News & Events
Social Media Analytics
- March 4, 2020
- Posted by: NIkhil Kumar
- Category: Social Media Marketing
What is Social Media Analytics?:
Social Media Analytics is the process of gathering data from social media websites and analyzing that data using social media analytics tools to make business decisions. The most common use of social media analytics is to support marketing and customer service activities.
Why Social Media Analytics Are Essential?:
Social media analytics may be consisting of the following factor:
- Measure our ROI and prove our marketing impact
- Make better strategic and business decisions.
- Compare our social media performance against competitors
- Track marketing teams’ efficiency
Measure our ROI and prove our marketing impact:
1.Measure our ROI and prove our marketing impact:
It’s logical to seek to understand if the resources we are investing in social media are bringing in revenue from their marketing efforts which is an incredible statistic. How many other departments can have such a large impact on business results but struggle to accurately prove it? I can’t immediately think of one.
The right tools are as important as the right method of calculating social media ROI. Here’s what to do for an easier life:
- Add a Facebook tracking pixel to our website’s key pages to see how many people interacted with your Facebook ads and which ads led to conversions.
- Add Google Analytics UTM parameters to our social ads’ URL to understand how much traffic and how many conversions your social media marketing activities are driving.
- Socialbakers Ads Benchmarks help us to measure our social media ROI in context by understanding how the return on Facebook ads (or Instagram ads) evolves across regions and industries over the course of a campaign, or any period of time you choose.
- Socialbakers’ Paid Analytics allows us to quickly track all our campaigns and ads in one place so there’s no confusion around advertising campaign performance. Analyze entire campaigns, or individual ads, to save time and optimize the budget.
2. Make better strategic and business:
Without data, you’re wandering in the dark. Data is an important strategic path and show you the right direction, so let data guide your decisions, you can make the best use of your resources and be led by your performance KPIs.( Key Performance Indicator)
Go ahead of the competition by benchmarking against competitors. Benchmarking always provides key insights and allows you to see how you stack up against your competition or see how your performance looks against your industry’s or region’s averages. Respond to trends in a timely manner by accessing real-time data, so you can rapidly act upon bigger trends and get the jump on competitors. Minimize business risk by basing key decisions on data. Eliminate guesswork and emotions from your social media marketing strategy, so you always make the right move.
3. Compare our social media performance against competitors:
What is our performance if we have no idea whether it’s better than your competitors’ performance or how it looks set against average industry performances? It’s pure vanity to do so, and metrics that stand alone have no bearing on real success. Context is so crucial, so to measure real success companies must compare themselves to competitors, and also to industry and regional performance averages.
4. Track marketing teams’ efficiency:
To run a tight marketing crew, so being able to overview team efficiency and velocity is essential to guide them in the right direction. Keep working velocity high and strictly no bottlenecks. This is especially true in areas like Community Management and online Customer Service where a good tool will allow you to measure key Community Management KPIs like response time and audience sentiment.
Key Areas to Use Social Media Analytics:
Many social media teams don’t know exactly which areas of their social media marketing can really benefit from analysis, so let’s have a look into exactly where you should be measuring, and why.
Here are the key areas:
- Audience analytics
- Performance analytics
- Competitive analytics
- Paid Social Media analytics
- Influencer analytics
- Customer Service analytics
1. Audience Analytics:
Everything begins with our audience. Knowing our business’s target audience is crucial. It helps us to build an effective, audience-first marketing strategy that helps us to our communities down the funnel towards converting. 53% of marketers agree that there’s a demand to deliver more personalized content.
Everything begins with our audience. Knowing our business’s target audience is crucial. It helps us to build an effective, audience-first marketing strategy that helps our communities down the funnel towards converting. we must know what our customers want and how they respond to your efforts in attracting them to our product/service.
Measuring our own performance is a way too understanding where our strategy is working and bringing good ROI. And if we invested more in social media marketing, naturally we expect to see increased ROI, but we need to prove our performance impact on ROI.
Key Performance Metrics to Track:
- An overview of interactions across platforms and over time in order to understand if the content we publishing is effectively engaging your audience.
- Look at both the cumulative number of interactions and the number of interactions per 1,000 followers to see how big of a share of your community is responding to our messages.
- Monitor our follower growth over time to see if our audience is growing as a result of our teams’ social media efforts.
Our business might have had it’s most successful year ever, but if all competitors had an even better year, there’s nothing to celebrate. To get a better understanding of our performance metrics, we need to view them in a competitive context.
Nearly every CMO is interested in improving our performance in two key areas: effectiveness (produce the desired result) and efficiency (reducing waste) but often don’t know by how much do they need to improve? Comparing our company’s social media performance to the competitors is the best way of assessing the effectiveness of our teams’ work and strategy. It also enables you to learn if our performance and ROI are successful in relation to the market.
4.Paid Social Media Analytics:
We need to be able to make efficient investments and ensure that every rupee we spend on social media counts. It’s all too easy to waste time and resources on promoting content which performs badly if we have no idea what paid content your audience will respond well to. Some businesses use AI-driven tools that accurately predict which content to put budget behind for the best results – and early-adopters are seeing great results with this. Paid social media advertising can seem very complex with so many moving parts, and reporting on ad spend can be complicated with so many channels, accounts, and profiles. So to keep an eye on spending, it’s vital to bring all our channels into one place before you start measuring
Some basic metrics to keep your eye on are:
- Number of ads
- Total spend
- Click-through rate
- Campaign ROI
Influencer marketing should be measured like any part of marketing is. Analytics help us to organize every part of our influencer campaigns – from finding the right influencers to measuring how much their campaigns help to our business.
- Interactions per 1,000 followers will help you understand if they’re effectively generating engagement.
- Audience size to estimate Reach. Reach alone is not enough if the influencer doesn’t have the right audience, which is why it’s crucial to measure their key metrics before deciding to collaborate.
- The number of posts to see how active they are. You should also check the brands the influencer worked with in the past to verify their authenticity and get a better understanding of the verticals they’re working in.
- Have a close look at any past collaborations the influencer has done, and verify that they have a business license.
6.Customer Service analytics:
Without a supporting analytics platform, teams and managers will rapidly have no idea on many customer queries they get, how long they take to answer, or indeed if they have answered them all. Things can get clear fast. The answer is to measure every metric that matters to our customer care and then monitor them – it’s the only way to systematically improve. It’s so important to nurture our audience across all digital touchpoints which means keeping an eye on how fast our team answers and solve customer queries, and how audience sentiment fluctuates around your brand.
It’s also crucial to track sentiment, as it’s such an important aspect of customer care, but there’s more about that in the Sentiment Analysis section a bit further down.
Top social media matrices in Analytics:
1.likes and shares
3.Clicks through rate
1. Likes and Shares
Likes and shares are the first things that come to mind when we think about engagement metrics. Likes and shares are indeed social media metrics that matter because they’ll give to us an immediate sense of how well your content is performing with your audience.
They also have a great organic effect as more and more people see our post – both our audience and our audience’s network, because they see which pages their friends like interacting with, or posts our friends are sharing.
Reach is the total number of people who saw any given post since it went live. It’s an important metric to track if we want to keep tabs on our brand awareness. The higher the reach, the more people know about our brand (theoretically).
Reach is increased by either boosting a post with budget or organically grown by publishing stellar content that makes our audience share it with their networks, comment on it, or give it alike.
3.Click-Through Rate (No. of Clicks on any Given Post):
Any content our affiliates post with links helps direct traffic into our funnel and towards sales. But do you know how much of our audience is clicking through on the content we share?
Keep track of the click-through rate on our content, and content our affiliates post, to not only help us to measure the actual success of a given piece but also to see if the content posted is aligned with your branding and with the interests of the audiences we’re trying to reach.
Raw engagement numbers are valuable, but to really focus on a post or profile’s engagement, one metric that really matters is the share of an audience that interacts with content vs. the total audience size. Every audience has a segment of followers that don’t actively engage with content. Getting that segment to interact is one way to increase the engagement rate. The other way is to increase engagement amongst fans
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