Best Social Media Analytics Tools

Social media analytics tools have become essential for businesses looking to harness the power of social media and gain valuable insights to drive their strategies. These tools provide in-depth data analysis, performance tracking, and actionable insights to help businesses make data-driven decisions, and maximize their online presence.

According to a survey conducted by Smart Insights, 53% of marketers believe that social media analytics is crucial for understanding customer behavior and preferences.

In this guide, we will explore some of the best social media analytics tools available in the market today, along with relevant statistics showcasing their impact and effectiveness.

What Are Social Media Analytics Tools?

Social media analytics is analyzing and interpreting data gathered from social channels. Using social media tools helps support business decisions and measure the effectiveness of actions based on those decisions.

Social media analytics tools are web application analysis software that assesses, monitors, and constantly improves social channel analytics performance. Social media analytics report tools are a subset of web analytics tools designed to make sense of web performance data that social media platforms produce.

Social media analytics is analyzing and interpreting data gathered from social channels. Using social media tools helps support business decisions and measure the effectiveness of actions based on those decisions.

Types of Social Media Analytics Tools

There are many types of social media analytics tools available in the market. Social media analytics can be divided into four types:

1. Descriptive Analytics

   Descriptive analytics tools provide businesses with an understanding of what has happened in the past. These tools focus on summarizing and analyzing historical data to identify patterns, trends, and key performance indicators (KPIs).

   Descriptive analytics tools can provide information on metrics such as follower growth, engagement rates, reach, impressions, and content performance. They help businesses assess their social media performance, track progress over time, and identify areas of success or improvement.

2. Diagnostic Analytics

   It goes beyond the happenings and tries to understand the reason behind it using advanced statistics to distill data into a single top view that lets you see what has and hasn’t worked in the previous campaigns.

3. Predictive Analytics

   It is a form of analytics that tries to predict future events based on past and present data from social media. It links specific customers to the typical past outcomes of the customers, like questions leading to a particular purchase.

4. Prescriptive Analytics

   Prescriptive analytics is a type of social media analytics tool that focuses on providing recommendations and actionable insights based on data analysis. It goes beyond descriptive and predictive analytics by not only identifying patterns and trends but also suggesting the best course of action to achieve desired outcomes.

Who Uses Social Media Analytics Tools?

The global social media analytics market is estimated to grow at a CAGR of 24.0%, from USD 3.2 billion in 2021 to 9.3 billion in 2026. Social media analytics tools are used mainly by social media managers of various companies. Some key users include:

1. Social Media Managers

   Many businesses, especially enterprise and midsize market companies, have dedicated social media managers on their marketing teams to run all the social media accounts.

   Analyzing social media data analytics are fantastic tools for social media managers to track their metrics and goals. Social channel analytics and social media metrics tools help build and inform the strategies and decisions of social media managers.

2. Marketing Directors/Marketing Managers

   Marketing directors, chief marketing officers, or managers can use social media statistics tools to check their social media presence on several outlets. Social media analytics reports can ensure whether the marketing campaigns are hitting the goals and driving leads and traffic.

   Small businesses may not have the resources to hire social media managers. In that case, a multi-tasker general manager can do the job!

   Social media analytics analysis tools are an easy, straightforward, and fast way to track social media marketing campaigns for marketers who don’t have the time to delve deep into performance. Owing to social video analytics, it becomes easy for marketers to track metrics.

3. Industry Thought Leaders/ Influencers

   Moreover, industry thought leaders and brand influencers might also use social media analytics tools to track their interactions and engagements. Influencers always try to grow their followers through influencer marketing software and can utilize social media analytics for performance tracking. Brand advocates also sponsor content for companies with the help of social media analytics tools.

4. Customer Service Manager

   A customer service manager can also take advantage of social media analytics tools. Numerous customers connect with companies on social media channels when they have issues with a product or service.

   And at times, it is faster to tweet or direct message a company to explain your problems rather than connecting with a call center and waiting for the representative to assist you. With social media analytics tools, customer service teams can track complaints that come in through social media and ensure that issues are adequately addressed.

Why Use Social Media Analytics Software?

Using social media analytics software provides several benefits for businesses. Here are some reasons why businesses should consider using social media analytics software:

1. Performance Measurement

   Businesses can use social media analytics tools to track the effectiveness of their social media operations. It gives useful analytics and insights such as engagement rates, reach, impressions, click-through rates, follower growth, and conversions. These indicators assist businesses in determining the efficacy of their social media plans and initiatives.

2. Data-Driven Decision Making

   Businesses can use social media analytics tools to make data-driven decisions. Businesses may evaluate what material works best, which channels are most effective for reaching their target audience, and where to devote resources for optimum impact by analyzing the data and trends offered by the software.

3. Audience Understanding

   Social media analytics software delivers information about a company's social media audience's demographics, interests, and behaviors. This data assists organizations in better understanding their target audience, tailoring their content to their tastes, and developing more targeted marketing efforts.

4. Content Optimization

   Businesses can use social media analytics software to improve their content strategy. Businesses may generate more interesting and shareable content that resonates with their audience by analyzing the performance of various sorts of content (e.g., photographs, videos, blog entries) and discovering the most engaging themes and formats.

5. ROI Measurement

   Businesses can use social media analytics tools to track and assess the return on investment (ROI) of their social media initiatives. Businesses can analyze the impact of their social media activities on their bottom line by comparing social media indicators with business objectives (e.g., lead generation, sales, website traffic).

Features of Best Social Media Analytics Tools

Social media analytics reports can help in understanding and making data analysis more accessible. Some of the features of social media analytics tools include:

1. Competitor Analysis

   The best social media analytics tools allow users to monitor not only their own social media campaigns but also the performance of their competitors' social media accounts. This feature is particularly beneficial for social media managers who aim to increase followers and interactions in comparison to their competitors. It enables them to benchmark their overall performance and tap into their competitors' audience to enhance followers and engagement.

2. Follower Analysis

   In addition to understanding how followers interact with posts, social media analytics software provides valuable insights into followers' demographics and locations. This information helps social media managers comprehend how specific demographics engage with different types of content or posts. By gaining a better understanding of their followers, managers can personalize content to boost engagement levels effectively.

3. Content Engagement Analysis

   Similar to follower analysis, knowing which individuals engage with specific content is crucial for content marketing teams. Social media analytics solutions offer insights into which headlines or posts attract the most followers, likes, or engagements. This information is vital for implementing a targeted approach to audience engagement, particularly when it comes to personalization. Moreover, it assists in optimizing paid social ads by identifying the content worth investing in to grow followers and expand the audience.

4. Influencer Identification

   Some social media analytics tools include the ability to identify followers with the largest networks. Marketers, social media managers, or even C-level employees can leverage this feature to target influential followers as potential brand advocates. These influencers can then promote company content or posts, allowing for a more extensive reach and increased following. By tapping into followers' networks, brands can efficiently expand their own audience.

5. Attribution

   Effective social media analytics tools incorporate attribution capabilities, which are crucial for marketers in tracking lead generation. These tools ensure social media managers and other marketers can identify and track which customers were converted from social channels. Understanding the click path of users who ultimately became customers enables marketers to replicate successful strategies or campaigns and optimize their efforts for future conversions.

Key Considerations While Purchasing Social Media Analytics Tools

There are some other key considerations that companies must keep in mind while buying social networking analytics tools. Some of the key considerations are:

1. Integration with Other Systems

   The reports and analysis generated by analytics tools are indeed helpful. However, you can integrate the reports with other marketing software. Such integrations can facilitate easy responses to events on social media.

2. Analyze Competitor Social Media

   Many social media analytics tools allow companies to track their performance and their competitors' social media accounts. It is helpful for social media managers who want to increase interactions or followers concerning their competitors. You can tap into the competitors' audience to grow engagement and followers.

3. Stand-alone software vs. a Software Suite

   You can purchase stand-alone social media analytics tools, but they are offered as a larger suite of social media management software. You can add software suite tools to improve and increase your social media presence. Then you may look into a more extensive system that includes extra functionality in addition to analytics.

4. Cloud-based software vs. On-Premise Software

   Traditionally, most software was hosted on-premise, where a business had to house and maintain the hardware on which the software was installed. Now, the software distribution process has become much more straightforward. Cloud-based systems don't require any hardware or IT maintenance. Though it is evident how your social media analytics tool would be distributed to you, clarification with the vendor is always a good option.

Top 5 Social Media Analytics Tools Comparison

There are a host of social media analytics tools in the market, and it is overwhelming to choose the best one for your business. Let us have a closer look at the five best social media analytics tools to help you make an informed decision. 

1. Hootsuite

Hootsuite is an excellent social media management, listening, publishing, and analytics platform. It assists you in determining what type of material is working for you, increasing the reach of your posts, improving the impact of your ads, and getting your entire social media team working together. It offers extensive analytics features that provide you with a clear picture of your performance across all social channels.

Feature

• Comprehensive data visualization
• Competitor monitoring and analysis
• Customizable reports and dashboards
• Cross-platform integration

Pros

• It consolidates social media management into a single platform.
• The platform provides comprehensive analytics and performance reports.
• It offers scheduling and automation features for efficient content management system.
• The platform enables team collaboration and streamlined workflow for social media.

Cons

• Hootsuite can be a complex tool to learn, especially for those who are new to social media marketing.
• Hootsuite is a paid tool, and the prices can be high for small businesses or individuals.

Pricing

• Professional - $99 per month
• Team - $249 per month
• Business - $739 per month
• Enterprise - Custom Pricing
• Free Trial - 30 days

2. Brandwatch

Brandwatch is a consumer intelligence tool that is meant to assist businesses of all kinds in monitoring and improving their brand reputation. Brandwatch Social for Small Business, a social media management and analytics application created exclusively for small business owners, is also available.

Social media scheduling tools, cross-channel analytics, and shareable reports are all included in Brandwatch. In contrast to many other small company plans, it also includes social listening functions. 

Feature

• Social listening
• Real-time data monitoring
• Sentiment analysis 
• Sentiment tracking 

Pros

• It provides powerful sentiment analysis for brand reputation management.
• The platform offers comprehensive social media listening across platforms.
• It provides actionable insights for competitive intelligence.

Cons

• It has a steeper learning curve for beginners.
• It has limited social media scheduling features.

Pricing

• Custom pricing

3. Sprout Social

Sprout Social is a complete social media management and monitoring solution that offers a variety of enterprise-level options. Its cross-channel social listening allows you to undertake a contextual and qualitative study of themes, hashtags, and keywords. Its visual and informative reports may tell you how your content performs across numerous social networks. 

Feature

• Comprehensive data analysis
• Advanced social media reporting
• Sentiment analysis and monitoring
• Influencer identification and tracking
• Customizable analytics dashboards

Pros

• It has robust social media management features.
• The platform provides in-depth reporting and analytics capabilities.
• It has excellent customer support and training resources.

Cons

• The pricing may be high for small businesses.
• It has limited advanced features in lower-tier plans.

Pricing

• Standard - $249 per month
• Professional - $399 per month
• Advanced - $499 per month
• Enterprise - Custom Pricing
• Free Trial - 30 days

4. Brand24

Brand24 is a powerful solution that surpasses the capabilities of simply monitoring trends on Google. With Brand24, businesses gain access to a comprehensive platform that allows them to identify individuals who mention their brand across various social platforms, providing an opportunity to engage and respond effectively.

One of the standout features of Brand24 is its ability to provide real-time monitoring of brand mentions. By constantly monitoring social media platforms, Brand24 ensures that businesses stay informed about what people are saying about their brand, enabling them to address both positive and negative mentions promptly.

Feature

• Sentiment analysis and emotion tracking
• Influencer identification and engagement
• Hashtag and keyword tracking
• Competitor analysis
• Data visualization
• Customizable alerts and notifications

Pros

• It is easy to use and navigate, even for beginners.
• Brand24 provides comprehensive coverage of social media mentions, including both positive and negative sentiments.
• It provides real-time insights into social media mentions, so you can quickly respond to any issues.
• It is an affordable option for businesses of all sizes.

Cons

• Some users may find the interface overwhelming.
• It has limited social media platform integrations.
• There are occasional delays in data updates.

Pricing

• Individual - $69/month when billed yearly
• Team - $129/month when billed yearly
• Pro - $179/month when billed yearly
• Enterprise - $349/month when billed yearly
• Free Trial - 14 days

5. Sendible

Sendible is a social media management platform that has extensive monitoring, listening, and reporting capabilities. It provides ready-to-use data regarding post content and engagement and mentions and audience profiles across digital media. Sendible also allows you to monitor what is being said about your brand across multiple web and social platforms, identifying mentions that may require your attention or response.

Feature

• Social media management and scheduling
• Comprehensive analytics and reporting
• Customizable dashboards and performance tracking
• Competitor monitoring and benchmarking
• Influencer identification and relationship management

Pros

• It has a user-friendly interface for easy navigation.
• The platform offers robust social media scheduling and automation.
• It offers advanced audience targeting and segmentation options.

Cons

• Pricing plans may be expensive for small businesses.
• Some advanced features require additional add-ons.
• Limited integration options with certain platforms.

Pricing

• Creator - $29/month when billed yearly
• Traction - $89/month when billed yearly
• White Label - $240/month when billed yearly
• Enterprise - Custom Pricing
• Free Trial - 14 days

Software and Services Related to Social Media Analytics

Various software solutions are directly associated with social media analytics software as they are most often part of a large social media marketing suite. In addition, the suites include additional social media functions like social media monitoring, social media management tools, along with social media analytics.

Social media management tools can administer numerous social media accounts on a single platform, schedule posts and campaigns in advance, and suggest posts or content prove a company's social media presence.

Social media marketers and social media managers can track trends across various platforms with social media monitoring products. In addition, businesses can leverage virality to boost audience and followers by staying on top of trending topics. Due to the range of functionality, social media suites are the best option for social media teams who quickly and efficiently want to ramp up a business's social media presence.

Challenges of Best Social Media Analytics Tools

While the best social media analytics tools offer valuable insights and features, they also come with their own set of challenges. Here are some common challenges associated with these tools:

1. Data Accuracy and Reliability

   One of the main challenges is ensuring the accuracy and reliability of the data provided by social media analytics tools. Data discrepancies, incomplete information, or technical errors can undermine the trustworthiness of the insights generated. It is crucial to validate and cross-reference the data from multiple sources to minimize inaccuracies.

2. Platform Limitations

   Different social media platforms have their own APIs and data access limitations. This can result in incomplete or limited data availability for certain metrics or features across platforms. Social media analytics tools may face challenges in providing comprehensive data and insights due to these limitations.

3. Data Integration

   Many businesses use multiple social media platforms and tools to manage their online presence. Integrating data from various sources and consolidating it into a unified analytics tool can be challenging. Ensuring seamless data integration across platforms and tools is essential for a holistic view of social media performance.

4. Real-time Monitoring

   Monitoring social media activities in real-time can be challenging due to the vast volume of data generated. Social media analytics tools may face limitations in providing real-time updates and insights, leading to delays in identifying and responding to emerging trends or issues.

5. Evolving Algorithms and Platform Changes

   Social media platforms frequently update their algorithms and features, impacting the way content is displayed and engagement is measured. Social media analytics tools need to adapt quickly to these changes to provide accurate and up-to-date insights. Failure to do so can result in outdated or inaccurate data.

Latest Trends In Social Media Analytics Tools

Social media analytics solutions are continually improving to keep up with the ever-changing environment of social media platforms and user behaviors. Several trends have evolved in recent years, influencing how firms evaluate and analyze their social media performance. Some key trends include:

1. Social Listening and Sentiment Analysis

   Social listening involves monitoring and analyzing conversations happening on social media platforms. Advanced sentiment analysis capabilities allow social media analytics tools to understand the sentiment behind social media posts and comments, helping businesses gauge public opinion, brand perception, and customer sentiment. This information is valuable for reputation management, crisis response, and customer experience enhancement.

2. Influencer Analytics

   Influencer marketing is continuously growing, and social media analytics tools are incorporating features specifically made for influencer analytics. These tools help businesses to identify influencers relevant to their industry, track their reach and engagement, measure the effect of influencer campaigns, and analyze the return on investment (ROI) from influencer partnerships.

3. Cross-platform Integration

   With businesses using multiple social media platforms, there is a demand for social media analytics tools that can integrate data from multiple platforms into a single dashboard. Cross-platform integration allows for a bird view of social media performance, comprehensive reporting, and easier comparison of metrics across multiple platforms.

What is The Cost of Social Media Analytics Tools?

Numerous social media analytics tools are available, but the cost differs altogether. From budget-friendly social media data analytics tools to expensive ones, your company can get a whole list of options.

While some social media data mining tools are available for free trials, others are available at $1 for one-time use. The cost of social channel analytics tools varies from $2/month to $2000/month, depending on the complexity of the devices.

Conclusion

There is a wide range of social media marketing tools available, each offering different features and pricing options. It's important to choose tools that align with your specific goals and strategies. While this list is not exhaustive, it provides an overview of the tools you may need. Remember, success in social media marketing relies on more than just tools, but using the right tools for the job can increase your chances of campaign success. Evaluate the benefits of each tool and choose accordingly to maximize your social media marketing efforts.