Did you know that 93% of marketers believe that their social media marketing efforts have been effective?
This is because they've seen tangible results in terms of engagement, brand awareness, and website traffic.
However, the success stories of these marketers don't change the fact that not all business owners or marketers know how to measure the success of their marketing efforts. This is simply because of the constant change in the social media industry.
Despite the change, it's important that you understand how social media analytics work. This will help you improve ROI, stay ahead of your competitors, and increase your brand awareness.
Article Shortcuts:
In this article, we'll talk about the importance of social media analytics, the types of social media analytics, and how to measure the success of a social media strategy. But before we delve into all this, let's define social media analytics.
Source: Unsplash
Social media analytics involves gathering and analyzing data and reports from social media in order to make informed business decisions.
The application of AI in social media allows for the analysis of unprecedented amounts of data, such as customer reviews and feedback on your product or services, new followers, shares, mentions, and so on.
Source: Unsplash
Social media analytics helps marketers or business owners understand how well their content resonates with their audience. It also helps them know their competitors and create a better social media marketing strategy. Below are reasons why social media analytics is important:
Social media analytics helps to show if your marketing campaign is doing well and generating new sales. Every share, like, or retweet is aimed at generating ROI.
But if you don't notice any increase, you'll have to change your strategy. To know if your new campaign is doing well, you'll have to monitor your audience engagement and conversion rate optimization.
You can use social media analytics to find out about upcoming trends in the industry. Some of the upcoming trends that can be identified by social media analytics are:
With this information, you can make more strategic decisions on the posts and topics you can share with your audience.
Social media analytics helps you identify how people feel about your brand. This will include both negative and positive feelings. With this information, you'll be able to figure out ways you can appeal to unsatisfied customers.
Additionally, social media analytics gives you insight into the questions your audience is asking about a particular brand or product.
These questions may be ones you haven't considered before, but now you can pay attention to them.
Source: Unsplash
With social media analytics, you can find out which social media marketing strategy is working more than the others. This will help you know which strategies to pay more attention to, limiting the amount of money spent on different strategies.
Social media analytics will help you find out how valuable your brand is to your audience. It will help you answer questions like:
Once these questions are answered, you'll have an idea why your audience isn't willing to patronize your brand or stay committed to it. This will help you know what strategies you can use to showcase the value your brand or products offer.
Source: Unsplash
To effectively refine your strategy and measure social media success, you'll have to measure various social media analytics. Some of these analytics include:
This analysis will help you track brand sentiments. You'll get to understand how users feel about your brand and the keywords and topics that resonate more with them.
Sentiment analysis also helps you identify relevant influencers with whom to partner. To measure brand sentiment, you can use social listening tools like Google Alert or Buffer.
Social media analytics leverages machine learning algorithms to extract valuable insights from the vast data generated on social media platforms. By processing textual and visual content, machine learning algorithms can categorize, classify, and quantify user sentiments.
This analysis is important to your brand or business in order to increase your ROI. Conducting an influencer analysis will give you an idea of which influencer works best for your target audience.
Some data you can pay attention to include:
Audience analytics will give you an idea of the region where your content is performing more. It will also help you know if your content is solving the problems of your audience and the possible questions to answer.
If your content is performing more in a region outside your target audience, you'll have to adjust your strategy to attract prospective clients.
You wouldn't want to spend money on social media posts and not generate revenue. So, to get more results, you'll have to pay attention to your paid social analytics. Some analytics you can track include:
To enhance the effectiveness of your paid campaigns, consider using a social media scheduling tool. This can help you optimize post timing and ensure consistent engagement with your audience.
This analysis will give you an idea of how well your social media marketing strategy is performing. You'll find out if your content is getting reasonable clicks, likes, shares, views, impressions, comments, and shares.
By assessing these metrics, you can better understand the level of engagement on your social media and identify areas for improvement to boost audience interaction.
Conducting a competitor analysis will help you know the areas your competitor is doing better in and make necessary improvements. This analysis will give you an idea of the following:
Track performance and create reports for all of your social networks all from one intuitive analytics dashboard with Vista Social.
Source: Unsplash
In order for you to generate more leads, and increase revenue, you'll need to effectively measure the success of your social media efforts. To do this, you can follow the steps below:
Source: Unsplash
Setting clear goals is the first step in measuring success. These goals should align with your brand vision and objectives. For a start, you can set simple and easy goals.
For example, your social media goal can be to increase followers.
In this case, you'll have to track the content that resonates more with your audience. Do they share or like your video content more than carousels? Or do you gain more followers when you share a video?
These are questions you'll need to answer once you've set your goal for follower growth.
You can learn about your social media efforts through your user engagement. The number of likes, comments, reshares, or mentions on your post shows how well your content resonates with your audience.
If a particular content resonates more with your audience, that's the best content to pay attention to. For example, you're an e-commerce brand and you're used to posting pictures of your products.
Then one day, you decided to show behind-the-scenes how the pictures were taken and it received several comments, more likes, and reshares. This simply shows that your audience prefers this kind of content more. With this information, you can replay your content strategy.
Source: Unsplash
Measuring your CTR helps you know if your content is driving traffic to your website. Your click-through rate will inform you of how many clicks your post or ad is getting.
If you notice an increase in your click-through rate, this means that the right audience is seeing your post or ad. Additionally, a high click-through rate shows that your ad is compelling enough to cause your audience to take action.
Take, for instance, you sell subscription boxes and you create a social media ad for it. Your ad will likely attract people who are looking for subscription boxes.
But if your subscription box isn't filled with items your subscribers will like, they won't take any action. If this continues, you'll lose money instead of making money from your ads.
Source: Unsplash
Don't assume that your social media page is growing because you have new followers.
You'll need to know if these followers interact with your content and if they are your target audience. This is because it's possible to have a large following, but your engagement rate is low.
For example, you own a cosmetic brand and to attract followers to your brand you decided to launch a campaign.
In the first week, you noticed you got 100 followers and as the week went by, your followers kept increasing. This might make you think you made use of the right strategy.
But there's a problem, upon conducting an audience analysis, you realize that your new followers haven't been engaging on your post and they don't fit into your audience. With this newfound information, you can refine your marketing campaign strategy and monitor if there will be some improvement.
There are various social media analytics tools available on the market. But in this section, we'll list our top five analytic tools.
Sprout Social is a social media management tool that helps with scheduling, engaging, and publishing social media posts. It has an analytics dashboard that shows your paid and organic posts to help decide the best time for publishing content.
Additionally, with Sprout Social, you can measure the success of your social media efforts through its social media analytic tool. You can also make use of its listening tool to conduct sentiment analysis.
Free plan. Paid plan starts at $199 per month.
Large marketing teams.
If you're focused on driving traffic to your website, Google Analytics is the best free tool to check out. It will help you measure various metrics like conversion rate, user demographics, and ROI of your marketing campaigns.
Free plan. The premium version starts at $50,000 per year.
Social media professionals.
Buffer is a user-friendly tool that helps you schedule posts on various social media platforms, including X (formerly Twitter), Instagram, Facebook, LinkedIn, TikTok and YouTube.
This platform offers an analytic tool that helps to track mentions, likes, and impressions. However, this feature is only for specific platforms.
Free plan available. The starting price is $6 per month.
Solopreneurs and business owners who run their social media platforms.
Later is a social media management tool that can be used by small business owners to preview content before posting on social media. This tool doesn't have benchmarking or competitive analysis features.
However, it has a scheduling and analytic feature that includes website clicks, performance analytics, and click-through rates.
Free plan. The starter plan price is $16.67.
Small business owners and solopreneurs who handle their social media.
Rival IQ is a social media tool that offers competitive analysis, social reporting, and SEO tools.
You can use Rival IQ to customize and schedule reports that can help you drive engagement. You can also gain insight into a competitor's strategy and spot trends in the industry.
Rival IQ can be used to track success across various social media platforms. It is a good option for brands with various social media platforms.
Free plan. The starting price is $239 per month.
Social media managers.
To measure your social media efforts, you'll simply need to use the right tools and methods.
This will give you an idea of how well your business is performing and the areas you should improve. Your business's success relies on constantly measuring, refining, and analyzing your social media efforts.
If you measure your social media efforts and notice an increase in your ROI, this means you're doing something right. Just stick to your strategy.