Social Analytics Decoded: Tips for Measuring Your Brand’s Social ROI

So, we’ve talked about the importance of brands being on social media, the dos and don’ts of follower growth and how to take photos for increased engagement – but, once your profile is launched, how do you measure, sustain and grow response? Analytics are an incredibly important piece of the social marketing puzzle – a crucial component that informs strategy and drives ROI. Comprised of quantifiable data, including likes, shares, followers, comments and clicks, social analytics tell a story, highlight what’s performing and what isn’t, and help brands develop content that actively reaches and engages key audiences. Social analytics not only provide numerical data on performance and engagement, they also speak to brand identity and the larger conversation that’s happening around your brand. Monitoring this data over time, identifying key trends and pinpointing areas of improvement will shore up your response marketing strategy so you can establish social media leadership and drive conversions today.

Now that we’ve explained how social media analytics can impact your response marketing strategy, let’s delve into how you can start obtaining the right type analytics for your social media presence. Right now, there are approximately 2.8 billion social media users around the world and, as a result, the social media analytics market has seen a boom in popularity and investment. According to a study conducted by Markets and Markets, the social media analytics market is expected to grow from $2.23 billion in 2016 to $9.54 billion in 2022, and this jump has coincided with the development of third-party analytics. There are a variety of services that facilitate scheduling and implementation, track engagement and follower growth, monitor competitor social media activity and compile reports on multiple social platforms. Simply Measured, which was acquired by Sprout Social in 2017, Sprinklr, Sysomos and Hootsuite are both prime examples of third-party, social media management services that can streamline your social media strategy.

Whether or not you choose to pay for third-party assistance, there are a few musts you should incorporate into your social analytics report. While types of analytics may vary slightly from channel to channel, there are some consistent factors you should look for when monitoring social performance. Follower growth, clicks, impressions, likes and comments should be the baseline of your analytical report. From there, you can move into more granular territory, looking at top-performing posts, popular hashtags and paid versus organic reach. All this information gives brands key insights into what types of posts and keywords garner the most visibility on social platforms, which only heightens the efficiency, reach and impact of social strategies.

Another important element to keep in mind while compiling social data is your KPIs, or key performance indicators. If social media was a body, KPIs are the vital signs. These goals will vary depending on your brand’s currents wants and needs, but they all typically provide a tangible way to measure ROI. This can be a touchy subject because, in the world of social media, results can be notoriously difficult to pinpoint. That said, if you’re looking in the right places and running the right numbers, measuring KPIs can be done. An example of a more high-level, long-term KPI could be “My brand’s social media accounts will see a 25 percent increase in follower count over the course of six months” or “a 50 percent increase in engagement over the course of a year.” Single posts can also provide measurable performance data – a brand that is interested in promoting an event on social can tally clicks, shares and geofilter tags, if applicable; social video performance can be measured in shares and views. In addition, you should also be looking at comments and hashtags to see how many people are discussing your brand and gather intel on how the public perceives your brand in the social space.

In analyzing social media performance, one thing to remember is that it’s not a “one and done” situation. Social media is fast-paced and fluctuates daily, and this ever-evolving landscape requires moderators to constantly check the numbers. At Orange Label, we are always monitoring our clients’ social accounts, keeping an eye out for likes, comments, shares and other forms of engagements. On top of that, we create monthly analytical reports to gauge how KPIs are progressing over time. Being proactive about checking social data allows us to quickly identify trends and adjust our strategy accordingly, so our client accounts are always top performers.

There’s no denying that social media has become integral to response marketing strategies. As the number of users grow to upwards of 2 billion globally, brands are jumping on the opportunity to reach this vast pool of consumers in a way that spurs conversation and inspires connection. Hootsuite notes that 48 percent of Americans have interacted with companies on at least one social network and 41 percent of Americans say its important these companies have a strong social presence. Social media analytics keeps brands at the forefront of social media leadership by making KPIs quantifiable and attainable. Calling attention to your social media account’s strengths and areas of improvement is the first step in strengthening your response marketing strategy. And, looking beyond the numbers, strong social media boosts brand reputation, adds a layer of authenticity and enhances credibility, which are all necessary in establishing the industry leadership your brand needs to thrive.

To learn more about social media marketing, analytics and Orange Label’s social media capabilities, click here.