Social Media Analytics is a method of collecting and analyzing data from social media platforms such as Facebook, Twitter, Instagram, and LinkedIn. Analyzing is a single term that comes up with different other ingredients along. This further leads to filtering out a meaningful representation and understanding the available information present on social media sites.
There is a lot of information available on social networking sites. Followers, posts, comments, responses to posts, engagement, tags, trends, hashtags, and so on. This all needs to be aligned with the marketing strategies of a business to build a strong social media network.
Social Media Analytics helps us to understand the metrics that play within. This deals with social media engagement, active participation, and actions taken by the audience on the posts and campaigns. You need to keep a track of all the activities on social media sites and draw inferences from them.
Why is Social Media Analytics important?
How do you measure the performance of your brand on social media platforms? Social Media Analytics acts as a guide for you. It lays a deep impact on the current and future marketing strategies of a business.
A business depends on leads and lead generation can be done rightly with the help of social media these days. Business holders need to connect to their clients and understand their behavior. And what other than a social media analytics tool can help them do that.
Understanding the data
A huge amount of data is available on social media networks. The analytics of that data gives us complete knowledge about consumer behavior patterns. A more structured form of data lies right in front of us through analytics.
Social Media Analytics works as an assistant that digs deep into the social media platforms and provides us with the information that is essentially required. Further making it more convenient for you to schedule your social media-related tasks.
Social media wraps up all the categories of consumers worldwide. There are communities and a wide network of people who can be easily tracked. Social Media Analytics helps you segregate the information so that you are able to tap the right customer network.
Know your competitors
Keeping track of the activities of your competitive brand is all the more a tedious task. At the same time, it is crucial to take notice of. You can rely on your social media analytics tool to perform the task of competitive analysis.
With Social Media Analytics, you can even sense the type of posts that are gaining the interest of the audience. You would be able to design or plan your posts and campaigns accordingly. Make your social media planner hassle-free.
Social Media is all about keywords and hashtags used in a post. Now with Social Media Analytics, you can take account of how many and which all hashtags should be used. Sounds like spying, but you can also sum up the hashtags used by your competitive brand.
Businesses these days are allocating separate budgets for social media marketing. Analytics here plays the role of a right hand for you when it comes to planning your social media marketing strategies. Trust me, it’s a game-changer.
Analytic tools work fast in terms of scanning social media accounts. Thus, helping you to take the quick action required for your brand’s success.
Know your customer
Customer is business. You definitely want to have an insight into your customer’s behavior. Let your analytics tool accomplish that one for you too.
Some similar terms
For someone to understand the game of Social Media Analytics it is crucial to be familiar with few synonyms as well. Various terms such as Social Media Intelligence, Social Media Listening, Social Media Monitoring, Social Competitive Analysis have similar meanings but not exactly the same.
Social Media Intelligence
It refers to a pile of techniques used to keep track of social media exchange that allows the user to make a complete understanding of the trends on social media websites.
Social Media Listening
It is studying the behavior of your audience. This acts as a guide for building new marketing strategies.
Social Media Monitoring
It is a scan of what is being said about your brand by people. It can be positive as well as negative. The company’s image can be improved in a righteous manner using this tool.
Social Competitive Analysis
It is purely evaluating your brand’s competitor and its audience. Based on that, you can propose your next post on social media.
Important terms and KPIs every social media analyst should know
Social Media Analytics is an amalgamation of various terms and tools used to analyze the data from your previous posts, interactions, and campaigns on social media sites. It gives you a detailed insight into the brand engagement, hashtags, activity content, competitive analysis, and an overall overview.
Brand Engagement explains to you the performance of your posts on different social media platforms. It gives you a crystal-clear view of how much of an audience it fetched. It can be measured and examined through likes, comments, and tagging by the audience.
Competitive Analysis is a part of Social Media Analytics that says a lot about how your competitive brand is performing in the market. The posts and activities on Social Media websites are open for everyone. Keep track of the steps taken by your competitive brand and plan your next move accordingly.
Hashtags can be counted and their efficiency is measured with the help of Social Media Analytics tools. Which one to be used and at what time? With hashtags are the communities and groups associated, so be very diligent in using them.
Time is money and there is no doubt about it. Social Media Analytics is a time saver tool for those who want to spin the wheel with fewer hassles. Make sure there goes the right post with the correct number of hashtags at the right time.
Key Performance Indicators are the points that determine the impact of social media campaigns. It includes the rate at which people are engaging with your brand, number of followers, amount of clicks, shares, likes, and comments. If adopted carefully, the social media KPI can help you enhance your social media campaigns. It can further boost your conversion rate thereby benefiting your business growth.
Use Cases for Social Media Analytics
Social media marketing has become an essential part of the business game plan. Also, ROI is one of the biggest concerns for organizations these days. Let’s talk about the use cases for social media analytics and business can utilize analytics to draw out maximum ROI.
- Handles product/service change: Social media analytics can be used to handle the product/service change or innovation. People give their reviews about a product or service on social media through comments, likes, and dislikes. Social media analytics can provide an overview of a product without spending money on market research and pilot projects.
For example: If you are planning to launch a product, you should first review the feedback of the customers about a similar product on social media. Product improvement and add-on features can be considered before you actually launch your product in the market. Information can be collected by:
- Checking customer’s reaction to your product
- The reaction of customers to your competitor’s product
- Exchange of information about your product
- Engagement rate
- Improves customer connection: Maintaining a good brand image and identity signifies the overall success of the business. You can achieve the loyalty and inclination of your customers by linking quickly with them. Social media analytics help you set the right tone with your customers in reviewing and responding well on time to their reactions.
A brand’s popularity can be very well monitored from the words of its customer. A satisfied customer talks to one and a dissatisfied customer talks to ten. This ratio can be measured with the help of analytics to keep your customers happy and content in return.
Just like us, the well-being of a brand needs to be monitored on a regular basis. With analytics, you can diagnose the concerns and find a cure for them too. Analyzing and then taking corrective measures to improve the overall image of the brand plays a vital role.
Optimum utilization of allocated budget
Marketing strategies are designed keeping in mind the budget that is allocated to do so. Knowing about the right social media platform for your product, the right time to post your campaigns, and the type of content to be posted saves a lot of effort, time, and money. And all this can be taken care of by social media analytics.
Recognising the power of influencers
Social media influencers are people who have the capability to make or break a product. They give true and genuine feedback about a product/service through their social media posts. A detailed analysis always helps you to reach out to them.
Social media analytics tools
Social media platforms are loaded with content from all over the world. Analytic tools work wonders with all this content. These tools interpret social media data and make it more user-friendly.
Here’s a list of social media analytics tools used by various companies that come along with magical features of their own.
- Sprout Social
- Google Analytics
How to do social media analytics the right way
We have tried to understand the uses and importance of Social Media Analytics. The key point here is how to make the most of it. The process is quite easy, thanks to the analytics tools.
- The very first step is to identify the social media platforms that you want to measure your impact on. It could be Facebook, Twitter, Instagram, or LinkedIn.
- Now decide on what you want to calculate on these platforms. Is it the engagement, likes, posts, retweets, or comments?
- Choose a time span to trace your performance, e.g., weekly, fortnightly, or monthly.
- Browse through a variety of social media analytics tools available. That is where you need to be very particular. Choosing the right tool can prove to be an asset to your business.
- Assess and analyze your social media data using the tool of your choice and keep a record of your social media success.
- Finally, you can make your future growth decisions depending upon the social media analysis.