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The Vital Role Social Media Analytics Play In the Highly Competitive Global Business Arena

The internet can be a hostile terrain of information flow that for the untutored and the weary may seem like an unchartered frontier especially for the business minded. Not all trading enterprises manage to get a firm foothold on the global business arena that the internet readily provides for the simply reason that a majority of entrepreneurs who wish to have a piece of the action hardly understand the rules that govern online transactions.

Of particular note is the failure by many an enterprising individual to understand the rules of social media engagement, and how a thorough grasp of social media analytics, like those explained in an insightful NetBase article presently doing the rounds on the web, can produce a competitive edge over the competition. It is now an open secret to everyone that the ubiquitous web-based social media platforms such as Facebook, Pinterest, Twitter etc. are an absolutely necessary tool for buying and selling goods on an international scale.

There is cut-throat business competition occasioned by the globalization of all sorts of commercial activities. And there is no gainsaying that many traders view the internet, as either a blessing or a curse, depending on which side of the success-failure divide they find themselves. However, the truth is that any traders who optimize the use of social media to spread word about the products and services they offer, perform immensely well on the internet market.

 

The Big Question

The biggest question many individuals and international brands, big or small grapple with is how they can unearth, determine and estimate the effectiveness of the social media analysis they should trust, notwithstanding the difficulties of identifying the most suitable tools to use. Another snake in the social platform pit which effectively bars the faint-hearted is determining the right budget to use. A glance at what the multinational giants spend can make an upstart quail back in fear!

But that need not be the case because supporting analytic agencies like NetBase are quietly watching and ready to pounce on you from the trading sidelines with free but valuable advice. There are numerous platforms that provide analysis compatible with any budget size. So you don’t have to sit back biting your nails and waiting for a miracle to happen!

 

Wait a Minute

What is meant by social platform analytics? According to the experts from NetBase, the term simply means the art of collecting data for helping in business decision-making from all online sources but specifically from the major social channels. The analysis take different forms, however, the bottom line is to assist all businesses to apply appropriate insights for both short and long term success strategies.

 

Although the analytics might come across to many as the study of space technology due to the complexities involved, basically all it takes are three levels namely:

A} Identification of basic goals of the business.

B}The determination of the main social performance indicators or KPIs {Key Social Performance Indicators}

C} The measurement and analysis of social data.

 

Just to put it briefly, A above means the act of imparting purpose to your analytics by setting clear objectives for the business, improving traffic, creative positive brand awareness and building downloads. B means knowing the kind of metrics that contribute to failure or success, which might vary depending on the goals of the business. In a nutshell, you must understand the rules of social engagement; try to establish the attitude of the market to your brand, your services or your products. No less important, is your ability to convert the traffic into the social channels you use into active sales.

 

Lastly, the minute you understand what counts, you then need to apply one of the many tools recommended by the gurus for the analysis of real data to evaluate the nature of your business with a view to making the right adjustments and decisions.