Brands are targeting audiences on social media. That’s obvious. But, how are brands measuring success on social media?
Brands need to understand what numbers make sense to analyze in social media. Frioux said the number one mistake is thinking within the application (“likes,” favorites, comments, etc.). In reality, the goal should be making your audience aware of your brand and introducing your brand to a second audience who has no idea who you are.
But remember, some targeted groups will be missed when using social media; it is only possible to reach people on a platform or network — and many times it requires a person to “like” or follow a brand (unless paid advertising is being utilized).
Frioux warned members to be aware that, although the analytics may be similar, tools use various algorithms for calculations and the algorithms change frequently.
He said it’s important to know if changes in results are actually changes in talk, buzz or interest about a brand because most software is missing what is happening in the real world.
Frioux’s Tip: Be methodical about what metrics you choose to evaluate.
The most common social media measurements can be sorted into two groups:
- Direct measurements (actions) — followers, shares, favorites, “likes,” re-tweets, etc.
- Secondary measurements — reach, engagement, impressions, etc.
Reach-the number of unique people who have seen content associated with a specific brand or product
Engagement-the number of likes, comments and shares
However, the number one metric is SALES. Comparing sales to other measurements can answer the question, “Is social activity leading to a higher conversation rate and more sales?”
Frioux referenced Avinash Kaushik, who said, “We do not measure to manipulate the metrics. We measure to know if we are adding business value.”
Social media analytics should GUIDE our business decisions — what will increase revenue, decrease cost and boost confidence?
Kaushik suggests four new social media metrics (find a link to Kaushik’s blog post in Frioux’s suggested references):
- Economic Value
In addition to considering using Kaushik’s proposed new metrics, Frioux suggested members check out the following:
- Ready Pulse’s“Social Media Analytics Primer”
- “The Complete Guide to Facebook Analytics” from Simply Measured
- “Best Social Media Metrics: Conversation, Amplification, Applause and Economic Value” by Avinash Kaushik
If you have any other tips or references on social media analytics tell us about them in the comments below.