You would think that the social media software industry’s consolidation is done with all the fairly high priced acquisitions in the past year. I would say no.
There is one area of social media that is still out of reach from a lot of customers: analytics
You see, we’re currently in a state where social media is still hard to tie into the bottom line. Yet there are many social media analytics software services that can do the hard work, some better than others, but the price points are pretty much out of reach for many small businesses. That’s the obvious challenge.
The second challenge is that in order to tie social media to the bottom line, you have to connect social data to a customer relationship (CRM) software package. The CRM market is dominated by a few, but there are numerous products on the market that essentially do the same thing, not to mention all of the custom built solutions.
What if these types of analytics were seamlessly integrated into a current web analytics service (cough cough Google Analytics). You could then tie all of the data into a CRM from a single source (clear throat..Google Analytics). Oh yea did I mention Google Analytics is free?
If you’re a small business, and you’re not using a CRM, then I’m not sure how you’re following through and reporting on sales. For small businesses that are, the acquisition of a social media analytics service would be the next logical step in the consolidation of a multi-billion dollar industry.
I would love to see Google make another acquisition, just like they did with Wildfire.
What do you think? Should Google buy a social media analytics company that integrates with its analytics service?