Social Media Metrics – Five Data Points Every marketer should measure
So you have setup some social channels for your business: Facebook, Twitter and Instagram. You have spent time posting, tweeting, responding to questions, following fans and engaging with your advocates. But how is it all going?
If you are engaging in social media than you should be measuring your activities.
There are so many metrics and so much data available. If you look at the Facebook insights for example – it alone has over 1700 columns of data ranging from your daily likes to post reach to comments and click. All this data and so little time!
More data does not necessarily equal better understanding – it just means more options – which can be a good thing. However the key to understanding how your social success is coming along is to line up the metrics that best suit your social objective. Today I am going to briefly look at 5 metrics that I believe every marketer should measure, and the good news is that it is easier than you may think!
One of the most basic ways to measure social success to through volume. How big is the conversation about your brand? This is a good start because people talk about things they are interested in. But volume is more than just counting tweets, posts and likes. You need to step back and see the big picture and measure the number of messages about your brand and track how your numbers change over time. In order to do this efficiently there are a number of listening tools available that do the work for you across all platforms, such as Nuvi. Facebook insights has many useful metrics, in addition to its many counters, but they only measure Facebook. To understand the full picture you should look across all channels including blogs, twitter and across the web. When you receive your insights you should be looking at what days and times volume is higher – and use that information to focus publishing more of your own post during these times.
Share of Voice
Not only should you track volume in relation to your brand but you should also compare your brand to your competitors. How does the conversation about your brand compare to conversations about your competitors? Determine what percentage of the overall conversation about your industry is focused on your brand compared to your competitors. That is your share of voice. Learn from your competitor’s success and failures. Social listening tools such a Nuvi are a great and easy way to measure your share of voice and allow you to see the growth or decline in your share of voice before it is too late.
Reach measures how far your conversation spreads. It is how many people have seen your conversation, post or tweet, and is a measure of the potential size of your audience.
Pick important action or engagement numbers like click, retweets, comments or replies and divide them by reach to calculate an engagement percentage. (Of the possible audience (reach) how many people participated?)
The easiest way to define sentiment is “detecting and understanding how the audience is reacting to a brand, either positively or negatively.” This is usually done by assigning whether comments are neutral, positive or negative and calculating the overall percentage. In today’s highly competitive listening software market, the inclusion of automatic sentiment analysis is fast being coming a deal breaker. There are some issues with auto sentiment allocation such as context, ambiguity and sarcasm, so when choosing a product, make sure the automatic sentiment analysis is able to learn, by that I mean when you correct some of the tags that the software may have assigned incorrectly, it starts to learn what you see as neutral, positive and negative, and make the necessary changes to the way it auto assigns. The use of sentiment must be taken in context. Even finely tuned auto sentiment analysis will never be 100%. But it will be enough to determine trends, what is liked more and what is likes less, and that can be a very useful metric to a product or services team.
Engagement is one of the most important metrics as it is essentially what all good social marketers strive for. How are people participating in the conversations about your brand? What are they doing to spread your content and advocate engagement with your topic? Metrics for engagement include retweets, shares, comments and replies. When deciding on the metrics that are important for your brand, consider are you more interested in spreading the message (retweets and shares) or are you more interested in generating interaction (replies, comments) or both. The next thing to look for is what types of content generate the most engagement? It may surprise you what people interact with, it may not always be what you would think. Use these insights to help you generate more content that invokes more engagement.
By using a combination of the above metrics on a weekly and monthly basis, you should be in a great position to see how successful your social activities are, and be in the position to make the necessary changes when things re not going as planned.
For more information on anything in relation to social, digital or mobile – or for some advice or assistance with your social media strategy or how to measure, feel free to contact us at Mighty Media Group for a no obligation chat about how we can help you. Contact@mightymediagroup.com.au.
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About the Author
Bruce Grant is the Chief Integration Officer at Mighty Media Group and has a wealth of expertise and experience with managing people and projects along with data, systems, workflows and technology. He oversees the company’s implementation and technology teams, driving transformation from social media and digital strategy, with a focus on inbound marketing, web development, sales enablement, SEO, social media marketing and campaigns, blogging, content creation, analytics and much more. Follow Bruce on Twitter @BruceJohnGrant or drop him an email anytime on email@example.com.