Social media analytics should be added to any marketing dashboard as it can help a story traditional sales and marketing reports cannot. It is vital since it is a powerful communication channel that regulates interactions with your customers and prospects. It is a two way street that have a tremendous impact on business prosperity. Customer relationship is a pivotal component of company growth that is closely correlated to revenue. Loyal and happy customers ensures business success and longevity. That’s why it is very important to monitor social media flow, its ups and downs and be able to understand and timely adjust business decisions and strategies. Social media analytics is the only way to track and analyze its performance.
Like any statistics, social media analytics has its own parameters, indicators that help to track and understand its performance. The main objective is to increase customer pool and boost demand for your product. The strategic goals of social media are: targeting right segments of audience, attracting and communicating with the selected groups, tracking people showing interest in your products, persuading people excited about your products to become your customers.
The social media key performance indicators (KPIs) are:
1.Engagement. Reaching out for large audience means nothing if people are not being socializing. Engagement is what you are trying to achieve and it is usually measured by response.
The metrics for engagement typically looks at any action on the part of your followers for example: ‘likes’,’comments’,’clicks’, ‘shares’, etc. There are different social media platforms such as Facebook, Twitter, Instagram, YouTube, LinkedIn and they all have different measures. The most typical ones include ‘clicks’. The number of clicks is key to measuring the success of the post of bringing traffic to your website which is after all the main goal of social media.
Another metric is measuring ‘likes’. Likes typically tells you if your post or photo is attracting attention and people are “liking” it! It does not however mean that these users will convert but it does help keep the communication with prospects open.
‘shares’ is an important phase since when people like your post and share it they are expanding your audience and improving success rate by making recommendations to family members and friends. If done successfully it can really boost your followers and hopefully can lead to future sales!
‘Comments’ are not only crucial quality control indicators of your products/services but valuable source of ideas, improvement strategy and even new product launch. Comments can be used (when done right) as a market research tool without the annoyance of sending out your survey!
‘Followers’ is a good indicator of how many people care enough about your brand or your content to engage with you on an ongoing basis. The greater the number of followers the larger the possible engagement and impact you generate.
2. Reach and Impressions. Typically, it is the number of people who saw your content and the number of times your post appeared. The bigger the number the more your content has been exhibited. Traffic coming to your website from social media platforms is one of the most important indicators. You can find metrics corresponded to social media traffic, for instance, in Google Analytics ‘Source/Medium report’. Measuring social media traffic allows to assess how your marketing strategy is working and refine it.
3. Social Media ROI. Finally the key to any marketing initiative is to understand the return on investment of running your social media campaigns or organically interacting with customers. Therefore, you should measure conversions from social media sources and calculate the cost per customer acquisition just as you would any other marketing channel. Keep in mind that part of having a social media presence is to deal with customer issues which may not bring customers in but rather make sure your current customers are happy!
Social media analytics is a powerful tool regulating customer acquisition through social media platforms. It allows you to know and understand your target market, upgrade marketing initiatives and increase revenue. There are many social media dashboards available for use to capture data above, if you need help with calculating social media ROI or setting up your social media dashboards, StrategicDB can help!