Week 7 – Post 1 Measurements of Success

Social Media Metrics

A company possessing content on social media networks is provided with a substantial amount of data, having access to information about how the content is received and acted upon is of significant value.

As data gets larger, more ubiquitous, and more social, this data is considered important to the business. One has to identify exactly what social data is relevant and hence analyse exactly what that data means. There are numerous metrics, tools, and services to help make sense of the business’ social data.
A practical procedure would be to, seek out rates and variations in metrics and avoid overemphasising simple counts and totals. Luke Chitwood of TNW, highlights five of the most vital social media metrics that should be tracked.

Reach

Metric to track: Audience Growth Rate
Tracking benefit: Directly connect social media data with business’ profits
Related metrics: Audience Growth, Total Followers

Engagement

Metric to track: Average Engagement Rate
Tracking benefit: Make engagement numbers meaningful and actionable
Related metrics: Reach, Overall Engagement, Audience Growth Rate

Acquisition

Metric to track: Visitor Frequency Rate
Tracking benefit: Optimise targeting of new and returning visitors
Related metrics: Click-Thru Rate, Impressions from Social Media

Conversion

Metric to track: Assisted Social Conversions
Tracking benefit: Directly connect social media data with business’ profits
Related metrics: Last Click (Direct) Conversions

Activity

Metric to track: Customer Service Savings
Tracking benefit: Show impact on business’ bottom line
Related Metrics: Customer Service Costs, Social Media Posts

The above mentioned social media metrics are explained in more detail here: http://thenextweb.com/socialmedia/2013/10/29/5-social-media-metrics-business-tracking/#!yFz9c

Social Media Analytics

Measuring + Analysing + Interpreting interactions and associations between people, topics and ideas.

Social media analytics is a potential mechanism for gathering data whereby discovering customer sentiment dispersed across numerous online networks. These permit a company to identify sentiment and trends thus enhancing users’ needs. Such analytics are used to engage customers in response to their feedback. Furthermore, mine customer sentiment in order to support marketing and customer service activities. The increase of social media has been accompanied by the creation of tools to analyse the affect of the social media activities. For a company building its online presence, social media analytics tools are crucial.

The initial step in a social media analytics initiative is to determine which business goals the data that is being gathered and analysed will benefit. Typical objectives include increasing revenues, reducing customer service costs, getting feedback on products and services and improving public opinion of a particular product or business division.
Once the business goals have been identified, key performance indicators (KPI (Definition: http://en.wikipedia.org/wiki/Performance_indicator)) for objectively evaluating the data should be defined. For example, customer engagement might be measured by the numbers of followers for a Twitter account and numbers of reTweets and mentions of a company’s name.

While researching social media analytics, I came across this infographic that sums up what have been said on social media analytics.




Social Media Analytics
Social Media Analytics

References

http://www.svmsolutions.com/online-marketing/how-to-measure-social-media-marketing-success/

http://thenextweb.com/socialmedia/2013/10/29/5-social-media-metrics-business-tracking/#!yFz9c

http://en.wikipedia.org/wiki/Social_analytics

http://venturebeat.com/2013/12/20/top-10-social-media-analytics-tools-the-venturebeat-index/

http://blog.hubspot.com/marketing/social-media-metrics-ceos-cares-about
http://searchbusinessanalytics.techtarget.com/definition/social-media-analytics

http://en.wikipedia.org/wiki/Performance_indicator

Infographic source
http://socialmedia-angels.com/2011/05/08/infographic-social-media-analytics-guide-tools/

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