Social Media Analytics
Analytics is the process of discovering, communicating, and interpreting meaningful data that can be used to make business decisions or to improve business performance. However, when it comes to analytics, many people think that it can only be used to forecast sales, understand trends, or strategize for new marketing techniques. But, analytics is not so limited and can be used in social media!
Most e-commerce businesses do most of their advertising through social media, but how do they know what posts are doing better than others? As mentioned, analytics can be used to gather analytical patterns and trends to create a story that can help guide business decisions, and marketing strategies. Before analyzing any statistical data, you must first identify your business goals. Having a clear understanding of what your business is trying to accomplish is a great way to find the purpose of your data.
Once you have identified your primary goals, you must determine your key performance indicators (KPIs) that best align with your business objectives. Listed below are a few examples:
Engagement: comparison of owned, earned, and paid media
Sentiment: how the public reacts to your brand/products/services
Conversation: how are social media strategies influencing your sales and revenue
After gaining a clear understanding of what your brand needs, it is time to start measuring and analyzing. There are many websites you can use for social media analytics to help you gather the information that you may need.
Now, it is time to tell your story. Your story should be able to answer the following:
- The problem/what you are trying to solve
- What can be improved?
- How can it be improved?
Social media analytics should be used to interpret meaningful data and to tell a story of how to solve and prevent current and future issues. In addition to this, you will gather information to make wise business decisions.