Social media analytics can be tricky. With many analytic systems to choose from and numerous metrics, even the most skilled marketer can get confused. Social analytics are important for any business because they track and determine the company’s online performance and digital landscape. Analytics provide organizations with the insights needed to drive the company forward in social media and product strategy.
If you’re a B2C company, you’re likely on Facebook. The social network features a number of metrics you can utilize to increase performance and generate a higher social media ROI. However, if you don’t have a solid social media strategy in place, these analyses can be insignificant. If you’re making Facebook part of your marketing mix, here are three useful metrics that focus on branding, social impact, and competition.
Reach: Social media’s forte is about extending reach to a relevant audience. For businesses on Facebook, this is pivotal in brand management and in the collection of audience insights. According to Social Media Examiner, many marketers have a difficult time understanding this Facebook metric.
Quick Tip: After you export your Facebook data, you can “find the number of fans reached in your post-level export file in column T of the Key Metrics tab. You determine the number of fans you reach organically by subtracting the total in column V for Lifetime paid reach of a post by people who like your page from column T” (Social Media Examiner).
Competition: An important variable in tracking and measuring social metrics is knowing how you compare to your competition in order to gauge best practices and less than average efforts. Facebook’s Share of Voice (SOV) helps brands to understand their voice in the industry and in comparison to their competitors. You can access social media tools such as Radian6 and Social Mention to track how often your company and competitors are mentioned on the social web, including Facebook.
Impact: While reaching a wide audience is always a great ego stroke, a strategic social impact is necessary in connecting with a targeted audience for your brand. A more productive approach to brand management and metrics is boosting brand awareness while also ensuring the right audience reach. This is most effectively tracked through impact metrics. According to Business Insider, “in Facebook Insights, ‘engagement rate’ has now replaced ‘virality’ as the main measure of engagement. Engagement rate includes all clicks on a post.” For example, “if someone clicks on a photo to enlarge it, it’s weighed the same as a like” (Business Insider).
Understanding social metrics is the first step to improving your social performance as well as developing a comprehensive social media strategy. The better you become at assessing key performance indicators and most relevant metrics, the more prepared you will be to respond to your customer’s demands, in addition to keeping up with social trends. While this may require a greater investment from the marketing team, the rewards are higher in the overall improvement of social media efficiency.