5 Tools To Track Your Social Media Metrics
Social media is now held to the same standard as print and broadcast in the count of essential marketing channels for businesses. As such, your social media ROI needs to contribute to your bottom line.
The challenge is taking a look at your existing business goals and setting social media goals to complement them. For example, your business goal this quarter may be to generate a specific number of leads or it may be to increase your landing page conversion by 15%. And since social media is pretty top-of-the-funnel, the corresponding social media goals will probably revolve around increasing engagement and traffic to your site.
Social Media Metrics that Matter
So you are using social media to reach your business goals. Engagement is a great corresponding social media goal because it impacts a business three-fold.
- It increases traffic
- It grows brand awareness and builds a community
- It shows your voice
But “engagement” is not a concept as simple as the number of followers you have on Twitter or Facebook. It’s a fuzzy word digital marketers use to mean “interactions with your brand.” On top of this, you have to account for the fact that every social channel is different and unique in its own way and engagement isn’t the same for each.
So how can you measure social media engagement? And which tools do you use?
The most important social media metrics are touted to be:
– Conversation rate
This is the number of conversations per post. So on Twitter, this is the number of replies to a tweet and on Instagram, it’s the number of comments on any pin, post or photo.
– Amplification rate
In social media, any post that’s retweeted or reshared is, in essence, being amplified. So think of this metric as the number of repins, retweets and/or reshares a particular post garners.
– Applause rate
Every social network has a touch point to show applause. For instance, Twitter has favorites and Facebook has likes. Applause rate is based on this concept. It’s the number of “likes” a post gets.
– Economic value
This is, quite simply, the sum of short- and long-term revenue and cost savings.
– Relative engagement rates
And finally, should you ever wish to compare your conversion rate on Facebook as compared to your conversion rate on Instagram, this metric averages the number of conversations you accumulated per post per follower for each of your social media accounts.
How to Track Them
Once you establish your social media goals, the next step is to set up tools to measure the ROI on your social media. Measuring your social media efforts is critical to assessing whether or not you’re making an impact to the business.
To measure the ROI on your social media as well as social media success, there is a number of social media analytics software that you can use. Some to consider include:
A social media analytics software designed to help marketers get in-depth analysis and insights into their social media performance, Mondovo’s social tools include Facebook Analytics, Twitter Analytics, Facebook Competition Analyzer and Twitter Competition Analyzer. Access all your Facebook and Twitter data from one location and benchmark your performance against your competitors. With these tools, you will be able to keep a tight control over the nittiest, grittiest details that contribute to social media success.
– Facebook Analytics
View and assess the performance of your Facebook Fan Page. This includes but is not limited to measuring your page’s amplification, reach, impact and engagement trends, all in one place.
– Twitter Analytics
This tool is designed to let you view and understand your Twitter account performance. This includes but is not limited to measuring your account’s performance and engagement and keeping a tab on your followers, retweets, mentions and engagement trends. Measuring these metrics is essential to assessing the impact of your tweets on your audience.
– Facebook Competition Analyzer
In social media, it sometimes becomes important to benchmark your brand’s performance against competitors. With Mondovo’s Facebook Competition Analyzer, view and understand the audience and engagement trends of any Facebook page. This tool is designed to help you assess your position and relative performance compared to your competitors.
– Twitter Competition Analyzer
And finally, a tool very similar to the one we just saw above, if you want to analyze the audience, content and engagement trends of any Twitter account, Twitter Competition Analyzer is your solution. Stalking has probably never been this easy or this fun.
Offering 3 plans (Free, Pro and Enterprise), HootSuite is the preferred social media analytics tool of many marketers. With HootSuite, you can
– Manage your social assets
– Create engaging campaigns
– Find, track and nurture leads and customers
– Get to know your audience
– Be at the right place at the right time when your customers need you
Some of the products by HootSuite include:
– uberVU via Hootsuite: This tool gives you real-time data about your brand making it easy to track influencers, stories, trends and more.
– Analytics: Helps you get all the data about your social media outreach and displays it in comprehensive and easy-to-read reports.
– Hootlet: Lets you post to multiple social networks with one click. This saves time and extends your reach.
SocialMention is a social media analysis platform that allows you to easily view and keep a tab on what people are saying about you, your brand, a specific product or any topic across the web’s social media landscape. It monitors Twitter, Facebook, YouTube and quite a few other social media networks to provide a real-time social media search and analysis service.
With SocialMention, you can also set up an RSS feed, email alerts or even add a real-time widget to your website. SocialMention’s Realtime Buzz Widget, for example, is a tool you can use to view the latest buzz about you, your brand or a product over the web.
The social media revolution is here and if you are not measuring it already, Google Analytics can help you track the impact that social media has on your business goals and conversion with social reports.
– Social conversions
Google Analytics’ Conversions report lets you view the conversion rates and the monetary value of conversions that occurred due to visits from the social networks. This allows you to:
- See the impact of social media on your business goals
- Learn what content drives the most conversions
- Produce comprehensive results reports to articulate the value of social
– Social sources
This tool allows you to see which social networks and sites are sending you traffic. The significance of this report is that using the information in it, you can refine where you spend time and move your social tactics from “gut feel” to data-driven.
– Social sharing
Content that gets shared, wins. This makes tracking the sharing of your content a must. If you have Google “+1” and Facebook “Like” buttons on your site, it’s worth it to track which buttons are being clicked and for which content. Additionally, data about how communities engage with content off your site provides valuable insights into the reach and impact of your messages in the petri dish of social platforms.
Simply Measured is an analytics tool designed to give you in-depth measurement across your owned, earned and paid social media.
– Owned measurement: Measure the impact of your social media efforts and those of your competitors.
– Earned measurement: View and track what’s being said about your brand, keywords and hashtags.
– Paid measurement: Assess and analyze the impact of your social ad spend
With Simply Measured, you can access and analyze all your social media data from one central location. From there, you can identify what drives social media success, produce beautiful reports or use these insights to guide and/or drive your next moves.