Social media has become an important element for businesses and for their plans to build successful online presence. But what organizations still ignore and don’t pay much attention is to make necessary social analytics to reach success in their social media plans that will in turn help businesses boost their performance. This is what has been stressed in a recently published research.
The study which is published in a Journal of Internet Social Networking & Virtual Communities is carried by researcher Umar Ruhi at the school of management, University of Ottawa, Canada. The research finds that social analytics is an essential factor businesses can use in “evaluating the success of their own social media initiatives” that has a direct impact on their business.
According to the research “a successful social media analytics program can enable businesses to improve their performance management initiatives across various business functions.” It is mentioned that data was collected with the participation of 11 experts and “the participants who were invited to assist with this research were selected as experts in the field of social media analytics by virtue of their industry experience.”
Organizations are not yet into social media analytics and they haven’t yet fully benefited from the lessons they can learn from data collected. The study highlighted that all the experts that took part in the research “agreed that as a business practice, social media analytics is still in its infancy” and if done effectively it “can allow organizations to predict the behavior of various stakeholders and industry players within their business environment”.
The organizations should put more efforts in the aim of “understanding the potential for using social media metrics and analytics in the context of their business, in defining their business objectives and requirements”.
What businesses still inquire is an accurate and a “satisfying answer” on the weight of their social media presence and its return on investment (ROI). The study stated that “some marketing professionals are experimenting and redefining ROI in terms of social media specific outcomes”. The “consultants have recommended the use of Return on Influence or Return on Engagement as being more appropriate in the context of social media.” The study clarified. However, “participants concurred that even these new metrics remained “hazy” and ‘vague’”.