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When you think of audits, tax returns come to mind. However, audits are regularly conducted by companies regarding their social media accounts. Since the amount of money companies worldwide will spend on social media advertising will exceed $48 billion by 2021, getting the most value out of Facebook, Twitter, and others is essential. However, since many companies know little if anything about conducting a social media audit, they need to rely on experts who have in-depth knowledge of social media analytics, such as NetbaseQuid.
Social Media ROI
In recent surveys, 60% of small business owners said they found it difficult to track the return on investment (ROI) they get from the marketing they conduct via their social media accounts. Because of this, they are unable to effectively measure whether or not their social media marketing efforts are paying off as they had hoped. Rather than sit back and just hope for the best, many companies are now discovering the value of social media analytics software from NetbaseQuid. Combining the latest in artificial intelligence (AI) with additional evaluative methods and techniques, NetbaseQuid can help companies learn how their social media marketing efforts are working in regard to consumer preferences, brand sentiment, trending topics, and other important factors.
Three Factors of Social Media Marketing
When conducting a social media audit, three factors must be looked at very closely regarding social media marketing. These are which strategies are working and producing excellent results, which are performing poorly and giving less-than-expected returns on your investment, and how you can improve the performance of select social media platforms. In most situations regarding social media marketing, digital advertising experts believe 80% of a company’s social media marketing results come from only 20% of its actions. In other words, it is likely only a handful of social media accounts are delivering the results you need. By identifying them and those that are becoming a liability, you can focus your company’s digital marketing plan on the most productive social media accounts.
It’s All in the Details
Once you start using NetbaseQuid social media analytics, you will quickly find that like an audit of one’s tax returns, a social media audit is all about the details. For example, once you and your team start an audit, you may begin to notice posts scheduled to go online at certain times fare better than others. Also, certain hashtags may produce much better results, and content written about certain topics or by certain individuals may get more positive results. Whatever the case may be, gaining an understanding of your company’s social media strengths and weaknesses will provide detailed insight into its core conversion rate.
A Hot Business Trend
As more and more companies across the world are now relying on digital advertising for large parts of their business, conducting a social media audit is fast becoming a business trend that is a must for those wanting to reach the top of their industry. By using NetbaseQuid analytics to examine social media accounts, companies are able to ensure profiles and pages contain the correct information, images are appropriate for each particular brand, and advertising goals are met on a consistent basis.
Working with American Airlines, Hyundai, Coca-Cola, and many others around the world, NetbaseQuid is helping companies learn more about the value of a social media audit. As a result, competitors and influencers can be evaluated based on their ROI. In the years ahead as techniques such as a social media audit become more common and crucial to companies, NetbaseQuid and its social media analytics will play a vital role in business success.