Simple answer to the question: The vast data available and collected from social media has significant power to change the way you do your business, but only, if you know how that data is turned into useful information, shared with and reported to the right audience, in the right way and at the right time.

The social networks provide tons of data about our posts but it can be hard to distinguish the signals from the noise. Imagine having a framework to pull out the signals from the noise — a framework that points you to the key information about your social media performance.

The key is social media analytics and reporting! Because you need to analyze, evaluate, and use your social media data to deliver its true value, by turning them into useful insights. To accomplish this, you require access to social media analytics capabilities, such as dashboards, data discovery and visualizations.

What will you gain from the exercise?

Unbiased data discovery:

You think you know the cause of a spike around a certain topic but in reality the cause is quite different from what you think it to be. Social media analytics give you unbiased access to information that helps you discover actual scenario indicators and root causes in comparison to absence of such analytics, which leaves you to make your best educated guess to the cause of a situation.

Comprehensive insights rather than noticing the tip of the iceberg:

Social media data gives you a full picture of your audience. You wont just find out that 7 out of 10 people love your product but you will also know who these people are, what they do, what are their buying habits etc. Guided data exploration, dashboard creation, and insights will help you have a much better understanding of your audience resulting in better campaigns and more effective marketing plans.

Understanding your audience without having a Masters degree in Statistics or Data sciences.

If you want to be successful in growing your business, you need to understand your market, for which it is imperative that you evaluate the information individuals generate in an efficient manner. The time to act is now, your actively running business wont allow you time to get a degree and years of training. Social media analytics will give you the knowledge you need to uncover valuable insights in a matter of a few minutes.

Accuracy of Insights

Social media analytics deliver more focused and accurate results than other solutions that just skim the surface of the information obtained. For example customer opinion such as “I am quite happy with the product but am disappointed I had to pay so much for shipping” can be misinterpreted as being a neutral statement on the surface, but deep social media analytics capabilities, would correctly classify each part of the statement, to guide you to gain better understanding of the situation.

Bolster information from other sources with social media analytics

If you have already available data from other sources, then social media data compared and combined with it, will deliver extremely powerful results, than either data, alone. This can go both ways as you can supplement social media analytics data with information from other sources to deliver a bigger picture. Insights derived from information from different sources will enable you to extend your business domain expertise. You can identify new developments and explore new trends with the comprehensive combined business data, as now you will have a bigger and complete picture to equip yourself with, to make more informed decisions.

To sum it up, social media analytics, provide you with accurate information to help you make better decisions for your business. It provides reliable data to prove your ROI, it helps you understand what your target market really wants and most importantly, helps you identify and address, what is working and what is not. Would you still rather depend on educated guesses to make important business decisions?