It is no news that the lion’s share of the marketing budget goes to digital mediums these days. With more than half of the world’s population on social media, there is no way marketers can deny social media in their digital marketing strategy now.
Apart from developing and executing a proper social media strategy, it has become important more than ever before to track the effectiveness of social media strategy. That is where social media analytics comes in. It enables marketers to analyze the effectiveness of digital media campaigns and make appropriate changes to improve the social media ROI. Here we talk about why brands should consider social media analytics as an important factor in their social media marketing strategy.
What is Social Media Analytics?
Social media analytics refers to the process of analyzing how your social media accounts are performing. In other words, it is the process of measuring the performance of your social media pages. It allows you to understand the extent to which your social media pages are contributing to your larger business goals. Furthermore, it collects and analyses audience data shared on various social media platforms which can positively impact your business decisions.
You can set various metrics to assess your social media strategy on a macro and micro level. It enables you to understand the trends and tweak your social media strategy accordingly. It will help you quantify the ROI of your overall social media strategy, and for each campaign.
Multiple social media analytics tools are available in the market which help you track various metrics that matter to your business. By using the right tools and strategies, you can improve the effectiveness of your social media campaigns and make the most out of the resources you put towards social media marketing.
Why Should You Use Social Media Analytics?
Social media analytics tools help you collect and analyze a range of data. There is a wealth of information that you can analyze and derive valuable insights which will pave the way for business growth. Listed below are some of the common uses of social media analytics.
Measure The ROI
When it comes to social media, everything is trackable. You can measure the likes, comments, shares, and overall engagement of anything you post on social media platforms. By tracking the right metrics of your social media strategy, you can measure the ROI. For example, you can track the conversions that you got through social media marketing. Or you can plan retargeting campaigns for users who have shown interest and did not convert yet. If your efforts are not working as expected, you can make the necessary changes and improve the results.
Identify The Right Social Media Platforms
Not all social media platforms will give you equal benefits. Depending on your type of business and target audience, you have to choose the right social media platform that gives you the best outcomes. Social media analytics can help you in choosing the right social media networks for your business. You can monitor the engagement, traffic, and conversions that your brand gets from each platform. This way, you can focus on the right platforms that give you the best benefits and improve the effectiveness of your social media strategy.
Improve Your Content Strategy
With social media analytics, you don’t need to rely on hypotheses or assumptions when you develop your content marketing strategy. By using the right tools and monitoring the metrics, you can understand what type of content is effective for your brand. You can harness the power of social media analytics to develop a data-driven content strategy that aligns with your marketing initiatives. In simple words, social media analytics help you create better content that derives value for your business.
Better Decision-Making
Social media analytics can give you insights not only for your marketing strategy but also making better business decisions. For example, you can understand more about your audience and competition by deriving valuable insights from social media data. It can provide useful demographic information for improving your marketing efforts and strategic business improvement.
Get in Touch With Us
Data and analytics can help you improve every aspect of your business. At FCS, we have experts that help you unleash the power of social media analytics for your business benefits. Get in touch with our team today for optimizing your business strategy using social media analytics.