The Importance of Reporting & Social Data for Business Success
Social data is publicly shared information by users that display metadata including user’s location, searches, likes and dislikes, biographical data, shared links, and much more. Through this we are able to see how users engage, view, and share content. It is one of the key components that can change the trajectory of a business. This means that understanding how to utilize this data and report it is necessary for ultimate success and optimization.
The goal of most brands and businesses is to increase customer loyalty and profits. Social media reporting is important because it allows companies to gain insight into competitor analysis, future trends, and consumer behaviors. Thus, brands will better understand what their customers want and stay relevant in the market. Here are a few ways you can utilize social data reports to increase overall business success!
- Understanding Consumer Behaviors
Social data allows for you to understand the needs and wants of your customers. By compiling data of their social engagements and content interactions, we are able to recognize what type of products they are looking for, their consumer buying behaviors, and so on. This can provide insight for companies to readjust their marketing strategies to align with consumer preferences.
For example, if you were a potato chip company looking into the social media reports of your customers and saw that there is a large handful of buyers searching up dill pickles and dill pickle flavored products, then pitching the idea of a dill pickle potato chip flavor could be a successful idea. Furthermore, social data can help businesses with more than just product ideas. It allows for brands to be aware of whether people enjoy their packaging, see other consumer goods people are buying, and what patterns they have on social media in terms of liking and disliking content.
- Competitor Analysis
Being aware of your competitors is one of the most important factors that can determine the success of your business in this competitive market. Consumers aren’t always 100% loyal to a brand they buy from once or twice. From a customer’s viewpoint, they want the best product out there. For this reason it is necessary to constantly be analyzing competitors’ social media and their marketing strategies. This is where social data can come into play.
Social data allows for companies to understand how their customers view competitors and buy into their products. For example, social media reporting can let you see if customers are buying into competitors’ collaboration products. If you were a clothing company and your competitor just released a new line for the Barbie movie and reports saw a large engagement from customers, then this could help you understand a little bit more about what your customers are looking for!
- Future Trends
Trends eb and flow and there is always a hot new topic in the media. Social data can help in predicting these future trends and keep your company up to date. A great example of utilizing social data for trends was the clothing brand, Urban Outfitters. Social media data showed reports that corsets were coming back into style for 2021. Urban Outfitters understood this and produced different colors and styles of corsets right when the trend was circulating over social media. They have sold thousands of corsets and have profited immensely!
It is necessary to understand the market and predict trends so that you don’t fall behind competitors. Trends can be short lived and you do not want to miss the opportunity to market an up and coming product. Social data is the best way to predict these by looking into consumer preferences and see what content is slowly popping up on social media!
There are many ways in which social media reporting can aid the success of one’s business. It is understanding what to look for within the graphs and charts that will create the greatest optimization. Whether it be using the data to understand consumer behaviors, analyze competitors, or predict future trends, it is necessary for elevating and growing a brand’s presence in the market and on social media.
