What is social media analytics?
Social media analytics is the process of collecting and analysing data from social media channels to gain valuable business insights. The data for social media analytics is sourced from multiple social networking sites, including Facebook, Instagram, Twitter, YouTube, LinkedIn, and Reddit.
Why do you need social media analytics?
Social media analytics helps businesses to quantify the impact of their digital marketing campaigns and improve strategic decision-making.
Marketers use social media analytics to get a deeper understanding of customer sentiments, expectations, and behaviours. Tracking social media metrics gives them real-time insights into their organisation’s performance and helps them align their digital marketing campaigns with customer preferences.
With social media analytics, companies can:
- Understand customer response to their offerings
- Identify the high-value features of their offerings
- Understand the demographics and habits of their target audiences
- Gauge audience response to their digital communications
- Spot emerging trends
- Evaluate the performance of competitor brands
What metrics does social media analytics track?
Below are the key metrics that companies track with social media analytics:
Performance metrics help organisations to measure the effectiveness of their social media marketing campaigns. They include tracking -
- Click-through rate to check whether embedded links are effectively driving traffic to the company’s website
- Follower count growth to verify if there is a consistent increase in the number of followers
- Interactions across platforms to gauge audience engagement
Companies track brand mentions across various social media platforms to analyse how consumers perceive their business, product, or service. With sentiment analysis, they can assess if the audience sentiment is positive, negative, or neutral and make the necessary changes to their brand image.
With AI tools, companies track the demographics and habits of their audience and predict customer behaviour. This helps them to develop more targeted advertising content.
A competitor analysis compares the impact of a business’s social media strategy with that of its competitors. It reveals the company’s strengths and weaknesses and uncovers potential threats and opportunities in the social media space.
Brands commonly leverage the popularity of social media influencers to improve their reach and performance. Influencer analytics tools enable them to measure the impact of their influencer campaigns. Some important influencer metrics to track are –
- The number of interactions per 1000 followers
- Frequently used hashtags
- Likes, comments, and shares for an influencer post
- Increase in brand mentions and website visitors after an influencer post goes out
- Traffic and conversions from social media
Paid social media analysis
Paid advertising on social networking sites is a crucial part of digital marketing. AI tools can track the success rate of advertisements across all social media platforms. They can also predict which content has a high probability of performing well, reducing financial risks in marketing. The crucial paid social media metrics to monitor are:
- Total ad spend
- Number of active social media ads
- Number of clicks
- Cost per click
- Click-through rate
- Cost per engagement
- Cost per action
- Cost per purchase
Business benefits of social media analytics
Using social media analytics enables businesses to:
- Build brand loyalty
- Build thought leadership
- Improve the quality of their products and services
- Enhance customer experience
- Gain a competitive advantage