“Social media analytics is the practice of gathering data from blogs and social media websites and analyzing that data to make business decisions” (Rouse, 2013).
Using metrics is beneficial in driving changes to an organization’s social media campaign. "Different networks have different metrics, as well as different methods of analyzing those metrics, however, there are three characteristics that can be determined for almost every network and can help identify areas in need of improvement" (Turner, 2013):
• page views generated
• following/reach
• sentiment
Week Seven Discussion Questions:
1) Why is it social media analytics important for your company or organization?
2) Do you feel that is it important to track your competitor’s social media activity? Why or why not?
3) Explain how each of the above mentioned characteristics can be measured and utilized to make business decisions and ultimately build a strong social media presence for your company or organization.
References:
Rouse, M. (2013). What is social media analytics? - Definition from WhatIs.com. Retrieved October 11, 2015, from http://searchbusinessanalytics.techtarget.com/definition/social-media-analytics
Turner, J. (2013, November 17). An In-Depth Guide on Calculating the ROI of a Social Media Campaign. Retrieved October 11, 2015, from http://60secondmarketer.com/blog/2013/11/17/in-depth-guide-calculating-social-media-roi/
Tori,
ReplyDeleteGreat questions! I love how these are so relatable to real-world examples.
Social media analytics are important for any company or organization, regardless of size, goals or budgets. Especially as platforms such as Facebook evolve and develop the data available – companies are able to extract valuable information regarding engagement, demographics and creative messaging. This is especially important as it can help contribute to tracking for ROI or share of voice when in comparison to competitors.
By tracking engagement – a company can evaluate which messaging or posts were effective. This helps narrow down imagery, words or messages that are most effective with the market. By tracking demographics – a company can constantly stay ahead of any shifts in patterns or trends with the target market. Social media is also the ultimate listening tool for brands, where page managers can help monitor the opinions of consumers – including anything they are either pleased or displeased about in relation to the company. This alertness can serve as a warning system in helping to solve any disasters before they become viral or larger problems.
Tracking a competitor’s social media activity is a fantastic low-cost way to have an inside look at any possible trends, plans or actions in relation to the market. Assuming competitors have similar markets, tracking their social media accounts can help give insight into what other brand’s may be doing right or wrong in comparison to your own strategies. Companies can use this information to act on opportunities, correct issues that are familiar to their own tactics or even avoid making the same mistakes.