Remarkably few social marketers are using competitive analytics, according to a recent Socialbakers survey. This means that more brands are flying blind, creating social strategies without competitive insights into their performance.
As it’s our mission to demonstrate the value of these insights, we must also explain the necessity for an independant analytics tool.
To learn everything there is to know about social media analytics and how they work, including how to measure data and make a great report, read our in-depth report.
We all know that social analytics is the measurement of your profile’s or Page’s performance using many various metrics. Likely, you’re using multiple platforms, like Facebook, Twitter, YouTube etc., and each has its own set of “native” tools for admins to analyze performance. But native tools only go a little ways down the rabbit hole.
Built-in tools almost always work only with your private performance data. Even with Facebook’s updated ‘Pages to Watch’ functionality, which enables users to monitor up to five pages similar to their own for a period of one week, there is insufficient information presented to properly manage your brand’s social profile. This means that for competitive analysis, you’re going to need an independent tool!
We asked marketers around the world if they think competitive analysis is important, and a resounding number said yes. However, the same study revealed that less than a third of the marketers surveyed use independent analytics.
Independent analytics combine your private social insights with public metrics – such as the competition’s engagement rate, audience size and response rates. This data together offers a high-resolution image of your brand on social.
Now you’re able to benchmark your performance against competitors in your region and your industry. Your brand’s self-assessments will no longer be about just how well you think you did last quarter, but about what you can do to exceed your competitors’ output and become an industry leader. As investing in social content – like boosting posts on Facebook – become more common and more well-funded, customer care, thorough analysis, and reporting become more valuable.
Whether you’re reporting to management or to a client, “reporting is essential to help explain, adjust and analyze returns from your social media activity,” says Ben Harper, social media writer and Co-Founder of Datify.
“A typical report will include metrics for each channel,” Ben adds, “comparing your performance and business to the competition, the industry, and comparing performance across platforms.”
Only with an independent analytics tool can you measure and command your social media performance. Having the whole picture, no matter which metrics you track, enables you to adjust and optimize your strategy at every turn.
Don’t just read about it: For a free trial of Socialbakers Analytics – our own independent and cross-platform analytics tool – click here and see exactly what we mean. Better yet, come join us at Engage London 2014 and learn how to revolutionize your social media marketing today. Don’t be among the 75% of marketers flying blind!