points to the fact that a great percentage of the people are spending time on social networks rather than on business pages. Hence, to set profits rolling enterprises must engage customers in conversations where they are found rather than expecting them to come to them.
Of the different social networking sites, Facebook is the most popular one. Statistics show that Americans spend 53.5 billion minutes on Facebook. Hence, all businesses need to focus on Facebook. Facebook and purpose-built social analytics help measure and increase effectiveness online. Facebook provides an entirely new paradigm for measuring interactive marketing, expanding reach, increasing retention, and ultimately, driving more revenue. The following are some of the features of the best of breed social media analytics tools.
* It provides fast results for businesses to track web data, get real-time distribution and engagement Facebook metrics and get immediate feedback on how content is performing, so that enterprises can optimize products, features, campaigns, content and interactions faster.
* With an easy-to-use visualization interface that provides both trending views and drill-down capabilities, it gives valuable insights to make faster, smarter operating decisions, even across huge amounts of social data.
* It helps to gain faster insights into the key influences on K-Factor and virality campaigns, understand what keeps customers engaged, and uncover the levers that can most affect revenues.
Thus, with Facebook analytics, enterprises can increase their effectiveness on social media.