When it comes to social media today, there are so many platforms, features, types of ads and other variables that it’s challenging to know which kind of traction and return you’re getting from your efforts. Without tracking your results, it’s difficult to know what is and isn’t working with your campaigns. Social media analytics for agencies is especially vital when you’re working on behalf of businesses that want to see results.
Focus on the Right Numbers
Data is everywhere these days and there are innumerable tools to track all kinds of metrics. What really matters, though, is concentrating on the numbers that are relevant to your goals. The same data may be extremely important for one campaign and far less so for another.
While there are legitimate reasons to be wary of “vanity metrics” such as follower count and likes, they can be important depending on your objectives or those of your clients. These types of stats are actually the easiest to track and it would be a mistake to over-emphasize them. For example, a Facebook page may be getting lots of likes but little engagement otherwise, hence few conversions. However, data such as traffic, views, likes and followers are relevant for campaigns designed to build brand awareness.
Total engagement is a helpful metric that’s relevant to all businesses and marketers. Total engagement includes all actions connected to a post such as clicks, likes, shares and comments. On the other hand, it’s a broad number that you may need to break down into specifics. If you don’t have a tool that calculates total engagement, you can find it by making a spreadsheet and adding up all the metrics you want to include.
Calculating ROI on Social Media
When businesses invest in social media, they want to be able to calculate their ROI. This isn’t a single metric, but an overview of how well their investment in time and/or money is yielding. It’s not always a simple matter to calculate ROI. You need to consider quite a few variables.
- Identify your goals. If you want to measure success, you must start out with some tangible goals. Agencies should discuss what their clients are interested in achieving, which may include brand awareness, leads or sales.
- Calculate your investment. Investment may include paid advertising campaigns and money paid to the agency for organic campaigns. Other possible outlays include purchasing social media analytics tools, upgrading to LinkedIn premium, buying images or having videos made. You also should count the time spent by you or your employees spent creating social media content.
- Track results from paid ads. Calculating results from ads is the most straightforward as you simply divide the campaign profit by the cost.
- Track results from organic actions. In order to keep track of results from your posts and other organic content, you need a way to identify visitors who take action. You can do this by issuing coupons and promo codes specific to different social media channels.
- Track in-store visits. For businesses with brick and mortar locations, it’s important to track how many visits result from social media campaigns. Encourage your in-person visitors to bring in your coupons or promo codes or simply tell your sales associates where they heard about you. Employees, in turn, should keep a record of this information, especially when it results in sales.
Use Analytics to Drive Your Content Strategy
The whole reason for analytics, of course, is to learn what type of content gets you the most engagement and the highest ROI. You can study various aspects of your campaigns, both paid and organic, to help you decide what to post in the future. This includes:
- Subjects. Which topics provide the most engagement?
- Best times to post. This may vary from one social media platform to another. It may also vary from one campaign to another if you’re targeting more than one demographic.
- Formats. It’s good to post content in a variety of formats such as text, photos, videos, memes and infographics. Track what types of content your audience prefers. However, if you find that photos get you the most engagement, that doesn’t mean you should only post photos. Everyone likes variety.
- Influence of posters. Influence is a tricky yet important metric that goes beyond simple numbers such as clicks, likes and shares. Two people may like and share your post, but they may have vastly different levels of influence. When you recognize influencers, you can take steps to engage with them and connect them further with your brand.
How to Identify Influencers
Not everyone with a large following is an influencer. There are various ways to get followers on Facebook, Twitter and other social platforms that have nothing to do with actual influence. Conversely, true influencers don’t necessarily have huge followings. Some are only well-known in select niches. Here are a few ways to find influencers:
- Google. An influencer will probably show up on Google. You can, at a glance, see some of the person’s channels and possibly what others are saying about them.
- Klout assigns a certain score to every social media user. You can’t, however, always take such scores literally. A newer influencer or a micro-influencer in a small niche may not have an impressive Klout score.
- Use the search function on social sites. On Twitter, for example, you can see someone’s latest tweets and what kind of engagement they’ve gotten.
- Follow trends. Using Google Trends or apps such as TrendSpottr you can find the latest trends as well as influencers in any niche or industry.
Look for ways to partner with influencers so they’re motivated to provide even more value. Share and comment on their content, review their books, interview them for your blog or podcast. You can also arrange for an influencer to take over an Instagram page or YouTube channel for a time.
Making the Most of Social Media Analytics
Social media analytics for agencies can be a complex process as you identify the most relevant metrics and take the appropriate actions based on what you learn. Gathering data is necessary. What counts even more is knowing which data is most relevant to you at any given time. Then you can use this information to create more profitable campaigns for you and your clients.
To find out how Sysomos can help your agency drive increased revenues through social analytics products and services, request a demonstration today.