Social Media Analytics tools are a critical source of strategic marketing information With so much consumer data being posted on social media every day, social listening tools have become a critical component in audience analysis, competitive research, and product research.
What Are Social Media Analytics?
Social Media Analytics is nothing but a Sporting way to spot social media trends that are relevant to your space. know what the audience expects and wants from your content and Messaging. How good is your content perceived in comparison to your competitors? the right software will answer all your questions for every social channel in an easy-to-understand way – no complex data analysis, a clear presentation of what’s working, and how you fix what’s not working.
Insights must also be shared amongst stakeholders. It can be a real grind to provide accurate and clear social media analytics reports without a tool to extract and share data and insights from multiple disparate social channels.
we’ll work from the standpoint that social media analytics are fundamental to the content marketing success of any business.
There are even specific Instagram analytics tools and other specific platforms that help marketers drill down into those specific metrics.
In addition to undertaking daily tracking, monitoring, and analyzing metrics and data trends, a good analytics solution also allows you to overview your social media performance, see where strategic opportunities exist, and where threats need to be nullified with adjustments to strategy.
Four Reasons Why Social Media Analytics Are Essential :
1. Measure and prove ROI and marketing impact
Instant feedback about how your company is performing across social media channels and whether your teams’ strategy is effective. Overviewing performance KPIs is crucial to control and success of your social media campaigns.
Contribution from Marketing to Overall Revenue (CMO’s). A full 61% of marketers still struggle to prove ROI from their marketing efforts like paid content promotion is bringing in revenue or not.
2021 Hootsuite shows 85% of organizations that integrated social media data into other systems expected to be able accurately to prove their ROI.
- Add a Facebook tracking pixel to your site’s key pages, and any page linked to your social channel.
- Add Google Analytics UTM parameters to your social ads’ URL
- Socialbakers Ads Benchmarks help you measure your social media ROI in the context
- Socialbakers’ Paid Analytics allows you to quickly track all your campaigns.
2.Make better strategic and business decisions
Strong social media analytics will provide marketing teams with data and insight that help them identify what’s working and what’s not. social media analytics can help improve key decision making both inside and outside of marketing:
- Social listening
- Respond to trends promptly
- Minimize business risk
3. Compare your social media performance against competitors
What is the point in celebrating good performance if you have no idea whether it’s better than your competitor’s 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. To measure real success companies must compare themselves to competitors, and also to industry and regional performance averages.
4. Track marketing teams’ efficiency
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. Businesses need to understand that the customer journey can be tricky to manage and in today’s world; one wrong step can spell disaster, or at least a social media crisis. Which, let’s face it, is a disaster.
Key Areas to Use Social Media Analytics:
- Audience analytics
- Performance analytics
- Competitive analytics
- Paid social media analytics
- Customer service and community management analytics
- Influencer analytics
- Sentiment analysis of your profiles and ad campaigns
- Sentiment analysis for customer service
Audience analytics :
Knowing your business’s target audience is crucial. It helps you build an effective, audience-first marketing strategy that helps you nurture your communities down the funnel and deliver great customer experiences. You must know what your customers want and how they respond to your efforts in attracting them to your product/service. With AI technology, it’s easy to analyze and create a customer persona.
Measuring your performance is key to understanding where your strategy is working and bringing good ROI, and where it needs some fixes. If you’ve invested more in social media marketing, you naturally expect to see increased ROI, but you need to prove your performance’s impact on ROI.
Key performance metrics to track:
- An overview of interactions across platforms and over time.
- Look at both the cumulative number of interactions and the number of interactions per 1,000 followers
- Zoom in on the number of click-throughs on your posts
- Monitor your follower growth over time to see if your audience is growing as a result of your teams’ social media efforts.
To get a better understanding of your performance metrics, you need to view them in a competitive context – that’s where competitive analytics and benchmarking come in.
Comparing your company’s social media performance to the competitors is the best way of assessing the effectiveness of your teams’ work and strategy. It also enables you to learn if your performance and ROI are successful in the market.
With modern social media analytics, especially if they’re AI-powered, you can use a benchmarking solution that lets you see your competitors’ performance based on industry, country, and region. You can see their strategy and easily get ahead of them.
Paid social media analytics
A lot of money is being spent, so businesses must know the effectiveness of their social media ad spending. You need to be able to make efficient investments and ensure that every dollar you spend on social media counts.
Paid social media advertising can seem very complex with so many moving parts, and reporting on ad spending can be complicated with so many channels, accounts, and profiles. So to keep an eye on spending, it’s vital to bring all your 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
- Cost per click
- Cost per engagement
- Cost per action
- Cost per purchase
- Campaign ROI
To get a more complete picture of your advertising spend, you should compare yourself to your competitor’s spend, and also to the industry, region, or country average. The Data must be current, it’s not enough to rely on monthly reports.
Customer service and community management analytics
According to a Forrester report, digital customer service interactions will increase by 40% in 2021. That means increased traffic to platforms, and you simply can’t underestimate the power of well-functioning social media customer service. That’s why you need to ensure that your teams are doing an excellent job handling customer requests. How? Look into your community management teams’ key performance metric – the average response time – and see what it looks like for particular team members and platforms.
Most customers on Instagram and Facebook expect a business to answer them within 30 minutes. But the average time for a business reply on Facebook in 2020? One hour and 56 minutes. It’s so important to nurture your audience across all digital touchpoints which means keeping an eye on how fast your team answers and solves customer queries, and how audience sentiment fluctuates around your brand.
Tracking influencers’ key performance metrics will help you make the right decision and make the most of influencer marketing.
- Interactions per 1,000 followers.
- Audience size to estimate reach.
- Several posts, to see how active they are.
- Have a close look at any past collaborations
Sentiment analysis of your profiles and ad campaigns
Sentiment analysis allows you to track online mentions in real-time, so it’s really easy to see if a potential PR crisis is starting to take shape. Businesses can rapidly identify any spike in negative sentiment, and can immediately investigate and take action to defuse.
Word spreads fast on social media, and negative comments get the most attention and spread the fastest. Failing to deal with unsatisfied customers is risky;
How to Track Your Key Performance Insights Quickly and Easily
It’s important to have the right views over your data. OK, it’s more than important. Customizable dashboards help you see only the metrics that matter to you at any particular moment. Dashboards join up the dots for you and deliver the insights that are crucial to the strategy.
The dots are connected for you and the story the data is telling you is neatly translated and delivered in shareable, presentation-ready reports. Sweet times.
Social media analytics is crucial to social media marketing. There’s no point in marketing if you cannot see whether you’re doing well or not. If you’re a content marketer the message is clear: track, measure, analyze and make sure you have the tools to do it. Need even more detail? Read this comprehensive list of social media metrics that matter.
Tools used in the Training
Google Analytics – Google Analytics is a web analytics service offered by Google that tracks and reports website traffic, currently as a platform inside the Google Marketing Platform brand.
Facebook Analytics – The main idea of Facebook Analytics is to give organizations a better understanding of who engages with their brand and how they do it.
Sprouts Social – A powerful solution for social media management. Our powerful, all-in-one social media management platform unlocks the full potential of social to transform not just your marketing strategy—but every area of your organization.
Hootsuite – Enhance your social media management with Hootsuite, the leading social media dashboard. Manage multiple networks and profiles and measure your campaign
Power BI – Power BI. Unify data from many sources to create interactive, immersive dashboards and reports that provide actionable insights and drive business results.