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With technology and social media use (and thus opportunities for advertisements) growing rapidly in recent years, individuals, businesses, and organizations are increasingly seeing the importance of these mediums for connecting with, and understanding, their audiences. Many of these platforms provide social analytics data which is incredibly valuable for identifying target market groups. With this information, businesses can create efficient and targeted marketing and advertising, and by keeping track of user behavior, you can make educated guesses about audience preferences. Understanding preferences ensure businesses are providing relevant and targeted services or products. This data can also be valuable by helping discover new possibilities in untapped markets. Perhaps there is a segment of an industry that has gone unexplored but which customers are looking for. This data can help identify these areas, providing opportunities for growth, expansion, and future profitability.

Understanding your target market

Businesses need to identify their target market and as such, social analytics is very valuable in helping understand and address the needs of customers. Though some individuals and businesses take a generalized approach, many more successful businesses identify specific audiences to address their needs better, whether through content, services, or products. Social analytics are thus incredibly valuable to determine who views your content, who buys your products, and what needs to be prioritized. The more you know about your audience, the better you can understand what they are looking for.

Maximizing Your Impact

Once you’ve identified who your market is, it’s important to understand the best way to reach them. Many businesses have limited budgets for marketing, so efficient use of resources is the best way to approach social media, marketing, and customer outreach. Finding the best platform and using useful content will maximize impact. Fortunately, social analytics will provide feedback and results on content, products, and services, allowing you to see what was successful. You can use different types of tools and managements applications to quickly identify hot spots or outliers in your metrics. You can further look into analytics data in areas such as timing, geography, and demographics to provide even more focused and impactful contact with audiences.

Finding Opportunities for Growth

Many businesses established in their industry and successfully reaching their audience begin to look for areas in which they can expand and grow. Social analytics data can provide information on such areas, by seeing what trends are out there and where customers can be gained. By learning about new groups and markets, businesses and individuals can expand their market share and online presence.

Social media and technology are ever-increasingly a significant part of interactions between businesses, group, individuals, and audiences. Many platforms can collect and provide data and social analytics, which can be incredibly valuable for identifying an audience, anticipating needs and preferences, and maximizing impact. Finally, analytics and also identify areas of growth and expansion in areas previously unexplored. By using social analytics, a business can operate efficiently and effectively, and become profitable for years to come.

References:

IBM

Solar Winds

PC Mag

Forbes