How to Measure Social Media Marketing Performance | Social Media Analytics

Social media analytics are imperative to measure and improve every marketing strategy. These analytics will provide an inside look at your social channel performance and how you are reaching your marketing goals.  

Consequently, you can have better, more data-driven ways to improve your marketing performance. However, here in this article, we will learn about What Is Social Media Analytics and its Types and how to measure and improve your marketing performance with analytics.  

So, here we go: 

What is Social Media Analytics and its Types?  

Social media analytics is all about collecting and analyzing data from social media platforms to assess the effectiveness of your marketing efforts. It plays a primary role in shaping your social media marketing strategy. It will also help ensure that your campaigns align with your business objectives.  

Types of social media analytics: 

Below are the types. 

• Descriptive Analytics

This social media analytics type provides a reflective view of social media data. It includes metrics like likes, shares, comments, and follower counts. Descriptive analytics helps understand your social media presence's current state and identify popular content. 

• Diagnostic Analytics  

Diagnostic analytics goes a step further by examining why certain events occurred. This social media analytics type helps identify the factors that contributed to changes in your social media performance. For instance, it can uncover the reasons behind a sudden spike or drop in social media engagement. 

• Predictive Analytics  

So, predictive analytics uses historical data to forecast future trends and outcomes. This social media analytics type helps make informed decisions about different aspects of social media strategy. These aspects typically include content creation, posting schedules, and audience targeting. Predictive analytics can suggest which content will perform well in the future by analyzing patterns.   

• Prescriptive analytics  

This advanced form of analytics not only predicts future outcomes but also offers recommendations on achieving desired results—these analytics assist in optimizing social media strategies by suggesting specific actions to improve engagement and reach. 

“Success on Social Media depends on Building Relationships and Adding Value.”    

What is Social Media Analytics & Its Types: Importance of social media analytics.  

Here is why social media analytics matter for your marketing performance: 

• By examining data such as engagement rates, reach, and conversions, you can make better decisions about what content resonates with your audience. 
• Social media analytics provides a clear picture of your campaigns' performance. It allows you to determine strengths and weaknesses. So, you can replicate successful strategies and improve areas requiring attention.  
• Understanding your audience is key to delivering relevant content. Social media analytics provides insights into your followers' demographics, interests, and behaviors, helping you tailor your messaging to their preferences. 
• About 61% of social media marketers struggle to prove ROI from their campaigns. 

Measuring return on investment (ROI) is crucial for assessing the profitability of your social media efforts. Social Media Analytics data can help you determine the actual value generated from your campaigns.

How to measure and improve social media marketing performance? 

After learning about Social Media Analytics and its Types, it is time to know how to measure and improve your marketing performance using these analytics.  

So, here we go: 

Determine your social media goals.  

The first step in any social media analytics journey is defining your goals. Your objectives will shape your entire strategy and help you determine which metrics to track. Common social media goals include: 

1. Increase Brand Awareness 
2. Boost engagement  
3. Increase sales 
4. Drive web traffic 
5. Generate leads 
6. Improved customer service, etc.  

Choose key social media metrics to track.  

Then, you must focus on the right metrics to effectively evaluate your social media performance. Here are some key metrics that you should focus on in your social media analytics: 

• Volume  

Measure the rate at which your follower count is increasing or decreasing. Steady and consistent growth is a positive sign here.  

• Reach  

You can measure the reach of your social media posts in two ways. It includes: 

1. Impressions: The total number of times your content is displayed to users, regardless of whether they engage with it.  
2. Reach: The number of unique users who see your content. It provides insight into the size of your potential audience. 

• Engagement  

Engagement can be measured by considering the following things: 

1. The number of times users like your content, indicating their interest or approval. 
2. The number of user comments on your posts reflects engagement and interaction. 
3. How often do users share your content with their followers, extending your reach? 
4. The number of users who click on a link or CTA in your post leads them to your website or landing page. 

• Web Traffic 

Increasing web traffic is one of the critical focuses of social media marketers. According to 27% of social media marketers, web traffic is a high-priority metric.

Web traffic metrics, such as click-through rates (CTR) and website visits from social media, quantify the number of users who click on products or website links in your social media posts and visit your website. 

• Share of Voice  

Your brand's share of the conversation in your industry or niche compared to competitors. This metric helps gauge your brand's visibility and influence within the space. 

• Mentions 

The number of times your brand is mentioned on social media. These can be direct mentions or indirect references. 

• Lead generation  

The percentage of users who take a desired action, such as signing up for a newsletter or filling out a contact form. 

Track performance on each platform individually. 

Different social media platforms may yield different results. So, tracking performance individually for each platform you use is crucial. For instance, your audience on Facebook may have distinct preferences and behaviors compared to your audience on Twitter or Instagram. Therefore, tracking their performance on each platform individually can give you a better idea of how your marketing campaigns are performing.  

Get to know your audience better using social media analytics. 

You need to understand your audience thoroughly to create content that resonates with your audience. Social media analytics provides insights into your audience. For instance: 

1. The age, gender, location, and language of your followers. 
2. The topics, trends, and subjects that engage your audience. 
3. How often and when most of your audience is active on social media? 
4. Whether your audience prefers videos, images, articles, or other content formats. 

Such insights will let you craft content that speaks directly to your audience's interests and preferences. 

Learn your social media marketing campaigns' strengths and weaknesses.  

You can use these analytics to analyze your past campaigns to identify what worked and what didn't. Here, it would be better to pay attention to factors like:  

• Content Types 

Determine which types of content (e.g., videos, infographics, blog posts) received the most engagement and generated the best results. 

• Posting Times 

You can also identify the optimal times and days to post content to maximize reach and engagement. 

• Campaign Objectives 

Social media analytics will let you assess how well each campaign met its goals, whether it was increasing brand awareness, driving traffic, or generating leads. 

• Audience Segmentation 

Above all, you can also analyze whether specific audience segments responded better to particular campaigns or content. 

Compare your social media analytics with competitors.  

Social media analytics can also let you benchmark your marketing performance against competitors. The comparison will provide you with valuable insights.  

For instance, you can analyze your engagement rates, follower growth, and share of voice compared to other businesses in your industry. This comparison can help you identify areas where you excel and need to improve.  

Target your social media marketing content on trends and audience interest.  

It is crucial to stay current and understand your audience's interests regarding your social media content creation.  

Fortunately, you can use social listening tools to monitor conversations and topics trending within your industry or niche. You can capture your audience's attention and keep them engaged by aligning your content with these trends.  

• Create Trend-Related Content 

Once you've identified relevant trends, create content that ties into these topics. It could include blog posts, videos, infographics, or social media posts that offer your unique perspective or insights on the trend.  

• Use Trending Hashtags 

Incorporate trending hashtags into your posts to increase visibility. However, ensure that the hashtags are relevant to your content and brand. Avoid using unrelated trends solely for exposure, as they can be inauthentic.

• Engage in Conversations 

Participate in discussions related to trending topics. Engaging with your audience by quickly responding to comments, answering questions, and offering expertise can help establish your brand as a thought leader.  

• Stay Consistent 

Keep monitoring trends and updating your content strategy accordingly. What's trending today might not be tomorrow. Consistency in keeping up with trends demonstrates your commitment to providing valuable content. 

Adjust your brand messaging to your audience.  

After knowing everything about social media analytics & its types, you know it can reveal how your audience perceives your brand. You should pay attention to sentiment analysis, which measures whether mentions of your brand are positive, negative, or neutral. If you notice a negative sentiment, consider adjusting your messaging or addressing customer concerns to improve your brand's image.  

Choose the right time to post on social media.  

Your social media posts' timing can significantly impact their visibility and engagement. You can use analytics data to determine when your audience is most active on each platform. Then, experiment with posting at different times and days to find the optimal schedule for reaching your target audience.  

Improve your customer experience.  

According to a Statista report, about 81% of United States consumers quit a brand they have been loyal to with just two bad experiences. 

Social media analytics can help you track response times and identify areas for improvement. You can then establish benchmarks for response times based on industry standards and customer expectations. Track how many customer inquiries or comments receive responses. You should strive for a high response rate to demonstrate your commitment to customer engagement.  

Final Thoughts 

So, that's all for social media analytics & its types and how to use these analytics to improve your marketing strategy. However, you must remember that tracking social media analytics is an ongoing process. You should regularly monitor your chosen metrics, track your progress, and adapt your social strategy based on your collected data. Continuously test new approaches, content formats, and messaging to discover what resonates best with your audience. 

Resource:

Creating a Winning Social Media Strategy: Tips and Best Practices