Harnessing Real-Time Data and Social Media to Gain Insight

Social Media started as a communication tool but has evolved into an informative and competitive apparatus for growth. The total number of active social media users is 4.48 billion, and it is a source of big data.

Big data is the bulk collection of data which marketers analyse and use to design strategies and solutions. You can learn about customer behaviour, likes, comments, shares, and followers by accessing their social media profiles.

Big data is assisting brands and marketers in managing the enormous amounts of social media data they access to obtain actionable insights. 97.2% of organisations are investing in big data and AI.

Hence, it is high time for all businesses, regardless of size, to begin utilising big data for innovative and constructive purposes, particularly on social media. At Growth Jockey, our marketers work around Social Media Marketing Analytics and Big Data to create strategies based on predictive analysis.

Social Media Insights for driving growth

Marketers can use social media data to predict consumer behaviour. The findings of their data analysis help create and employ indirect marketing strategies, such as split testing. Split testing compares two web page versions to check which performs better.

If you analyse big data appropriately to implement advertising strategies, you can successfully gain huge returns on investment. Hence, business owners obtain social insights, also known as customer knowledge, by monitoring and evaluating a brand's online social interactions.

For digital marketing campaigns to be successful, businesses need to look at human behaviour regarding needs, interests and customer habits.

However, some data points are not insights. This information point must be novel, unexpected, and pertinent to your business. The right insights give you a data roadmap showing how to improve your social media marketing efforts to get desired results.

In addition, once you have tracked and analysed this dataset, you should know precisely how to proceed. The critical audience demographics should include gender, age, and location to be considered as insights.

Additionally, they can be more mind-boggling KPIs (key performance indicators) that show how your supporters feel or associate with your online content. You can obtain social media insight by watching how your audience behaves on various social media post.

Some popular platforms like Instagram, Facebook, LinkedIn, Twitter, and TikTok offer a crucial view of how your crowd feels and behaves.

How Real-Time Data Can Boost Business Success

Real time data helps businesses become more adaptable, more in tune with their day-to-day operations, and significantly more productive. Companies can get up-to-the-minute data about their operational systems and business transactions with real-time data, which is essential for growth.

Companies and businesses can utilise this data as leverage over existing competition and emerge triumphant in many ways. Some of them are discussed below.

Improve Campaign Performance

Instant access to data allows for making informed adjustments to marketing campaigns based on consumer actions. Instead of waiting for batched data that may need to be updated when it's delivered, you'll know immediately what's working and what's not.

This allows you to change course if you need to improve or brainstorm ways to optimise performance further. This helps to build or at least maintain the campaign's momentum.

Build or improve Business Efficiency

Traditional data reporting is tedious and requires a lot of workforce and resources. In addition to delivering information quickly, real-time data management programs provide condensed and ready-to-analyse insights.

Translating raw data into actionable insights instantly is possible with real-time data. It means lesser manual data reporting and more time for birthing new strategies. Additionally, most real-time data platforms allow you to create customisable dashboards to which all members have access.

This reduces any limitations or delays in accessing marketing insights and formulating an operating model.

Develop High-Converting Customer Profiles

Investing in real-time data can help you increase conversions and boost your performance by improving your customer profiles. Big data can analyse a person's use of social media.

It involves the posts they share, like, refer to, etc. When a customer data platform (CDP) integrates with such real-time data, segments update automatically with every new behaviour and action.

Marketers can use this data to determine customers' interest in goods and services and create a profile. This pulls in prospects in real-time, making the highly targeted buying personas that lead to conversions, i.e., paying customers.

Connect with Customers across Touchpoints

The modern consumer expects personalised shopping experiences that allow them to move seamlessly from one channel to another. This is especially true in our post-pandemic world, where hybrid services like online ordering and pick-up in-store (BOPIS) are standard.

For retailers, this makes real-time, cross-channel data imperative for effective customer service. Brands must be able to track their changing contexts 24/7 to engage with consumers effectively at their preferred touchpoints.

This requires cross-channel data that are immediately processed and served. Hence, real-time data is integral because people will interact with technology 4,800 times daily, or every 18 seconds, by 2025.

Track Competition

Real-time data will help you keep a closer eye on the competition. Marketing experts set alerts to notify teams when competitors adjust store hours, lower prices, launch new promotions, or make any strategic and operational changes.

Receiving this information in real-time allows you to pivot your strategies swiftly to evolve your business continuously.

Analyse these social insights to boost business growth

With so much social data available, reducing measurements from this pool can be a real pain. The trick is connecting the metrics to your objectives. How many impressions are you driving if you want to increase awareness through publishing? How many people engage with your posts on average, and how many do you want to attract to your community? Interpreting what a metric tells you and applying it to your business objectives is the key to understanding all metrics.

Engagement metrics

Likes, comments, shares, and clicks portray "engagement." The engagement rate is a metric that measures how engaged your audience is with your content and how well your brand campaigns are working.

Engaged customers interact with brands through social sharing, "likes," and comments. Retweets vs Shares is one example of a platform's multiple metrics and naming conventions. However, it would be best if you sieved your ideal/real followers based on their interactions.

The formula for the ratio of post-engagement is the number of impressions or reach divided by the number of engagements. A high rate indicates that the post interests those who see it. Further, unprompted @mentions or tagging a brand in an Instagram story shows heightened brand awareness.

Awareness

Impressions and reach are critical metrics to keep track of, especially if your social goals are to increase brand awareness and perception. Impressions are the number of times a post appears in someone's timeline. Reach is the potential number of unique viewers for a post.

Marketers try to balance impressions and engagement to educate the audience and raise awareness simultaneously.

Volume

Measuring the extent of public relations, competitive analysis, and success of paid advertising campaigns tells about your brand's online presence. We at Growth Jockey help with the social media marketing agency and keep a close eye on how much people talk about particular keywords.

Using this data, you will see what is most frequently associated with your brand.

Conversions

Social referral traffic and conversions are linked to sales and marketing goals, especially for online marketing. A publishing strategy with UTM tracking and a website traffic analytics program, such as Google Analytics, can track these analytics.

The click-through rate (CTR) in advertisements and posts goes hand in hand with conversions and referrals. CTRs compare the number of impressions (number of times people viewed the ad) to the number of clicks on your content.

An effective ad is one with a high CTR.

Customer service: Response rate and time

Metrics like response rate and response time are how quickly your team responds to important messages and successfully solves queries. Companies also track how much each user is accomplishing on multi-user accounts.

At Growth Jockey, we focus on areas of improvement if your social strategy goal is to respond to everything at the earliest.

Wrapping up

Social Media metrics are crucial because they show how successful a campaign or strategy is over time. Engagement, impressions and reach, the share of voice, referrals and conversions, and response rate and time are significant metrics to monitor.

Together, these will give you a complete picture of how well you're doing on social media. As time passes, you'll add more nuanced metrics and set new goals to make them more relevant to your business.

Big data is essential for managing social media marketing campaigns effectively. Social media marketers need to target customers genuinely interested in their brands using the data they collect.

This is what drives our marketers at Growth Jockey. Analysing real-time data to avoid spending too much on ads while fostering a growth plan is our forte. Our expert marketers evaluate the return on investment for previous and current campaigns.

This helps us fine-tune a campaign before its launch and make adjustments afterwards. So, are you ready to analyse some bug numbers to attract growth in your business?

At Growth Jockey, we are committed to helping businesses achieve organic growth through tailor-made strategies that address the specific challenges they face across diverse industries. Regardless of the scale of your company, whether it's a small-scale enterprise or a large corporation, we can provide you with the expertise and insights needed to drive sustainable growth.

Take a proactive step towards unlocking new opportunities for your brand by reaching out to us today!