Why Social Media Analytics Is Not Yet Actionable?
Just when one would tend to believe that the arguments on the effectiveness of social media are becoming a thing of the past, two separate surveys commissioned by the Marketing Executives Networking Group on consumers’ and senior marketing executives’ reveal some interesting findings.
According to the survey, conducted in the last one year, among 1,036 consumers and 272 senior marketing professionals, the use of social media is perceived by both groups as potentially disruptive. Over 55 percent of senior marketing executives and 52 percent of consumers perceive social media as intrusive. In addition, the survey among CMOs and senior marketing executives reveals that many believe the data generated by social media analytics is not yet actionable. More than 39 percent agree the information gleaned is not useful to their businesses.
“Social media is here to stay, but there’s no question that it can be invasive and hard to measure,” says Stephanie Fierman, CMO of WPP’s MediaCom in the statement. ”Both of these outcomes come down to the fact that it is still tough to integrate into a marketer’s overall communications ecosystem system in a way that serves up the right message at the right time and enables social to be measured as a part of a whole, not in its own silo.”
Dr. Larry Chiagouris, Professor of Marketing at the Lubin School of Business, Pace University, who conducted the study notes, “Consumers and marketing professionals are telling us that as Twitter, Facebook, Pinterest, YouTube and others seek to monetize their offerings, there is a need for social media firms to do a better job satisfying both the sponsor businesses and the consumers those businesses seek to reach.”
According to by Richard Rashty, social media consultant, “Properly using social media means more than simply engaging customers on Facebook, LinkedIn and Twitter, to name a few.
“Social Media channels involve “omni-directional” engagement with customers, employees, partners and within this engagement you define the company’s brand and value,” he says adding that these channels, however, aren’t without risk. As the demand by consumers for personalized engagement increases, so do the risks of damaging that relationship by allowing for slow respond times, ill perceived messaging, and even competitor messaging.
“The sheer velocity at which information travels over social media makes it critical for companies to have the right strategy in place and that begins by aligning the strategy to the brand. Social media, although not a replacement for traditional marketing practices, can augment and enhance, he says.
The 2015 Social Media Marketing Industry Report states that the savvy social media marketer, especially those with limited budgets and employees, must think in terms of their specific business. This translates to setting your goals, understanding your audience, and determining the results you seek.
However, as Pritha Choudhuri, CEO - Analytics Quotient notes, “You need to support social media initiatives with both primary and secondary marketing research and draw a correlation.” She believes that social media analytics should not be seen as a standalone activity. Rather, it should be viewed as part of a larger digital marketing strategy. So, it is definitely a powerful marketing tool. But its real benefit will become evident when combined with traditional analytics forms to explore greater business value and return on investment.
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