Mar 17, 2011
Adobe's new SocialAnalytics tool - the monetization of social media?
Omniture, an Adobe subsidiary, has thrown itself into the social media ring with the addition of a social analytics tool. The new tool is called - wait for it - SocialAnalytics and will be available in a beta version to a limited number of customers in April and fully operational in July.
Social Analytics will allow businesses to see the connections between social media activity (on 45 different networks) and business revenue via consumer action, such as when a brand or keyword is mentioned and how this relates to something like online sales. This will help determine the most profitable or influential interactions with consumers through social networks and other areas of customer engagement. The announcement was made at the Adobe Omniture Summit this past week and has received a generally positive response so far.
HootSuite have recently added social media components to their dashboard while other competitors, like Google Analytics, will most likely make their own updates in the future.
With tools like SocialAnalytics, marketers may stop complaining that social media cannot be monetized or measured effectively, and instead lead to integration of social media and business based on measurable data and insights.
What do you think? Are you connecting your social media and business strategies? How do you measure social networking successes?