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Social Media Monitoring: Technology Evaluation Guide
B2B Marketing, January 2012, Pages: 108
The growth of social media has been astronomic over the last five years, and as an increasing number of B2B brands incorporate social media into their overall marketing strategy, it’s more important than ever for brands to track and measure its success with social media analytics.
This Social Media Monitoring Technology Guide is designed to meet your social media marketing needs. It provides detailed functional specifications for different social media monitoring tools suppliers and platforms, and simply helps you understand how this technology can transform your social media marketing activities. This in-depth document will help marketers comprehend the vendor and platform landscape, and to shortlist and ultimately select those social media analytics systems that can help them achieve their companies’ social media marketing objectives.
By utilising social media monitoring tools, enterprises in the B2B sector can gain perspective on how their brand is perceived by monitoring conversations their customers are having – positive, negative or neutral comments – in the social sphere. This will help B2B marketers understand sentiment, implement a social media strategy so they can leverage social media tools to reinforce their brand message and make tangible commercial gains.
B2B marketers have a wealth of choice when it comes to monitoring tools, functionality options tailored to what metrics companies want to measure. This Social Media Monitoring Technology Guide includes detailed information on different suppliers and platforms to help B2B marketers understand how using analytical tools can help them to achieve their social media marketing goals.
When chosen carefully, social media analytics can offer marketing companies vast amounts of data and insight into customer activity so they can stay engaged with their target audience – key to monetising this channel.
Section 1 About the Market
1.5 The players
1.6 The future
1.7 Functionality comparison table
Section 2 Solution profiles
2.2 CI View
2.3 Cision Social Media
2.5 Conversation Miner
2.8 Meltwater Buzz
2.14 Visible Intelligence
The growth of social media has been meteoric. The B2B sector may have initially been slower to understand and implement social media strategies,
but today it is beginning to utilise social media platforms to not only reinforce brands, but also make tangible commercial gains too.
What is even more astonishing is the speed at which social networks have grown and expanded. Twitter is now processing approximately 200 million tweets per day, and Facebook is rapidly moving towards one billion active users. Users of these networks increased their use by over 82 per cent according to the last survey from the Harvard Business Review.
For all enterprises in the B2B sector, effectively monitoring and analysing their use of social media is a commercial imperative. The latest social media report from Nielsen states that nearly four in five internet users visit social networks.
In their report, ‘State of Inbound Marketing Lead Generation’, Hubspot revealed B2B companies with an active blog generate 67 per cent more sales leads each month than those that don’t blog. These ‘new conversations’ via the plethora of social networks that have rapidly developed over the last few years, offer B2B companies a chance to not only protect their existing marketshare but push into new potentially lucrative sectors as well.
The Harvard Business Review succinctly states, “Never before have companies had the opportunity to talk to millions of customers, send out messages, get fast feedback and experiment with offers at relatively low costs. And never before have millions of customers had the ability to talk to each other, criticising or recommending products – without the knowledge or input from a company.”
Paul Gillin, author of ‘The New Influencers’ says, “Conventional marketing wisdom long held that a dissatisfied customer tells 10 people. But... in the
new age of social media, he or she has the tools to tell 10 million.”
Enterprises that have begun to focus on social networks and the commerce they encompass have realised two things:
1. They must do more to engage with their current and potential customers.
2. They need reliable methods to measure and analyse their activity across the social networks they have a presence within.
Indeed, the Harvard report makes for stark reading, as it states that over three-quarters of businesses surveyed did not know who their most valuable customers are, with less than a third using any form of social media analytical tool. And under 10 per cent of companies are currently able to integrate social media into their marketing activities.
Tom Davenport, an analytics expert says, “Without monitoring conversations on the web, you won’t know who’s talking about your brand and your products or services, and what the positive and negative sentiments are about them. You won’t know how influential a particular praising or criticising customer is. You won’t be able to compare different brand messages, commercial videos, etc and see what the quick reaction is to them. In short, you’re missing a lot of marketing opportunities.”
Clearly the major issue for businesses that want to engage with their customers via social media is tracking these exchanges and interrogating the vast amount of data that can be generated. This is critical, as the commercial influence that customers now have is vast. Indeed a recent report from Performics stated 33 per cent of Twitter users share their views of companies – good and bad – at least once a week with their social networks. This kind of exposure can’t be ignored by any business. Only five per cent of companies state they track any kind of sentiment
about their organisations.
Analysing the social media marketing that an enterprise is engaged in is more important today than it has ever been. Businesses have a wealth of
data right across their organisations. When chosen carefully, the analytical platform in use can offer an insight into customer activity and behaviour
that marketers have waited decades to access.
- CI View
- Cision Social Media
- Conversation Miner
- Meltwater Buzz
- Visible Intelligence
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