Social media has evolved into a critical component of every business’ marketing strategy.
However, determining if the time and effort you put into various social media platforms is worthwhile is not always simple.
Analyzing metrics becomes essential in determining if your approach is working or needs to be tweaked. Essentially, it helps you to determine if you’re on the correct track.
However, assessing social media growth is not as simple as it appears.
Using improper measurements or parameters to analyze data might lead to conclusions that aren’t accurate or useful indicators.
Continue reading if you want to learn how to conduct a good social analysis. We’ll go through eight tips for measuring social media growth for your business in this article.
Let’s get right to it.
Why it is important to analyze your social media performance?
1- It enables you to make the necessary adjustments
You’ll learn what content produces the best outcomes if you track your social networks.
You may test if photos, links, or videos perform better on social media sites like Facebook and Twitter. You can see what types of images perform best on visual-centric networks like Pinterest and Instagram.
As a result, you may do social media research and reporting on a regular basis to determine which content is working best.
2- It allows you to know what social platform and type of content work the most
Not all social media platforms will be ideal for you. Just though Facebook and Instagram have over 2 billion and 800 million users doesn’t imply they’ll get the greatest outcomes.
Smaller networks, such as Pinterest or Tumblr, may be able to help you in better executing your social media strategy.
Experimentation and using your analytics to assess how much interaction, traffic, and revenue you’re getting are the only ways to determine which social networks perform best.
This information may be used to concentrate more on the social networks that are beneficial to you and to eliminate those that aren’t.
3- It gives you better data on your investment
Launching a social media campaign or plan can take a lot of time, effort, money, and resources.
This implies that your business incurs a cost, and you must determine whether it is delivering the outcomes you anticipated.
This can only be accomplished via research and data collection. You may then decide whether to adjust your strategy or stick with it based on the outcomes.
4- It helps you understand your audience
Using social data to better understand your audience may benefit you in a variety of ways. Analyzing your previous postings, for example, can assist you in determining when is the greatest moment to share. Another example may include implementing a point of sale system for small businesses in order to track your audience’s behavior.
The importance of timing in social media marketing cannot be overstated. Your posts will create more interaction, traffic, and purchases if you post when your fans are online and at their peak level of attentiveness.
As a result, you may analyze your social data and determine the optimum moment to publish on social media for you.
8 Tips on analyzing social media growth for your company
1. Start defining the structure of a report using a template
Getting statistics from each of your social media platforms separately might be difficult and provide you with a hazy picture of your social media performance.
As a result, it could be beneficial to prepare a report. We all know that writing a report from scratch takes a long time and is often challenging, especially if it’s your first time.
Fortunately, there are other options; you can make a report using these templates.
These templates allow you to generate a comprehensive summary of the goals you’ve met in a creative and appealing way that you can share with colleagues, business partners, and clients.
2. Check the right metrics
When analyzing the growth of your social media channels, one of the first things to keep in mind is to only look at the correct indicators.
If you don’t think about the correct measurements, you can end up with mediocre reports and conclusions.
So, these are the most important social media metrics to consider:
- Impressions – the number of times a post shows up in someone’s timeline.
- Reach – the number of users who see your content, even if they see your content multiple times.
- Audience growth rate – the speed at which your number of followers grows.
- Engagement rate – it includes the number of likes, comments, and shares on your content.
- Click-through rate – the percentage of times a user sees a link to your content and clicks on it to get your website.
- Account mentions – the number of organic mentions, like @mentions that aren’t part of a reply.
- Influencer metrics – social media-related data factors that, when added together, provide a formula for determining the success and quality of Instagram and social influencers.
3. Don’t take into consideration brief periods of time
You shouldn’t judge your social media progress just on the basis of a short period of time.
This is because looking at short periods of time may include transitory growth, which isn’t a true reflection of your long-term growth plan.
Thus, in order to obtain a clearer and more exact analysis, it is preferable to investigate longer periods, such as comparing two months or extending the analysis throughout the year.
If your research is focused on the performance of a particular piece of content or campaign, then the short timeframe of reference may be important to consider.
4. Identify the content type and format that stood out
Your social media study should also look at the kind of content you shared throughout the course of the reference period.
Although this may not provide a direct indicator of your channel’s growth, it will allow you to discover the kind of material that produced the most interaction and appreciation from your audience and reuse it in your next campaign or plan.
So, look at the number of likes, comments, shares, CTR, and any other relevant metrics for each piece of content you published within the time period under consideration, and make a note of the ones that performed well.
5. Put social listening into practice
Practice social listening as another excellent approach to assessing your social media progress.
Listening to what others are saying about your brand, products, or services online is known as social listening. It lets you gain insight into your target audience, their perspectives, and their behavior.
Social listening may help you figure out if your social media strategy matured and provided the objectives and goals you set out to achieve at the start.
So, if your goal was to raise brand awareness and reputation, monitoring what people are saying about your company on social media will help you determine whether or not you succeeded.
You may also use social listening to better understand what your audience wants and generate content that fulfills their demands. You may automate the process of social listening using tools or perform it manually.
6. Take a look at your competitors
Although monitoring and studying the social media accounts of your rivals isn’t a direct predictor of your social media development, it may still be beneficial.
Analyzing the channels of your competitors will give you a sense of their popularity and success across the various channels.
Comparing your results to those obtained through competition analysis can help you determine whether you need to enhance your social media strategy or whether you are succeeding.
7. Analyze the traffic and conversions coming from social
The more traffic your website or app receives from social media, the more evidence you have that your social media channels are expanding and producing favorable outcomes.
As a result, it may be worthwhile to examine all of the traffic and conversions generated by social media outlets.
8. Use a social media analytics tool
Manually performing all of the analysis might be a lengthy procedure, and you may not have the time to devote to it in most circumstances.
If this sounds like your situation, you might want to think about other options, such as social media analytics tools.
You can run, measure, monitor, and evaluate your social media growth with tools like Ainfluencer, Hootsuite, Mentionlytics, BuzzSumo, and others.
These technologies, in particular, enable you to track the effectiveness of your social media initiatives across different channels for multiple profiles and sites. Surprisingly, you may also monitor the social media activity of your competitors.
Analyzing your social media growth is essential to optimizing your content and strategy.
Not performing this activity might result in a loss of time, energy, and money.
As you can see from this blog article, there are a number of methods you can use to optimize your analytics process, like employing templates to create reports and leveraging social media analyzer tools.
Thank you for taking the time to read this blog post. Hopefully, you found it informative and helpful.
If you want to read more, please check out this article on influencer marketing analytics: eight key metrics to track performance.