Social Media Analytics
Social Media Analytics is the new fancy term used to measure your traffic and interactions online. In today's environment, there are lots of free platforms that allow you to track your performace. Google Analytics is the most popular and robust example or web analytics. Free to use, Google Analytics tracks all of your traffic, traffic sources (many of which might be social media referrals), pageviews and a host of other critical information that is important to your website's success. Most platforms provide analytics for free, showing data in graphs and over specific time periods with progress bars. Hashtracking is a free social media analytics tool that is a great way to track the performance of a #Hashtag that you created for an event or brand. Yet more important than having the information is understanding why we measure and analyze.
Social media is all about organic interaction. Like every social situation, it is unique to the audience with which this interaction is happening. In order to understand this, I suggest observation and experimentation. Number of posts per week, curated v content ratio, persona to speak from, customer service availability, and many other factors in your social media strategy depend on knowing how to observe the outcomes of trying different approaches.
With this understanding, we can increase organic interaction and have visible success. Analyzing the relationship between interaction and ROI is often very difficult. Making the connection is possible, but the information is better used to understand the audience than understanding the ROI. The data will also give you insight into how much you should be investing. Some industries require a lot of activity and attention, other very little.
This can save you money by prioritizing funds correctly. Many qualified and reputible sources have conducted studies and analysis on their own showing a great connectiong between social media investment and marketing success. Trusting the detailed experimentation to professionals is a wise choice when time and manpower are limited.