What is Analytics?
The process of analyzing, communicating, and interpreting significant patterns of data from large data is known as Analytics. The analytics helps us to convert large data into meaningful data and insights that can’t be used to make better decisions.
What Do You Understand By Social Media Analytics?
The collection of metrics and data that help you track your overall social media presence is known as Social media analytics. This will also help in optimizing engagement around your paid and organic social media efforts. This will also help marketers get to know which type of social media content is best to resonate with their visitors so they can make strategies accordingly.
Types Of Social Media Analytics?
There are numerous types of social media analytics available that will help to find different data and information along with guiding your marketing strategy. Below are six main types of analytics that you will read.
1. Performance Analytics
To measure and track the overall performance of your social media efforts, the first type is performance analytics. Several social media metrics are included in this like:
2. Audience Analytics
Audience analytics is the second type in the list of social media analytics. This will help you in finding your audience demographics and making sure that they match your target audience. Audience analytics are like:
3. Competitor Analysis
Competitor analytics is another important type of social media analytics. This analysis will be helpful in keeping an eye on your competitors. What is the engagement rate of your competitors and how many followers do they have? This tool is very useful.
4. Paid Ads Analytics
When you pay money for social media posts, you need to make sure that they are working well. This is the reason paid ads analytics come in handy for your business. Here are some important analytics that you need to measure.
- Number of ads that are active
- Click-Through Rate (CTR)
- Cost-per-click (CPC)
- Cost-per-engagement (CPE)
- Cost-per-action (CPA)
- Conversion Rate
- Total ad spend
To give you all this information, every social media platform where you run ads will have its dashboard. But you need to create a spreadsheet to maintain and track ads.
5. Influencer Analytics
To prove ROI, tracking and measuring the success of partnerships is important if you’re running influencer marketing campaigns. Here are some points that you need to keep track of:
- Total posts created for each influencer
- Total number of interactions on each post
- Audience size per influencer
- Use of hashtags and engagement
Why Social Media Analytics Are Essential?
From planning campaigns to strategizing ideas, social media analytics help marketers with several tasks. Some of the important benefits are listed below:
1. Proving And Measuring ROI
To prove and measure the ROI of your social media marketing efforts, your social media analytics can be beneficial. Track your social analytics to view how your content is performing each time you run a new social media campaign. Proving ROI through analytics becomes easier in two ways, i.e., URL shortening and UTM tracking.
2. Comparing Performance Against Competitors
Businesses and brands must compare themselves to their competitors to track real success. You will get key insights from benchmarking and it will also enable you to view how you stack up against competitors.
The process of pinpointing the trends before they get mainstream and closely keeping an eye on your social media analytics is called trendspotting. In identifying what type of content you should post more, the social media stats can be a great aid if you analyze them properly.