Social Media has been around in the industry for quite some time..With Brands worldwide jumping in the pool of Social Media marketing, there comes a need to measure the efforts of the Paid,Owned and Earned Media for the Brands.Social Media Analytics can help you with building a measurement framework around your Brand and it’s efforts on Social Media. Analytics helps you measure your KPI’s against the goals set by you for using Social Media.You might be doing Social Media for the following purposes:
- Brand Awareness
- Sales/Lead Generation
- Social Outreach/Customer Support
Below are some of the metrics with the help of which you can execute a framework to measure your Brand’s success:
- Social Footprint:
Social Footprint is nothing but the total number of fans/followers/subscribers you ave on your social channel. This can help you determine the number of people you can reach on a direct (first level) basis and are interested in your updates (That is the reason they have followed you in the first place). Keeping an eye on this number can help you determine your Fan Growth Rate and analyze it with your competitors to gauge where you stand. But, please remember, Having a million fans alone is not going to help!
Your overall reach is something which can be combined with your own fans on Facebook,Twitter and all the networks you are present on along with the second level reach (Friends of Fans, Followers reached via ReTweets, people talking about you indirectly on blogs and Twitter). This can give you an overall impression about how your conversations are being reached out to people and if it is reaching out to the right set of people.
- Sentiment and Share of Voice:
So your brand is reaching out to 10 million people? Awesome..But are they talking positive about you? Sentiment analysis helps determine the ratio of your Brand’s positive to negative sentiment ratio. And as we do have tools like Radian6 and Social Mention and a gazillion other tools doing a decent job for us in that,you don’t have to manually scrub out all the data to find out meaningful conversations anymore.
Share of Voice is your conversation share as compared to your competitor’s on a brand level or a product level. It can be used for a pre-post campaign analysis/product launch to see if the campaign has indeed impacted your SoV in a more positive manner for the Brand.
Engagement is not just the People Talking About figure on Facebook. It can be any action which the user takes willingly in context to the Brand and it’s posts on all the social channels.Engagement is a pretty important metric to gauge the percentage of fans who are actually participating in your conversation and actually care to do any of the following:
- Like your posts
- Comment on your posts/blog articles
- Share your posts
- View your Photo
- Play your Video
- Reply to You
- Mention You on Twitter
- ReTweet you
- Click on your link
- Download a file
in no logical order. There might be many more actions on many different platforms, But these are the ones we generally see users doing day in-day out. Engagement shows interest from the consumers point of view, and if you lack engagement you know your content strategy is lacking somewhere.
And then there is negative engagement which if on the higher side lets you know that either you are spamming your consumers too much or your content truly sucks!!
- Report Spam
- Negative Feedback Users on Facebook
- Impact to Your Brand:
Your engagement level decides the end user response your brand is going to get. The overall impact to your Brand is the most important thing to measure and you cannot measure the same unless you define the goals for which you are using social media.
- How much traffic does social media bring to my website?
- How many people buy from my website via Social?
- Are there any leads generated through social recommendations?
- Has Social increased my Brand’s awareness?
- Am i providing support to customer queries through Social Media?
- Have i improved my Brand’s perception through Social Media?
These are some of the questions you may ask yourself and set your goals accordingly. There can be just one purpose for you or all of them ( The longer the list, the more resources/dedication you will need).
There are tons of metrics and tools which can help you get started (Do look at the wealth of data Facebook insights provides in downloadable excel for once). Don’t try and get lost in the definitions and metric values,Try and generate value out of those metrics for better actionable insights.
Which are the metrics you consider important for your Social Media measurement? Do let me know in comments..