Social media has taken the world by storm with numerous businesses boosting sales, customer experience, and driving brand engagement online. Other individuals have amassed large followings and make money via influencer marketing campaigns by brands of all sizes. The utilization of data can help improve the marketing and advertising spend on social media platforms. For this reason, social media monitoring companies are thriving in huge ways. Salesforce and Oracle are household names that pride themselves on the creation of the best tools to help business efficiency. Below are reasons this market will continue to thrive and how data collection from monitoring technology benefits business.
The world of business and technology will have those that try to hack technology. Fake followers or fake traffic are perfect examples of these. Without the right social media monitoring tools seeing a clear ROI on a marketing campaign can be difficult. The ability to monitor engagement will also allow a company to understand what drives engagement with their followers. Creating content for current and potential customers that is not only high-quality but also spurs a conversation can build a sense of community. An example of a company that did this is Barstool Sports as they built a community and have a huge following.
Data Rules Everything
The introduction of technology that gathers data and can translate this data into an actionable plan is here. The business world no longer makes decisions on gut instincts as there are data sets that can help with nearly all decisions. Social media monitoring relies on data so it will need to continue to improve as social media develops.
Social media is here to stay with campaigns by companies becoming more data-driven than ever before. Companies that create the best piece of technology to monitor social media is sure to see continued success!