Web analytics gives data and data make decisions. With the growing importance of social media signals in determining consumer buying behavior models, business owners in the ecommerce space have truly realized the need for social media analytics.Just think of small or medium scale online store owners. Their resources are limited. Time and burn rate being always critical for them, they can’t afford to take any risk in their investment strategies. Without knowing what marketing channels work profitable for them and how, they might go haywire.Social media channels being major suppliers of early adopters, influencers, and buyers, it is essential that store owners closely monitor their presence to derive statistical insights for decision-making. They need to know – What are the best social media practices for an online store? Which social media has a profound impact on sales activities? How to convert followers and likes into repeat visits and sales? How to use social media to boost cross-selling of ecommerce products? Which channel is no longer profitable and what makes up the 80/20 business rule? What are the social media signals that drive product pricing or strategic decisions? How can social media improve customer service of an online store? How to nurture existing customers and drive new leads using social media popularity? What are the best and upcoming customer engagement models? How to outrank competitors in brand building activities in social media?
Source: Top Analytical Tools to Monitor Social Media Popularity | Social Media Today
