If you have been working hard on refining your social media profiles, creating stellar social content, and keeping up with your accounts, you might be wondering, what’s next? I’ll answer that question with a question – what is working and what isn’t?
While we all do a gut check every now and then, it is usually in conjunction with other information we are using to make a decision. A study by the McKinsey Global Institute reports that organizations which utilize data driven decision making are 19 times as likely to see profitable results, 23 times more likely to acquire new customers, and 6 times as likely to retain their customers.
MarketsandMarkets forecast that the multichannel analytics market will grow from $3.61 billion in 2014 to $9.89 billion by 2019. So, what exactly is it?
Similar to social media monitoring, social listening is the process of identifying and responding to what is being said online about a brand, product or company. However, it goes beyond monitoring into a consequent analysis of that information in hopes of extrapolating insights to help direct a course of action.
Isolated data points and vague, vanity metrics don’t really tell you how your marketing campaigns are performing. Clear objectives and measurable goals are essential to understanding the performance of your marketing efforts. Because businesses need to use data insights that can influence strategy, utilizing key metrics to measure performance has become an essential part of marketing.
It is important to measure the progress of your online efforts but even more important to use metrics that will help improve your brand. Analytics can be defined as the process by which you collect and analyze data. In regards to your company website, you are collecting and examining information about user activity, system performance and so on.