It’s undeniable that social media creates many opportunities for any type of business. According to Review24, 60% of social media users use social media platforms to seek out product and service recommendations from their friends.
If you are a business owner and you are not tracking your social media engagement and you’re not utilizing that information to get better, what’s the point of posting on social media at all?
In this article, we will discuss how to use your analytics in order to improve your business.
What is social media analytics?
Social media analytics provide data based on various parameters set by the user, such as social media traffic, engagement, and social referrals. These metrics can be used to see how social media campaigns have been performing and if there is a need for improvement.
You can use Facebook, Instagram, TikTok or Pinterest’s native Insights or Analytics tool or use third party apps like Crowdfire to track or audit the effectiveness of your social media strategy.
What are the key social media metrics you should be tracking?
1. Social media engagement rate
What people talk about your brand matters a lot. Social engagement rate is the ratio of social media posts that get social responses and social shares to social media posts published in a specific time period.
In order to assess if you have a good social media engagement rate, you can see how many of your followers take actions to promote your business or share your posts. Social media analytics tools can tell you how many times your fans have shared or retweeted your social media post.
2. Click-through rate
CTR or click-through rate indicates how many people click your social media post. CTR social media metrics can give you an idea of how applicable social media posts are to the social audience.
3. New user acquisition rate
Are new users attracted by your social media presence? This metric indicates the number of newly acquired social followers for a specific social network social account.
4. Facebook Page likes
The social network with the most active and engaged users is often also the social platform that you use most for social campaigns. Facebook post likes can provide you with indirect information on how effective their social media campaigns are.
The frequency and quality of social shares can give you an idea of how well social content performs on social platforms. If social media engagement rate is the only social media metric you are tracking, share numbers can be a good complementary social media metric.
6. Subscribers or Email leads
Your social media presence is not complete without social subscribers and email subscribers who are more often than social followers brand loyalists. Your social post reach shouldn’t be limited to social users only but include your social audience who are looking for social content on social platforms.
7. Website traffic
Every social media post has the potential to drive social users back to your website as social referrals and page views. Usually, social clicks only make up a fraction of total web traffic because user engagement is low and most social users are only social browsing on social platforms.
8. Social media ROI
In order to maximize the results of your social media campaigns, you have to know which social network marketing channel delivers the best social network ROI. S ocial media analytics platforms can help you understand how social media marketing drives business value and helps to achieve your business goals.
These social media metrics help you better understand how your social media strategy is working out. As social is an important part of the overall marketing strategy, you need to be tracking social engagement rate and its correlative social media metrics at least once a week.
Improving your business with the help of social media analytics
The social metrics listed above are also crucial for any brand’s overall social and social engagement strategy. When you have the data in front of you, you can make informed decisions about how you can better connect with your audience and improve their brand experience.
Here are some of the ways social media analytics can help your business:
- Strengthen your brand image
It’s important that when posting on social media, brands have a specific purpose. Whether it is trying to improve customer service or improve sales, you have to create a strategy and be consistent.
Using social media analytics, you will be able to determine if you have low social media engagement. If you don’t have followers engaging with your posts, it can affect how people see your brand as a whole.
In order to boost your engagement rate, you can improve the quality of your posts, improve the experience of your audience by responding to their comments or messages, and improve the performance of your content by knowing exactly when they need to be posted.
Being responsive in social media also helps establish your brand as a credible company in the marketplace. Consumers who are convinced of the social credibility of your brand will be more likely to trust that your products or services are effective.
- Expand your reach
Through social media analytics, you will uncover the posts that help you generate more views, and it literally just takes one viral post to reach millions of people at once. Since social networks are a major source of social news, you can use your social media page to position your brand as an expert in the industry.
This way, when people search for topics related to your business on social media, social news and social networks, they will be exposed to your social media marketing strategies.
- Improve sales
A report from social media giant Facebook states that social media plays a critical part in business growth and development. It revealed that social media engagement had an impact on increased sales conversion rates.
Social media engagements were found to be 1000% better than paid social media ads. This is because social media users are already interested in the products or services that social pages are promoting.
Since social media is inherently social; it involves interacting with real people who prefer social interaction over traditional advertising methods when they are trying to buy something. Integrating your overall sales strategy into your social media campaigns can help accelerate the growth of your business.
There are a lot of other benefits when you have an effective social media marketing strategy in place. One thing is for sure: social media is good for businesses. As a business owner, you just need to know how to make use of the data that’s available to you in order to boost the effectiveness of your social media marketing campaigns.