Social Media Analytics: A Guide on What & How to Measure
Social media analytics should be a must on every company’s list for 2016. If you are active on social media as a business you should, with out question, be be measuring your results and performance. Measuring results on all other marketing activities to figure out ROI is a no brainer – so why do so many companies fail to do so when it comes to social media?
It all comes down to a lack of understanding. For many companies, understanding what to measure can be a bit of a grey area as there are so many different starts to record, but most of these are just ‘nice to knows’ and not entirely relevant to the future growth and successful performance of your ongoing social media campaigns.
This article will help you understand the fundamental statistics and measurements that you should be recording, analysing and eventually basing goals on to improve your ROI from your social media campaigns.
Top Social Media Analytics Stats for your Reports
The first stat that you should be measuring within your social media analytics is your audience size or your fan/follower count. Despite recent speculation from various social media platforms around focusing on engagement and not fan count, your audience size still very much matters. A larger audience increases your total reach and therefore allows you the opportunity for a larger impact. Fan or follower growth should definitely be one of your key goals still.
To understand how to grow of different platforms you should analyse your audience demographics. Are your audience most male or female? What age range are the majority of your followers? What countries are they from?
Understanding all the above will help you create better, more targeted content that is more suited to your audience. This enhances your chances for engagement which in return leads to fan growth and increased reach.
Reach & Engagement
Reach and engagement are both key social media analytics that you should be tracking alongside your audience size.
Larger reach figures mean that your message is visible to a larger audience and in turn increases your chance of gaining new followers or fans.
Higher engagement rates show that your message is being consumed by your audience, and that they are interacting with your posts either through likes, comments or shares. This plays a key role in your buyer cycle, helping to guide the conversion process from brand awareness to eventual sales.
Traffic & Growth
Your main goal for social media should be to increase brand awareness and kick start your buyer cycle, taking the potential consumer from unaware to aware. If done correctly, potential consumers will become followers or fans, and should eventually end up visiting your website where you can take them through the sales funnel.
Therefore, another two statistics you should be measuring are growth rates and website traffic.
Growth rates are usually calculated by percentage and are based on your follower count. You can calculate a monthly, quarterly, bi-annual or annual growth rate. Its always best to be aware of your monthly growth rate, but some times a quarterly or annual recap is interesting too.
Website traffic generated from social media platforms where you have a presence shows that your content is engaging and working at converting fans to visits.
You should analyse every post you publish to understand what works and doesn’t work, this helps you to avoid wasting time on creating content at is not well consumed by your following.
Taking a look at your best performing posts will allow you to see at a glance what styles work best for creating engagement with your audience as there will be similarities in image style, publishing times, copy and topics.
Finally, the last item you should be covering in social media analytics is taking a look at what your competitors are doing and how their channels are performing – a competitive analysis.
You will not be able to gain as deep insights from their channels performance but you can use a few of the top line statistics as benchmarks to measure your own performance on and create goals around. For example, top line stats would include: fan counts, growth rates, interaction rates and general post overviews.
Collective Industries Social Media Analytics Solutions
Collective Industries specialises in social media analytics and can help you understand better the tools and statistics you need to use to improve your businesses social media performance. There are various levels of service we can provide from simply setting you up with all the right tools and templates, to full social media analytics management and reporting.
quintly – social media analytics
quintly is our preferred social media analytics platform with whom we work in partnership with. They are one of the most competitively priced tools on the market and provide detailed insights on both your channels and your competitors (something not many other services provide)
We can help to setup your quintly account, add all your social pages and profiles and even add your competitors accounts too. We can then schedule a call with a quintly representative who will be able to help you understand how to use the tool for best results.
Automated dashboard reports
If you would prefer to just have some automated reports setup and scheduled to send to you on a regular basis, this is a service we can also provide. We will start off by sitting down with you and understanding exactly what information is most relevant and useful to your business before building a bespoke analytics dashboard on the quintly platform and scheduling automated email reports.
Detailed Reports and Insights
These reports are the answer for businesses who need something a little more detailed, that not only provides an analysis of your companies or brands social media performance but also gives you insights and suggestions for future improvements.
For more information on any of the above, please contact our team.