There’s no denying it: Social media is pervasive in our daily lives. For those working in business, social media presents both a challenge and an opportunity. Social media platforms engage customers in myriad ways, serving as branding touchpoints, customer support resources and even points of sale. Therefore, it is paramount that a good business strategy not only considers social media but also uses data analytics to do so.
For those pursuing Master of Business Administration (MBA) degrees, learning to approach social media from a business-oriented, data-informed perspective is more relevant than ever in today’s business landscape. That is why it is of utmost importance to learn from a program that supports studies in social media and business analytics, such as the MBA with a concentration in Applied Business Analytics online program offered by William Paterson University (WP).
The Importance of Social Media Analytics
IBM defines social media analytics as “the ability to gather and find meaning in data gathered from social channels to support business decisions — and measure the performance of actions based on those decisions through social media.” Numbers of likes, follows, views and comments are standard metrics that indicate engagement on social media.
New “platforms” or “channels” appear from time to time, but some of the big players that professionals must utilize include TikTok, Instagram, Facebook, X (formerly Twitter) and Snapchat. YouTube and LinkedIn, while known for uses other than simply social sharing, can also be grouped into this category since they are platforms many people use to communicate with each other, form communities and market their products or services. Each channel has its own algorithm and unique elements that make it ideal for particular audience populations.
Businesses and individuals can monitor social media success by using analytics tools. Most platforms have tools of their own that business users can access. There is also specific software that collects and sorts data for you, though these usually come at a price. Fortune Business Insights highlights some of the top companies offering social media analysis today, including Oracle, Cision, Clarabridge, IBM and NetBase, among others. Though the software performs some analysis, it is still important to have a good understanding of business analytics in order to make strategic decisions based on the information offered.
Social Media Analysis and Web Analytics for Business Professionals
According to Locowise, a social media analytics and reporting software, social media analysis is an increasingly common practice for businesses. Professionals use a mix of descriptive, diagnostic, predictive and prescriptive analytics to get the best results. Their research shows that:
- Most (81%) of businesses incorporate social media in their marketing strategy.
- Over half (61%) of marketers value social media analytics as an essential element to success.
- The majority (78%) of marketers track social media campaign performance using social media analytics.
- Some 63% of marketers identify trends and opportunities thanks to social media analytics.
- Over half (57%) of marketing professionals measure the ROI of social media campaigns with social media analytics.
The company also shares specific examples of how businesses can leverage social media analytics for the best results. For example, companies can compare their social media performance to top competitors. Businesses can identify the audience they reach and compare it with their target audience, and segment audiences to channel targeted information and deals. Businesses can also employ “social listening” to gain insights about their industry and track customer engagement.
Integrating Social Media Analytics With Business Strategy
There are many factors to running a successful business. Traction on social media is just one factor, but there is no denying that social media is a powerful tool with vast implications for businesses present and future. That is why a firm grasp of social media’s role within a business strategy is vital for MBA graduates.
WP’s MBA with a concentration in Applied Business Analytics online program gives students a strong foundation in business analysis with courses on accounting, marketing, data visualization and strategy. It also provides tailored information on data, machine learning and artificial intelligence crucial to those who are ready to step into business roles armed with data know-how.
Learn more about WP’s online MBA with a concentration in Applied Business Analytics program.
