Marketing leaders are 1.3X as likely to have a documented data and analytics strategy. Social media analytics and campaign measurement tools are an absolutely vital source of strategic marketing information. Great strategy cannot be created without it.
The core of social media analytics is the gathering and analyzing of marketing and audience data upon which you’ll base business decisions. It’s the only sure way to access insights that you can use to optimize your marketing efforts and strategy.
Do you have an easy way to spot social media trends? Do you know what kind of ROI you’re bringing? Do you know what your audience expects and wants and how they perceive your content and messaging?
What about how your content is perceived when compared to your competitors? Is your strategy working?
This is where social media analytics software is vital. Without measuring and analyzing your content and its performance, there’s no sustainable way to improve and get the results you want.
Imagine doing social media marketing but not measuring any of it, or only a minimal amount – you wouldn’t get very far without measurement, marketing means nothing. It would be almost impossible to improve, hit performance KPIs, and ultimately, objectives. You need a data roadmap to signpost the path ahead so you know where to go and what to do – analytics gives you that.
Social media analysis is fundamental to success, yet, many businesses are still failing to take advantage, using only native tools and analyzing each of their channels in isolation, thereby missing out on discovering key data points and social media insights.
These issues may sound familiar to you, but understanding how to access clear overviews of your performance, and how to leverage data-driven insights to get strategy on-point, are key to bringing the results your business needs.
Businesses simply cannot effectively provide customer service, save money, optimize strategy, compare performance against competitors, and become profitable without measuring their content marketing efforts.
Insights must also be shared amongst stakeholders and it can be a real grind to provide accurate and clear social media analytics reports without a tool to pull all the data together.
It’s time to get serious about analytics or be pushed out of the way.
CMOs must provide their teams with the right analytics tools – and if they don’t, the business can fall further and further behind.
And of course, you are likely to be able to trial your analytics solution before buying so it’s always possible to trial tools like Socialbakers for free.
So let’s work from the standpoint that social media analytics are absolutely fundamental to the content marketing success of any business that takes its marketing seriously. We’ll be taking a closer look at exactly why this statement is true.
That means 66% of marketers are missing the means to achieve their number one objective.
It’s true, some social media analytics tools can seem to be overly complicated from the outside and best left to “experts” who “intuitively” know and understand how to “operate” them.
It can seem a complicated jumble of data points, charts, and dashboards, which gives the illusion that advanced training is needed just to operate a simple analytics solution.
Not true. The very existence of social media analytics platforms is to make sense of your marketing activities, and to deliver insights which make creating strategy easy.
A good analytics tool is intuitive, easy-to-use, improves transparency, processes and structure too, so marketing activities and strategy become sustainable can be scaled effectively. It visualizes the data for you in a way that makes your life far easier, not more complicated.
In addition to undertaking daily tracking, monitoring and analyzing of metrics and data trends, a good analytics solution also allows you to overview your social media performance, seeing where strategic opportunities exist, and where threats need to be nullified with adjustments to strategy.
Before we go deeper into the details of which areas you need to analyze, let’s look at four critical pillars to analytics and why you need to track, measure and analyze your entire social media performance.
Get fast and transparent overviews of your successes
The bottom line to analytics is that they give you instant feedback about how your company is performing across social media channels and whether the strategy your teams are executing is effective.
Overviewing performance KPIs is crucial to control and success of your social media campaigns.
If strategy isn’t working, then your data analysis will point you in exactly the right direction so you can make effective strategy tweaks before performance dips and begins to be a real problem. Catch any downward turns fast and remedy them right away.
Clear overviews also allow CMOs, or anyone across the organization, to rapidly and easily see the most important metrics and evaluate marketing performance really quickly and easily, so everyone’s working from the latest data.
It’s logical to seek to understand if the resources you’re investing in social media (for example, paid content promotion) are bringing in revenue. A full 61% of marketers still struggle to prove ROI from their marketing efforts which is an incredible statistic. How many other departments can have such a large impact on business results but struggle to accurately prove it? I can’t immediately think of one.
The right tools are as important as the right method of calculating social media ROI. Here’s what to do for an easier life:
Without data you’re wandering in the dark. Data is there to signpost your strategic path and show you the right direction, so let data guide your decisions, you can make the best use of your resources and be led by your performance KPIs.
There is little room for emotion in your decisions – base your strategy on data. This will really save your team from wasting time on efforts that yield no worthwhile business outcome. Save resources and time for where you can make the most impact.
Get ahead of the competition by benchmarking against competitors. Benchmarking always provides key insights and allows you to see how you stack up against your competition, or see how your performance looks against your industry’s or region’s averages.
Respond to trends in a timely manner by accessing real-time data, so you can rapidly act upon bigger trends and get the jump on competitors.
Minimize business risk by basing key decisions on data. Eliminate guesswork and emotions from your social media marketing strategy, so you always make the right move.
What is the point in celebrating your good performance if you have no idea whether it’s better than your competitors performance or how it looks set against average industry performances? It’s pure vanity to do so, and metrics that stand alone have no bearing on real success.
Context is so crucial, so to measure real success companies must compare themselves to competitors, and also to industry and regional performance averages.
Streamlined workflows are key to running a tight marketing crew, so being able to overview team efficiency and velocity is essential to guiding them in the right direction. Keep working velocity high and strictly no bottlenecks.
This is especially true in areas like Community Management and online Customer Service where a good tool will allow you to measure key Community Management KPIs like response time and audience sentiment.
Businesses need to understand that the customer journey can be tricky to manage and in today’s world, one wrong step can spell disaster, or at least a social media crisis. Which, let’s face it, is a disaster.
Micro-management is a thing of the past, and with a good analytics solution teams can easily report on exactly the metrics their CMO wants to see, and from the other side, the CMOs can easily overview marketing operations, see crucial top-line data (or even granular) and easily spot trends that need further investigation by the marketing team.
Many social media teams don’t know exactly which areas of their social media marketing can really benefit from analysis, so let’s have a look into exactly where you should be measuring, and why.
Here are the key areas:
Let’s begin with audience analytics.
Everything begins with your audience. Knowing your business’s target audience is crucial. It helps you build an effective, audience-first marketing strategy that helps you nurture your communities down the funnel towards converting.
53% of marketers agree that there’s a demand to deliver more personalized content. Everything begins with your audience. Knowing your business’s target audience is crucial. It helps you build an effective, audience-first marketing strategy that helps you nurture your communities down the funnel towards converting.
You must know what your customers want and how they respond to your efforts in attracting them to your product/service. Hyper-personalized “smart” content is becoming the norm.
In the past, marketing leaders didn’t have too much insight into their digital audiences. That’s because audience data was scattered across individual social media platforms and on the web. It took an experienced analyst to bring it together, map out personas, and report on them to the CMO.
On top of that each audience on each channel is different with different audiences, and there’s really easy way to connect all that audience data and segment audiences effectively in a sustainable way.
With a good analytics tool, in tandem with huge advances in AI technology, its easy to analyze and map your audience’s habits, likes, networks, behaviours etc. In this way, even something seemingly as advanced as creating a precise customer persona now literally takes a click of a button.
This is something like having a superpower and will give you more accurate personas that are ready to use in seconds.
As a result, marketers are able to instantly see who their digital audiences are, their ideal customer, and ensure that their broader marketing strategy is aligned with the personas’ characteristics, interests, and behaviors. They can also leverage the insights to reach new audiences and create many more business opportunities. This is almost like having a superpower.
The important thing here is to monitor how your audiences evolve. That will allow you to keep your content, and your strategy, current and effective.
Indeed, having the right strategy has an immediate benefit: saving advertising budget. The better targeted and personalized your advertising is, the less it will cost you, and knowing your audience is key to lowering Cost-per-Click and getting your ad served more frequently.
These tactics are all useful, indeed essential, but the bottom line is performance. A marketer must ask themselves what good social media performance looks like and whether their own performances are getting better or worse over time.The next question is, “can I measure my performance levels as they rise and fall?” The answer is yes, you can and you must.
For a really in-depth look at audience analytics, why they matter, and how to do it, read this.
Measuring your own performance is key to understanding where your strategy is working and bringing good ROI, and where it needs some fixes.
If you’re like other businesses, you’ve significantly increased your social media marketing budget over the past year. And if you’ve invested more in social media marketing, you naturally expect to see increased ROI, but you need to prove your performance’s impact on ROI.
You don’t need to get too granular early on, and you don’t need to know how many people liked or shared your latest Facebook post. What you need is a more high-level overview of bigger trends.
Again, it’s really important to track all these metrics over time to spot bigger trends, understand the results of your organization’s social media strategy, and see what return you’re getting from your investment.
Your business might have had it’s most successful year ever, but if all your competitors had an even better year, there’s nothing to celebrate.
To get a better understanding of your performance metrics, you need to view them in a competitive context – that’s where competitive analytics and benchmarking comes in.
Nearly every CMO is interested in improving their performance in two key areas: effectiveness (produce the desired result) and efficiency (reducing waste) but often don’t know by how much do they need to improve?
One way to assess your businesses’ performance and to understand what changes you need to make is benchmarking.
Comparing your company’s social media performance to the competitors is the best way of assessing the effectiveness of your teams’ work and strategy. It also enables you to learn if your performance and ROI are successful in relation to the market.
If there’s a specific company you want to get ahead of, you can run a head-to-head analysis of your performance. But you can also compare yourself to multiple competitors to see how you stack up.
It’s best to run competitive analyses regularly to keep a close eye on what your competition are up to, and advise your teams on what strategic steps they can take to help your business stay a frontrunner.
With modern social media analytics, especially if they’re AI-powered, you can use a benchmarking solution that lets you see your competitors’ performance based on industry, country and region. You can see their strategy and easily get ahead of them.
It’s easy for businesses to neglect this side of analytics but again, they should remember that even if they aren’t doing competitive analysis, their competitors probably are.
Social media advertising budgets have doubled worldwide, from $16 billion in 2014 to $31 billion in 2016, and that’s a trend that’s continuing into 2020. A lot of money is being spent, so it’s absolutely critical that businesses know the effectiveness of their social media ad spending.
You need to be able to make efficient investments and ensure that every dollar you spend on social media counts.
It’s all too easy to waste time and resources on promoting content which performs badly if you have no idea what paid content your audience will respond well to.
Some businesses use AI-driven tools that accurately predict which content to put budget behind for the best results – and early-adopters are seeing great results with this.
Paid social media advertising can seem very complex with so many moving parts, and reporting on ad spend can be complicated with so many channels, accounts and profiles. So to keep an eye on spend, it’s vital to bring all your channels into one place before you start measuring.
Some basic metrics to keep your eye on are:
These KPIs will show you exactly where your money is going, and how much you’re paying for different aspects of your advertising campaigns and how successful your efforts are.
To get a more complete picture of your advertising spend, you should compare to your competitors’ spend, and also to the industry, region, or country average. You’ll be able to see if your advertising budget is sufficient to stay competitive, and assess where your ad strategy needs to be optimized to increase its efficiency and reportable impact. But the data must be current, it’s not enough to rely on monthly reports.
Monitoring your paid social media metrics – both owned and competitive – is most effective and helpful when done on a regular basis. After all, your company is likely running multiple paid campaigns, busy holiday seasons come and go, and your spending, as well as results, might fluctuate.
It will help you spot important trends – for example, you’re overpaying for clicks – then adjust your budget accordingly.
You’ll can even spot opportunities to make a real impact on your share of voice by spending more on targeted ads when you notice the market is spending less.
For businesses working with agencies, paid analytics provides real transparency into where their budget is going, and what kind of results they’re getting for their money. Agencies can effortlessly report almost real-time campaign data to clients on, with key data visualized.
For a really detailed step-by-step guide on how to get the most from your paid advertising, click here.
With 67% of consumers leveraging social media to seek resolution for issues, you simply can’t underestimate the power of well-functioning social media customer service. That’s why you need to ensure that your teams are doing an excellent job handling customer requests.
How? Look into your community management teams’ key performance metric – the average response time – and see what it looks like for particular team members and platforms.
By monitoring your community management teams’ performance metrics, you can ensure that your business communication is appropriate and timely. This, in turn, translates to enhanced brand image and stronger, lasting relationships with your customers and prospects.
In fact, with the digital customer journey being as complex as it is, having a good analytics solution is effectively the only way to measure and manage all the complex processes and timings a community management team must undertake.
Without a supporting analytics platform, teams and managers will rapidly have no idea many customer queries they get, how long they take to answer, or indeed, if they have answered them all. Things can get messy fast.
The answer is to measure every metric that matters to your customer care and then monitor them – it’s the only way to systematically improve.
It’s so important to nurture your audience across all digital touchpoints which means keeping an eye on how fast your team answer and solve customer queries, and how audience sentiment fluctuates around your brand.
It’s also crucial to track sentiment, as it’s such an important aspect of customer care, but there’s more about that in the Sentiment Analysis section a bit further down.
Hiring influencers can be pricey, so make sure that you spend budget collaborating with the right partners on the right campaigns. You need data to verify influencer choice, and only work with influencers whose performance metrics are high around your key topics. Tracking influencers’ key performance metrics will help you make the right decision and make the most of influencer marketing.
Influencer marketing should be measured like any part of marketing is. Analytics help you organize every part of your influencer campaigns – from finding the right influencers to measuring how much their campaigns helped your business. But which influencer metrics should you track? Here’s some key metrics:
If sentiment is not measured, businesses run the risk of alienating their social media audience, and severely damaging their brand perception in the eyes of customers and potential customers alike.
That’s why it’s essential to constantly monitor upturns and downturns in sentiment – you don’t want to turn your fans off, and with sentiment analysis tool, especially an AI-powered tool, you can catch negative sentiment fast and analyze why that sentiment arose.
Most businesses post content to their social media profiles daily or every few days, and analyzing audience sentiment is absolutely vital to maintaining positive fan growth, interactions, engagement rate, and further down the line, conversions.
Social teams run regular content to attract and educate their audience, and get them to enter the sales funnel. It’s therefore essential to treat your social media profiles as long running campaigns, so of course sentiment should be closely measured.
It’s going to allow you to make great decisions about content and content strategy based on audience data.
Savvy businesses also run sentiment analysis on their advertising campaigns. We’ve all seen campaigns which bombed very publicly. Disastrous campaigns where the business completely misjudged the type of content their audience likes, had their brand dragged all over social media, attacked from left and right, then drowned in a social media crisis of their own making. Sound like fun? No. Right.
With a good tool, especially an AI-powered tool, (avoid time-consuming manual analysis and human error) you can analyse all your campaigns in seconds.
Many businesses run multiple campaigns together so analysing campaigns can be really tricky with so many moving parts to keep an eye on. This is where sentiment analysis comes into its own.
Socialbakers’ platform allows you to label all your campaign content individually, so you can break the data down almost any way you want to compare and contrast sentiment with different types of format or audience demographics.
You can analyse campaigns or even individual ads. Highly, highly useful.
Remember, everything begins with your audience and sentiment analysis is the most fundamental social media analysis you can run. Once brand perception has been damaged it’s very difficult indeed to fix, and that’s why it’s imperative that you know if your audience is happy with you and your content or not.
Sentiment analysis allows you to track online mentions in real time, so it’s really easy to see if a potential PR crisis is starting to take shape. Businesses can rapidly identify any spike in negative sentiment, and can immediately investigate and take action to defuse.
Word spreads fast on social media, and negative comments get the most attention and spread the fastest. Failing to deal with unsatisfied customers is risky, they may share their anger on a wider scale on their social media accounts. That’s something you want to avoid at all costs.
Remember, you can filter by individual sentiment, happy, sad, angry, etc, decide upon your priorities and begin soothing your audience wherever it’s needed most. However you manage your sentiment analysis, the key is to nip negative sentiment in the bud early, and protect your brand.
It’s important to have the right views over your data. Ok, it is more than important. Customizable dashboards help you see only the metrics that matter to you at any particular moment. Dashboards join up the dots for you and deliver the insights that are crucial to strategy.
Imagine this: you export data from Facebook, Instagram, wherever and analyze it all separately, working around data gaps, trying to put the jigsaw puzzle together and figure out what the heck is going on. Then you try to create a report that clearly visualizes the key data insights, the ones that are going to impact strategy. Tough times.
Or, imagine this: All your data is pulled onto your dashboard and unified. The dots are connected for you and the story the data is telling you is neatly translated and delivered in shareable, presentation-ready reports. Sweet times.
With dashboards you can easily view all of your metrics in one spot, you have all the insights at your fingertips in real-time. Marketing teams can stop worrying about messy or incomplete reporting, and instead set up automated, visual reports to share with higher-ups so everyone’s working from the same page.
Social media analytics are crucial to social media marketing. There’s no point in marketing if you cannot see whether you’re doing well or not.
Measurement and analysis enables you to prove your impact, constantly improve performance, optimize budget, create strategy and form genuine relationships with your audience that will nurture them through every touchpoint on the way to purchase.
If you’re a content marketer the message is clear: track, measure, analyze, and make sure you have the tools to do it.
Need even more detail? Read this comprehensive list of social media metrics that matter.
Understand your audience, create more effective content to engage and grow your customer base, and measure social media’s impact on your business goals.