Even though 61 percent of organizations now report having a social media analytics solution, they have not climbed very far up the learning curve in using them.
London, Ontario (PRWEB) February 05, 2014
Demand Metric has released a benchmark report, “Social Media Analytics: Enabling and Optimizing Use Cases with Analytics” that reveals that while a majority of organizations have now adopted social media analytics tools, 70 percent are unable to show the ROI of their social media efforts.
Other key findings and conclusions from the report include:
- Marketers are most often using social media analytics to enable or optimize Campaign Tracking, Brand Analysis and Competitive Intelligence use cases.
- Almost one-third of the study's participants do not know what percent of their revenue was influenced by their social media efforts. Considering that the top use case enabled by analytics is Campaign Tracking, the data should be available to analytics tool users to understand this revenue impact. Demand Metric views this “disconnect” as an immaturity indicator in the usage of analytics tools.
- The most valuable insights from social media analytics are coming in the area of Engagement, as identified by 66% of study participants. This data reveals a missed opportunity to get insights in the area of Publishing, identified by only 9% of study participants. Unlike Engagement, Share of Conversation, Sentiment Analysis or Sentiment Intensity, Publishing is the only area over which organizations have complete control.
“As this benchmark study from Demand Metric shows, there is no shortage of buy-in for using social media and analytics when it comes to brand collection of data,” says Danny Brown, marketer, author, speaker, technologist and Demand Metric research director. “However, while it's encouraging to see the importance of data being used as a key component in understanding your brand's audience - whether they're customers, stakeholders, constituents or otherwise - it's clear that access to more data doesn't necessarily mean the data is useful.”
“These study results confirm that analytics tools – and knowing how to use them – are the key to social media effectiveness and reporting ROI,” says Jerry Rackley, chief analyst at Demand Metric and report author. “Even though 61 percent of organizations now report having a social media analytics solution, they have not climbed very far up the learning curve in using them. To fully leverage the powerful channel that social media is, organizations must first align their efforts with business objectives and then learn how to use their analytics tools to support and drive their efforts.”
The report “Social Media Analytics: Enabling and Optimizing Use Cases with Analytics” is available now for free download by Demand Metric Advisory members. Non-members can purchase the report online for $497.
About Demand Metric
Demand Metric is a global marketing research & advisory firm serving a membership community of over 38,000 marketing professionals, CEOs, and business owners with advisory services, 100+ research & benchmarking reports, 20+ consulting methodologies, 50+ training workshops & courses, and a library of 500+ practical tools and templates. Using Demand Metric resources, members complete projects faster and with greater confidence, boosting respect for the marketing team and making it easier to justify needed resources. Our 1,200+ corporate clients range from start-ups to consulting firms to members of the Global 1000. To learn more about Demand Metric, please visit: http://www.demandmetric.com.