A Guide To Making Social Media Analytics Work For Your Business
There are 4.8 billion social media users worldwide. With so many people using these platforms, social media has become a vital tool for a wide range of businesses, whether in the retail or service sectors, to market their brands and grow rapidly.
In this digital age, businesses who stay up with the trends stand to earn a slew of benefits from social media, while those who opt out risk falling behind. However, success in social media requires more than just creating a page and doing the bare minimum of posting.
If you are a business owner looking to level up your marketing efforts, you are in the right place. In this guide, we will uncover the role of social media analytics in digital marketing success and the key metrics to track your performance.
What are social media analytics?
As a social media user, you’re already familiar with how the platform operates. However, there is more to it than posting pictures and sharing memes. Beneath the surface, there is more to how content performs.
Social media analytics collects and analyzes data from various social networking platforms to examine how customers engage with content on these sites. For businesses, it serves as a barometer for measuring the impact of a content and understanding your target audience’s behavior, interests, and preferences to make strategic business decisions. Think of it as a compass to guide your social media journey.
You may have questions like, How can my brand get recognized and cultivate a following? What makes a post go viral? Am I posting at the right time? If you want to get the best results in social media, listen closely to what the analytics tell you.
Why should you analyze social media analytics?
From increasing brand awareness, driving website traffic, and boosting sales, analytics hold the answer to how you can get closer to your goals and succeed online. Here are some more reasons why measuring analytics can benefit your business.
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Social media analytics reveal a lot about your competitor’s strengths and weaknesses. Review their content and user engagement rate (likes, comments, shares, retweets, etc.), compare their performance on each platform, and monitor their keywords and hashtags.
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Trends are ever-evolving as customer behavior changes. Staying up to date with trends is key to success. Having a clear picture of what messaging your target audience resonates with helps fine-tune your social media approach and create content that is a hit.
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Social media analytics can help businesses determine who supports or purchases a product. This information is essential in tailoring a strategy that caters to this audience.
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Data gathered from analytics can be used to evaluate the efficacy of your campaigns. It gauges customer sentiments based on how they interact with your promotional content.
This is a gateway to understanding customers’ impression of your brand and spotting the gaps in your product or service.
What are the key metrics to track?
Now that we understand the significance of social media analytics, let's explore the common metrics you'll encounter.
Engagement - This metric shows how the audience interacts with your content by quantifying the number of likes, comments, shares, saves, mentions, etc. Experts say a good engagement rate is between 1% and 5%. A high engagement rate means your campaign gets your audience's attention and is considered valuable.
Reach - Refers to the number of unique users who have seen your content, comprised of a percentage of followers vs. non-followers. It is a crucial indicator of your brand visibility and the number of people who come across your content.
Conversion Rate - This shows the percentage of the audience taking action after interacting with your content, whether it's making a purchase, signing up for a form, or downloading a report. The most critical metric demonstrates how a social media campaign effectively leads the audience to the marketing funnel.
How can Digital Jewels Co help?
Every business aspires to dominate the social media landscape and launch compelling campaigns. Digital Jewels Co is a one-of-a-kind digital marketing specialist that understands your goal and knows what it takes to craft content that meets the mark.
We’ll look at your metrics in-depth and implement a social media strategy that yields the best returns, allowing you to focus your efforts where it matters the most. Consult with Digital Jewels Co to discuss how we can optimize your social media strategies.