Social media monitoring is not a stranger to marketing practitioners, but some don’t realise the value of implementing the same. There are at least 5,000 marketing technology companies out there, 5 to 10% of which are companies that have a focus in Social Media Monitoring&Marketing. This would not represent the entire landscape of MarTech companies as more are yet to be discovered. You will find similarities in technology when you evaluate social media monitoring tools.
But it is not the technology that is interesting. Instead, it is about the possibilities each vendor addresses varying demands and local market needs. Most businesses lack in-house capabilities to master analytics. According to the MIT Sloan Review, four in 10 businesses lack appropriate analytical skills, and yet, this is one of the keys in solving most business challenges. The ability to gain real-time insights and communicate directly to your customers via social media is exciting, however, this can also be quite challenging when you are dealing with a large amount of data. So, where should we begin?
1. Know what you want to achieve – It is always good to start penning down your challenges and goals for your business. Evaluate your overall performance vs your competitors and how you can reach a point to achieve it.
2. Implementing the right measurement techniques – One needs to look beyond ‘Likes’ or ‘Reach’ and move toward a metric that would mean something. Measure the performance with the number of conversations created about the brand. Evaluate your performance and compare it with the overall industry voice.
3. Get everyone on-board – Get your team passionate and interested in understanding data. It is always good to instill the learning process among team members in order to change the way you plan marketing campaigns. It doesn’t matter if you are an agency or an in-house talent, you should take the initiative to learn.
4. Set a timeline – Set a timeline for implementation, learning and evaluation. Great ideas come from great insights. But it takes time and determination to grasp the true potential of each tool.
The soaring of marketing technology companies will not slow down and we should be positive about a future of an innovation-powered economy that operates in a faster and more efficient way. Share your thoughts and feel free to add any other points we might have missed.