Do you want to analyze your social media marketing efforts? Wondering which metrics to focus on?
Auditing key social media metrics can reveal which aspects of your social media marketing are working and provide insight into which areas you can improve upon.
What are your top performing Tweets? What time of day do your Instagram posts get the most engagement? Is your Facebook marketing strategy translating to traffic and leads? If you’re not using social media analytics tools, you’ll probably have a hard time answering these questions.
The first step in a social media intelligence initiative is to determine which business goals the data that is gathered and analyzed will benefit. Typical objectives include increasing revenues, reducing customer service costs, getting feedback on products and services, and improving public opinion of a particular product or business division
Once the business goals have been identified, businesses should define key performance indicators (KPIs) to objectively evaluate the business analytics data.
There are dozens of metrics you can analyze during a social media audit. Deciding which ones to focus on will depend in part on your goals and the platforms you’re using. However, there are some key metrics everyone should analyze.
Importance of social media analytics
There is a tremendous amount of information in social media data. In decades past, enterprises paid market research companies to poll consumers and conduct focus groups to get the kind of information that consumers now willingly post to public social media platforms.
This allows enterprises to extract information about how the public perceives their brand, what kind of products consumers like and dislike and generally where markets are going. Social media analytics makes it possible for businesses to quantify all this without using less reliable polling and focus groups.