Social media analytics is a business tool to gather and analyze the data from social media websites in order to analyze the customer sentiments and market scenario supporting the marketing activities and business decisions. Data mining is based on the business objective such as increasing revenues, reducing service costs and product and services feedback.
The growing artificial intelligence (AI) and machine learning have enhanced the social media analytics to quantify the free text and unstructured data. Such technological developments are driving the growth of global social media analytics market.
As the data shared by Facebook, it had 1,562 million active users daily, as of the first quarter of 2019. Further, Twitter shared that 500 million Tweets are sent each day and 9% more people are using Twitter every day, reinstating the growing penetration of social media networks at a global level.
Many social networks like Facebook, have realized the importance of targeted advertising that they are offering through paid solutions to businesses, wherein location, demographics, and end-device information of consumers are made available for businesses to reach out to the targeted section of consumers. According to HubSpot, a developer and marketer of software products for inbound marketing and sales, marketers increased social advertisement budgets by 32% in 2018, leading to the production of more ads than ever before.
In 2019, more brands may strengthen their online customer service practices and even move to new platforms that may potentially offer more effective technology for customer service to thrive online, such as WhatsApp and Messenger. The release of the WhatsApp business API in August 2018 may continue to be a total game-changer in the industry. There were three million registered users on WhatsApp business by the end of the first quarter.
How Could Global Social Media Analytics Market address the COVID-19 concern?
The worldwide COVID-19 pandemic influences brands’ social media strategy and performance. This can be seen in a variety of areas, including a lower demand for paid ads on Facebook, the increased performance of organic content, and perhaps a hidden opportunity for brands that do have some budget to spend and increase their reach because of the lower costs of ads on Facebook.
Because people have been forced into social distancing at home, they have more time to consume social media content and as a result the supply is trending up. That has also created new possible opportunities for smart marketers to create engaging content.
Data across 18 industries and five regions worldwide, looking at recent trends in cost per click, ad spend, click-through rate, and more. In summary, the decrease in paid advertising can be seen across all metrics, while the trends have a correlation to the relative regional spread of, and recovery from, COVID-19.
For example, as of late March the metrics in East Asia have begun to rise as the region has moved into a recovery phase. Meanwhile, the EU and US are in earlier stages of feeling the impact. Overall, industries across the globe have been affected and it’s a challenge that all marketers must face.