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Whether you are running a small business or a multinational corporation, every business needs to be on social media. Through it, you can build brand awareness, fill your funnel, generate new leads, as well as cooperate with customers. Innovative disruptors are continuing to emerge, developing day by day, even hour by hour. Being on top of your industry is not a guarantee that you will stay there forever. Therefore, it is crucial for your business to analyze social media in order to better understand existing and potential customers.
With the right tools in place to conduct a social media analysis, you can benchmark your efforts, compare different features, understand what is working and what is not, as well as develop better campaigns. In this article, you are going to get answers to social media-related questions related to social media analytics and measuring your ROI.
What Are Social Media Analytics?
Social media analytics is defined as gathering data not only from all social media channels but other web-wide data as well. It includes both structured and unstructured sources. Through these analytics, you can measure your performance and your social media goals.
The 3 Core Stages:
- Determine main business goals
- Identify key performance indicators or KPIs
- Measure and analyze social data
No matter what stage you are at, growing traffic or building a positive brand perception, determining your main objectives will provide your web and social analytics with an investigative purpose.
Social Media Performance Metrics
While you are identifying the social media key performance metrics, some of them may indicate success or failure. This greatly depends on your goals, but also can include:
- Engagement, which means a comparison of owned, previously earned, or paid media
- Sentiment, which includes your audiences’ attitude towards your company, brand, and products
- Conversion, which reveals how social programs influence sales and income
After learning what matters most and why, it’s time to measure and analyze the real data.
Why Are Social Media Analytics So Important?
Analyzing your social media performance is critical nowadays as it provides you with a ton of information and opportunities such as:
- You can provide singular and exceptional cure to your current and future customers, lowering costs
- By catching customer experience data, you can make informed decisions about your next move
- Monitor brand health
- Boost company performance with creative and innovative ideas
- Track trends in your field, especially related to your brand
How to Choose the Best Tools
Before choosing a tool for tracking your business, you should first understand which social media platform best fits the needs of your brand. There are a lot of options to choose from, so you may wish to consult with a social media company for assistance. There are 4 core points that will help you to make the right decision:
- Customer care – reflected in your product specialists’ attitude to your customers. It shows how responsible they are to the customers. Reading your customers’ reviews will surely reflect their attitude and show if they are receptive to concerns or not.
- Ease of use – how hard is it to analyze ongoing tools or data sources?
- Product updates – how often the social media analytics company offers updates. Do these updates correspond to the needs of your company?
- Data transparency – where is the data coming from?
If your budget is tight and you are not yet ready to spend a lot of money on social media promotion for your small business, built-in tools are perfect for you. The top social networks such as Facebook, Instagram, Twitter, YouTube offer you involved analytics.
Built-in Social Media Analytics
Facebook’s built-in analytics tells you a lot about your pages’ views, previews, your audiences’ age, gender and actions taken. It even enables you to do some comparative actions to understand which posts are more successful.
When you convert your account into a business profile you will get access to the built-in analytics. The social analytics data includes content, age, location, gender of your followers, their activity as well as profile visits and website clicks.
There is a lot offered here, including which tweets are progressing and to what degree. The Twitter built-in analytics displays the changes in an audience by gender and by interests and provides basic video insights.
These days, video content is considered to be one of the most entertaining and social analytics-rich types of social media. YouTube offers analytics of its own where you can sort your content, geography and date to understand whether or not a video is popular in a certain location or not.
Third-Party Social Media Tools
While built-in analytics are ideal, not every social platform makes them easy to read, or even find! Fortunately, there are also free social media analytics tools that offer deeper insights, including:
Hootsuite is a great social media management and scheduling tool that also allows teams to work together. When it comes to keeping social posting organized, Hootsuite is the first aid. It offers sentiment-driven insights, dashboards and reports, and conversation maps. Therefore, it is an ideal choice for brands that are just beginning.
It is already clear that Instagram is a very important social media channel. That’s why there are now a lot of Instagram-centric social analytics tools, with Squarelovin being one of them. It enables you to analyze recent posts and growth, history of your posts for a year, month, day and even an hour. Squarelovin also allows you to adjust to the audience’s preferences and interests, best filters, hashtags and the methods to optimize your account.
Using search bar simplicity, Boardreader puts you in touch with reviews and forum posts. It lets you filter results for a better sense of things. This social media analytics tool sees consumer posts as far back as a year.
Vizia by Brandwatch
The option to exploit the video content for free is a great advantage. Vizia uses such social media analytics tools as multi-choice quizzes, polls, and questions to activate your fans’ engagement. Thus, you can boost your content based on their feedback.
The tools mentioned above are proof that there are many options for tracking consumer options and behaviours online and are a great place to start for any small business. However, the final choice is up to you!