What is social media analytics? - SearchBusinessAnalytics

Social media analytics collects and analyzes audience data from social networks and can be used to improve an organization's strategic business decisions. Home Datascienceandanalytics Analytics socialmediaanalytics Sharethisitemwithyournetwork: By KatieTerrellHanna EdBurns, ExecutiveEditor Socialmediaanalyticsistheprocessofcollectingandanalyzingaudiencedatasharedonsocialnetworkstoimproveanorganization'sstrategicbusinessdecisions. Socialmediacanbenefitbusinessesbyenablingmarketerstospottrendsinconsumerbehaviorthatarerelevanttoabusiness'sindustryandcaninfluencethesuccessofmarketingefforts. Anotherimportantexampleofhowsocialmediaanalyticssupportsmarketingcampaignsisbyprovidingthedatatoquantifythereturnoninvestment(ROI)ofacampaignbasedonthetrafficgainedfromvarioussocialmediachannels. Furthermore,marketerscananalyzeperformanceofdifferentsocialplatforms--suchasFacebook,LinkedInandTwitter--andofspecificsocialmediapoststodeterminewhichmessagingandtopicsresonatebestwithatargetaudience. MarketersfrequentlyusesocialmediaplatformssuchasFacebook,LinkedIn,TwitterandInstagram. Whataretheusecasesofsocialmediaanalytics? Socialmediaanalysisplatformscantrackandanalyzearangeofdataandinteractionsusedinavarietyofsocialmediamarketingusecases. MeasuretheROIofsocialmediamarketingefforts Themaingoalforanysocialmediapost,like,retweetorshareisROI. TodeterminesocialmediaROI,marketersmustfirstdetermineaninitialbenchmarkandthenhaveawaytomeasurekeyperformanceindicators(KPIs)againstthatbenchmarkovertime.Wheneffortsaren'tworkingwell,analysisofthosemetricswillrevealtweaksmarketerscanmaketoimprovetheperformanceofthecampaignandoverallROI. Infact,arecentstudyfromHootsuite,avendorofferingasocialmediamanagementplatform,foundthat85%oforganizationsthatbeganmeasuringsocialmediadatawithintheiranalyticstoolswereabletoaccuratelyshowROIforthoseefforts. Tobegintrackingsocialmediacampaignperformance,atrackingpixelorGoogleAnalyticsUTMparametercanbeaddedtoanylinksusedinsocialmediapostsorads.Thatwillshowanyconversionsthatcamefromsocialmediamarketingandcanhelpwithplanningretargetingcampaignsforvisitorswhodidn'tconvert. Improvestrategicdecision-making Socialmediaanalyticscanimproveamarketingteam'sabilitytounderstandwhatsocialmediastrategiesareworkingandwhichonesaren'taseffective. However,theanalyticalresultscanalsoprovideinsightthatcanbeusefulformakingbusinessdecisionsaboutotherimportantaspectsofthebusinessnotnecessarilydirectlyrelatedtothemarketingcampaigns. Forexample,withsociallisteningtools,audienceandcompetitioncanbeanalyzedbyextractingusefulinsightfromsocialmediadatabeingpostedonvarioussocialmedianetworkslikeLinkedInandFacebook.Itcanalsoprovidedemographicinformationabouttheaudiencethatwillenableenhancedmarketingeffortstargetingthatsectorandmoreeffectivelycreatebrandawareness. Byusingreal-timedata,emergingtrendsmaybedetectedthatcangiveabusinessajumponthecompetitionbypostingsocialmediacontentsooner. Tracktheefficiencyofmarketingteams Mostorganizationsstrivetostreamlineworkflowsandenableteammemberstobemoreproductive.Alesserknown,butstillimportant,featureofsocialmediaanalyticsisitsabilitytoimproveefficiencywithyourmarketingteam. InadditiontotheKPIsforyoursocialmediacontent,youcanalsomeasureaspectslikeresponsetimeandcustomersentiment. Showingthechiefmarketingofficerareaswhereworkflowscanbeautomatedandresourcescanberedirectedtostrategicactivitiesthatdirectlyimpactrevenuearekeytoobtainingmarketingbudgetandapprovalsforfuturecampaigns. Whatmetricsshouldbetrackedwithsocialmediaanalytics? Therearesixgeneraltypesofsocialmediametricsthatshouldbetracked. 1.Performancemetrics Measuringtheperformanceofsocialmediamarketingeffortsiscriticaltounderstandingwherestrategiceffortsareworkingandwhereimprovementisneeded. Keyperformancemetricstotrackincludethefollowing: interactionsacrossplatformsandovertimetodetermineifthepostedcontentisproperlyengagingtheaudience; whetherthenumberoffollowersisincreasingovertimetoverifyconsistentprogressacrossplatforms;and click-throughrateforlinkclicksonpoststoseeifthey'reproperlydrivingtrafficfromsocialmediachannels. 2.Audienceanalytics It'simportanttoclearlyunderstandanddefinethetargetaudience,asitisthemostimportantelementofasocialmediastrategy.Understandingtheaudiencewillhelpcreateafavorablecustomerexperiencewithcontenttargetedatwhatcustomerswantandwhatthey'relookingfor. Inthepast,audiencedatawasdifficulttomeasureasitwasscatteredacrossmultiplesocialmediaplatforms.Butwithanalyticstools,marketerscananalyzedataacrossplatformstobetterunderstandaudiencedemographics,interestsandbehaviors.AI-enabledtoolscanevenhelppredictcustomerbehavior.Theycanalsostudyhowanaudiencechangesovertime. Thebettertargetedthecontentis,thelessadvertisingwillcostandthecost-per-clickofadscanbeoptimized. 3.Competitoranalytics Toobtainafullunderstandingofperformancemetrics,it'snecessarytolookatthemetricsthroughacompetitivelens.Inotherwords,howdotheystackuptocompetitors'performance? Withsocialmediaanalyticstools,socialmediaperformancecanbecomparedtocompetitors'performancewithahead-to-headanalysistogaugerelativeeffectivenessandtodeterminewhatcanbeimproved. MostmoderntoolsthatincludeAIcapabilitiescanbenchmarkcompetitorperformancebyindustrytodetermineagoodstartingpointforsocialmediaefforts. 4.Paidsocialanalytics Adspendingisseriousbusiness.Iftargetingandcontentisn'tright,itcanendupanexpensivepropositionforunsuccessfulcontent.Moreadvancedanalyticstoolscanoftenpredictwhichcontentismostlikelytoperformwellandbealessriskyinvestmentforamarketingbudget. Forbestresults,anall-in-oneplatformisthepreferredchoicetotrackperformanceacrossallsocialmediaaccountssuchasTwitteranalytics,paidFacebookpostsorLinkedInads.Importantmetricstotrackincludethefollowing: Totalnumberofactiveads Totaladspend Totalclicks Click-throughrate Costperclick Costperengagement Costperaction Costperpurchase Thesemetricswillindicateexactlywhereeachdollarspentisgoingandhowmuchreturnisbeinggeneratedforsocialmediaefforts.Theycanalsobecomparedagainstcompetitorspendingtoensurethatspendingisatanappropriatelevelandtorevealstrategicopportunitieswhereanincreasedshareofvoicemaybeattainable. 5.Influenceranalytics Togainaleguponcompetitioninacompetitivespace,manysocialmediamarketerswillcollaboratewithsocialinfluencersaspartoftheirmarketingcampaigns.Tomakethemostofpartnerships,it'snecessarytomeasurekeymetricstoensurethattheinfluencermarketingisachievingdesiredgoals. Socialmediaanalyticscanprovideinsightsintotherightmetricstoensurethatinfluencercampaignsaresuccessful.Someinfluencermetricsthatshouldbetrackedincludethefollowing: totalinteractionsper1,000followerstounderstandifthey'reproperlygeneratingengagement; audiencesizeandmostfrequentlyusedhashtags,tohelpdeterminethemaximumreachofyourcampaign; thenumberofpostsinfluencerscreateonaregularbasis,tohelpdeterminehowactivetheyareandhowpowerfulengagementcanbe;and pastcollaborations,whichcanbeagreatindicatorofthepotentialforsuccesswithaninfluencer. 6.Sentimentanalysis Sentimentanalysisisanimportantmetrictomeasureasitcanindicatewhetheracampaignisgainingfavorabilitywithanaudienceorlosingit.Andforcustomerserviceorientedbusinesses,sentimentanalysiscanrevealpotentialcustomercareissues. Toensurethatacampaignisinsyncwiththetargetaudienceandmaintainsastrongrateofgrowth,interactionsandengagementrateshouldbetrackedovertime.Adeclinecouldindicatethatachangeofcourseisneeded. Gatheringandanalyzingcustomersentimentcanhelpavoidguessworkindevelopingamarketingstrategyanddecidingwhichcontentwillresonatebestwiththeaudience.Thistypeofanalysiscanalsoindicatethetypeofcontentthat'slikelytohaveapositiveimpactoncustomersentimentIfyoursocialmediaanalyticstooldetectsaspikeinnegativesentiment,actionshouldbetakenimmediatelytoaddressandcorrectitbeforeitbecomesaPRnightmare. Socialmediaanalyticstools Whilemanybusinessesusesomesortofsocialmediamanagementtool,mostofthesebaselineschedulingtoolsdon'tgofarenoughtoprovidethein-depthmetricsanddatapointsthatsocialmediaanalyticstoolscandeliver. Notonlycanthisdeeperlevelofinsightgoalongwaytoinformasuccessfulcampaign,itcanalsobesharedwithstakeholderstoshowhigh-levelROIacrossdisparatesocialmediachannels. Aneffectiveanalyticstoolwillhaveanintuitive,easy-to-useinterfacethatenablestransparencyinacampaign;itshouldalsostreamlinethesocialmediamarketingprocessesandworkflows. ExamplesofsocialmediaanalyticstoolsincludeSproutSocial,GoogleAnalytics,HootsuiteandBufferAnalyze. ThiswaslastupdatedinJuly2021 ContinueReadingAboutsocialmediaanalytics 3bestpracticesforharnessingsocialmediaanalyticsdata Bettersentimentanalysiscanbolstercustomerdataanalytics Socialmediaanalyticsbestpracticestemperedbyprivacylaws Howcompaniesareusingsocialmediaforlearninganddevelopment Whatistheroleofsocialmediaine-commerce? RelatedTerms logisticregression Logisticregressionisastatisticalanalysismethodtopredictabinaryoutcome,suchasyesorno,basedonpriorobservations... See complete definition Whatisdatapreparation?Anin-depthguidetodataprep Datapreparationistheprocessofgathering,combining,structuringandorganizingdatasoitcanbeusedinbusiness... See complete definition Whatispredictiveanalytics?Anenterpriseguide Predictiveanalyticsisaformofadvancedanalyticsthatusescurrentandhistoricaldatatoforecastactivity,behaviorand... 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