From Snapchat through TikTok, Facebook to Pinterest. Each platform has an individual audience. As a result, there’s no universal solution in social media marketing. This is why it’s crucial to utilize benchmarks and evaluate your performance across all platforms.
That is how you can be sure and accurate in assessing your performance. If you begin with the end goal in mind, you can move in reverse to obtain your desired results. For this, marketers rely on analysis of the social networks. These indicators can be the crucial difference between a successful campaign and spending your time and money on poor marketing.
This is a review of social media analytics in greater detail and how to use it for better campaign marketing.
Table of Content
- 1 What is social media analytics?
- 2 Importance of social media analytics
- 3 What engagement metrics are available for each social media platform?
- 4 Tracking social media analytics
- 5 3 Best Social media analytics software
Social media analytics involves analyzing and gathering data from social media platforms to aid in forming the strategy for your social media and maximize the effectiveness of your organic and paid social media marketing.
In the end, social media analytics can help you answer the crucial question of how well your strategy is performing? Other questions that it can help to answer include:
Are you aware of the latest trends in social media that are relevant to your area?
Do you know how to determine the type of return you’re getting from every post or campaign on various social media platforms?
Are you aware of what you are target audience desires from your message and content? What is the perception of your content as compared to your competition?
Before we go into the intricacies of the metrics, you’ll have to look at and understand and make decisions based upon these indicators. So first, let’s look at the four most important and general use-cases for an analytics tool for social media.
These examples show why social media analytics are vital for companies, and each excellent analytics platform is designed and built using these scenarios in mind.
1. Measure and prove ROI and marketing impact
The most important thing to remember about analysis is they provide immediate feedback on how your company’s performance across all social media channels and whether the strategy that your team is implementing is working. Therefore, reviewing the performance and KPIs is vital for the effectiveness of your marketing advertising campaigns.
If your strategy isn’t working, your data analysis will direct you in the right direction so that you can tweak your strategy before the performance drops or turns into the cause of a problem. So make sure to spot any downward shifts quickly and fix them as soon as you notice them.
Clearer overviews also enable CMOs and anyone else within the company to swiftly and conveniently look at the most crucial indicators, analyze the effectiveness of their marketing, and ensure everyone’s working with the most current information.
It’s sensible to find out how much you’re investing into social media (for instance, paid content promotions) to generate direct or indirect revenue. In total, 61 % of marketers struggle to establish the ROI on their promotional initiatives.
2. Improve your strategic and business decision-making
The most effective social media analytics certainly provide marketing professionals with information and insights that can help identify the things that are working and not working when it comes to social media and content strategies. But, they also provide crucial insights that make strategic decisions that aren’t related to marketing.
This is more relevant each year since the amount of information uploaded to social media is increasing, as is our ability to gain useful information from this data as technology advances. Here are a few examples of how analytics from social media can aid in making better decisions both within and outside the marketing industry:
- Social listening The top tool for listening to social networks can greatly assist in the analysis of audience and competitors analysis. Listening to social media refers to analyzing and parsing huge amounts of data that are shared on social channels each day and then automatically obtaining valuable insights relevant to your business.
- Respond to trends promptly and access real-time data to allow you to react quickly to bigger trends and gain an advantage over your competition.
- Reduce business risk Data is available to help you navigate your strategy and guide you in the right way, So let the data guide your choices and assist you in making the most of your resources. Your KPIs will also guide you for performance.
3. Review your social media’s performance against your competition
What’s the purpose of being proud of your performance if you don’t know if it’s better than the performance of your competition or how it compares against the average performance of your industry? It’s vanity to make such a claim, and metrics that stand alone aren’t a factor in the real performance.
The context is vital for measuring real success; businesses must measure their performance to those of competitors and regional and industry averages.
Benchmarking provides valuable information and lets you compare to your competitors or see how your performance compares to the averages of your region or industry.
4. Track marketing teams’ efficiency
The efficiency of workflows is crucial for running a successful marketing team. Being able to monitor the team’s efficiency and speed is crucial to steering them in the correct direction. Maintain a high rate of work and ensure that there are do not allow bottlenecks. This is especially important in the management of communities and customer service, where the right tool can help you gauge the most important KPIs of community management, such as response time and sentiment among the audience.
Companies must be aware customers’ journeys isn’t easy to manage in the modern environment, and a single mistake could result in disaster. At the very least, the possibility of a Social media disaster is, as we all know, a disaster.
Micro-management has become a time-waster. With a great analytics system, teams can present the exact metrics that their CMO desires to view as well as from the other end, CMO can quickly review the operations of marketing, review important top-line information (or even more granular) and recognize patterns that require further study from the team responsible for marketing.
The number of metrics you can monitor will depend on the measurement instruments.
This brief overview of the most popular social media platform’s built-in analytics tools.
Facebook page analytics will show you the effectiveness of your content and your fans’ behavior. You’ll be able to identify:
- The best time of day to post
- The best day of the week to post
- The most popular type of content
Overview of Facebook Insights
- Where page likes happened
- Pages viewed
LinkedIn’s Company Page Analytics provides information and statistics regarding your company’s page. They can, however, only be seen by an administrator of the site. The data is accessible under three tabs:
- Follower demographics
- Follower trends: The number of your followers has changed over a certain period.
- How you compare
- Career page clicks
- Unique visitors
Twitter Analytics provides you with an overview for 28 days of how you’re doing on Twitter. The most important data you’ll find include:
- Engagements include retweets and comments, mentions, favorites, or other interactions.
The initial level of analytics summarizes your activities during the last 28 days.
- Top tweet based on earned impressions
- The top mention is earned engagements.
- Top media tweets based on earned impressions
- Top followers and their total followers
- How many tweets?
- Total impressions
- Profile visits
- Total mentions
- New followers
Utilizing YouTube Channel Analytics You can observe how your channels perform and videos, determine the sources of your traffic, and determine the most effective locations for your company’s image.
The overview offers a thorough overview of how your brand’s messages have performed over the past 28 days. It lets you look at the demographics of your viewers and review how your metrics measure up to expectations. These include view time, watch time, and even earnings.
Through the Realtime report, you’ll be able to view the performance information for your five most recently published videos. In addition, two graphs show hour-by-hour and minute-by-minute stats relating to the area of the time of each user watching your video.
There’s lots of additional information to be found on YouTube. Here’s a look at a few of the pages.
- Earnings report
- Ad performance report
- Watch time report
Pinterest Analytics displays what people like about your profile and what they prefer to save from your site. You can also get information about your followers’ preferences, likes, and dislikes.
- Most recent.
- Most repinned
- Most clicked
Instagram Analytics gives you information about the people who follow you, when they’re online and the number of people who visited your posts.
- Follower demographic analytics
- Gender and age
- See data about impressions, reach, website clicks, and followers’ activity.
Set and establish specific goals to assist you in achieving your goals for social media analytics. If your goals are SMART, they’ll be precise, quantifiable, attained, achievable, relevant, and time-bound; that is, you’ll be able to narrow on achieving or surpass your goals effectively.
2. Choose which metrics you’ll be focusing on and tracking.
It’s now time to choose what metrics from social media you’ll keep track of. There are numerous frequently tracked social media metrics that are worth evaluation. Of course, these metrics can differ by social platform and the analytics tool you choose. However, some universal metrics apply to nearly every social platform and analytics tool to help you get going.
- Reach is the number of people who have visited your website.
- Engagements include all interactions, including shares as well as likes and comments.
- Impressions are the number of times content or posts are shown on a feed of someone else’s.
- Mentions are when your company and your brand are mentioned on social media sites by members or other businesses.
- Social ROI will help you determine if the money you’ve invested in the social media advertising strategy leads to additional or decreased customer sales, brand recognition, and customer loyalty.
- Social listening is monitoring conversations regarding your business and your brand on social media to discover what customers and other people who are listening to them are saying about your brand.
- “Likes” are when someone taps (or double taps) on your content to prove they’re an avid fan of the post.
- Retweets/shares/reposts are when people post the content of your business
or your product.
The next step is to decide on the social media analytics tool you’ll utilize for your social media analytics -for example, we’ve covered a few well-known options above, but you could explore other options with an easy Google search.
Before deciding on the tools or equipment, you’ll choose, consider the following issues:
Do you require an instrument or program to help you monitor your social media data
What metrics did you choose to use when deciding that you’d like to use?
- What is your budget?
After you have implemented your software for social media analytics, it will allow you to evaluate your effort’s effect. For this, you can use the analytics tool you’ve installed -depending on the software, you could build custom dashboards and reports or gather specific information regarding the data points that you care most about.
When you evaluate the effectiveness of your social media analytics strategies, you’ll be able to determine if some aspect of your strategy should be altered or changed.
You may realize that some of the information you collect doesn’t provide the amount of information you need to know about your marketing activities on social media. You’ll need to find an alternative to gauge.
3 Best Social media analytics software
Another one, however, this time, it’s paid software for social media analytics which I personally really enjoy is BuzzSumo.
It’s a tool for analyzing a website’s content using a variety of purposes, such as monitoring the brands, social listening, or competitor analysis. It also provides social media analytics.
BrandMentions is another powerful tool for evaluating the efficacy of social media advertising.
From monitoring your brand’s reputation, monitoring brand reputation, managing corporate intelligence, and spying on competitors, this tool will give you specific information on the success of your brand awareness campaigns.