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SWOT Analysis of Social Media Monitoring


SWOT AnalysisSocial Media Monitoring may have started to allure your decision to monitor your social media space but just to give your a reality check, everything comes with a cheque if you do not know their limitations. So now I am presenting to you the Strengths (S), Weaknesses (W), Opportunities and Threats (T) of Social Media Monitoring.

Strengths

  • Analyzes what is being said about your company. This produces value for the company.
  • Decoding the noise and chatter of user generated content which is of great relevance to a company and its brand.
  • Encourages direct consumer interactions.
  • Allows companies a real time view on consumer perceptions about their brands.
  • Helps develop a marketing plan from consumer interactions and conversations.

Weaknesses

  • Limitations of technology, ultimately requires a human touch to it.
  • Huge volumes of data to process from numerous sources and innumerous languages.  Difficult to make a one stop technological solution.
  • Its such a huge media space which is rather intimidating to a beginner.
  • Ongoing disagreement between the data compilation over being comprehensive and insightful, which is rather difficult to achieve both successfully as yet.

Opportunities

  • Potential to become a hygiene factor for every company with more technology improvements making monitoring more effective.
  • Monetization of social media. Many companies have profited from social media and many more to yet to venture. This medium offers immense opportunities.
  • SME’s who felt left behind due to their lack of resources to spend on advertisements can now capitalise social media without any penny spent to advertise their brand.

Threats

  • There are no defined industry standards, will make it difficult to benchmark success and outcomes.
  • Many new entrants/ board room level executives do not really understand the how to take advantage of user generated content.

Follow us on @iridiuminter or my personal twitter @sbharatam.

Image source: http://www.flickr.com/photos/jeanlouis_zimmermann/3055864480/

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2 Discussions on
“SWOT Analysis of Social Media Monitoring”
  • A couple of issues with some of the points. First, while it is true that social media “Encourages direct consumer interactions,” not responding in real time poses the greatest challenge, especially with something like Twitter, or one of its competitors. Also, when you talk about lack of “industry standards” under “Threats” I believe that should be an opportunity for organizations to adopt a logical approach and set the benchmark for everyone else. I see this as an Opportunity, especially for a company like Iridium Interactive which would be able to sell this as yet another product. Also, in general, before companies get all caught up in trying to “market” based on customer comments/feedback/interaction, it is most important to engage with them first, using social media as the “human face” of the company. Perhaps you could have elaborated on this SWOT Analysis by providing a few examples of what you meant.

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