From Impression to Conversion: The Importance of Social Media Analytics
As a result of my undergraduate and research studies in Kinesiology, I have become very much accustomed to a reliance of data when seeking to understand research findings and their implications for a given topic. By not focusing on metrics that provide context to findings, it becomes very difficult to justify and interpret results. Additionally, knowing your target goals enables one to focus on what’s really important at a given moment in time. This same principle of dependence on appropriate analytical measures to provide context and meaning extents beyond science into the realm of social media management. Given the vast majority of statistics and information available both on native platforms and third-party tools, evaluating KPIs and goals to determine what metrics are most important creates a foundation upon which one can evaluate the success level of a social media campaign. Every goal needs a related metric. Maximizing success is a function of understanding social media analytics: a process which cannot be ignored.
Similar to a scientific research study, social media professionals are presented with the opportunity to utilize metrics that both demonstrate the value and provide justification for their work. The number of likes and comments on a given string of posts are not to be overlooked, but such “vanity” measures fail to take into account much more important metrics such as awareness, engagement, conversations, and conversions. Social media channels serve as an extension to help brand and business achieve their bottom-line objectives. Such a task involves an investment of time and resources, as well as a strong understanding of what’s working and not working. Accurate decisions regarding this matter cannot be made at face value. Social media analytics are not OPTIONAL to this understanding, they are REQUIRED. By placing value in this process, businesses are benefited greatly. Not only will their social channels begin to thrive, they will likely see an increase in conversions as defined by objectives. Additionally, considering the end goals up front allows for professionals to both save time and improve ROI. These analytics have the potential to make business more profitable, streamline the process of understanding content permeation, and provide more accurate tracking of consumer leads and conversions as a result of a social media campaign.
A more obvious sign that social media analytics are important simply comes as the result of social platforms such as Instagram, Twitter, Facebook, and LinkedIn offering complimentary content statistics regarding impressions, likes, engagement, etc. However, oftentimes these metrics are not enough. More thorough analytics offered by external companies can help a business achieve better results. In the end, incorporating social media analytics into a campaign is essential, and failing to do so can ultimately be the difference between overall success and failure.
Continuing the thought I presented earlier, understanding goals, both short and long term, will enable professionals to determine which metrics are relevant in order to receive accurate information and save time and resources. When creating a Social Media Dashboard or Report, identifying key metrics creates a decluttered, simplified space to accurately measure success. This implies that the metrics relevant to daily performance may not be as important when considering the weekly and/or monthly success of a social media campaign. If I were creating a daily report for myself, I would focus on impression metrics such as like, comments, and shares. When considering daily performance of content, these statistics provide context to the instant, immediate reaction to content. From a marketing standpoint, creating these so-called “touchpoints” are crucial if one is to see conversions down the line, and, although people scrolling past a post is not ideal, knowing the amount of impressions a post received can help one understand how content is received.
After a week of consistent posting in correspondence to a social media campaign, a shift from impression metrics to engagement and awareness metrics such as profile visits, number of clicks on post links, post reach, and net follower gain or loss can clue one’s immediate boss into a more comprehensive overview of content performance and permeation. While understanding daily and weekly performance is important, a lot of potential for success lies in creating a monthly social media report that is more comprehensive and provides a more overall picture that immediate trends may fail to identify. In addition to impression metrics such as likes and shares, I would also include metrics such as audience growth rate, click-through rates (CTR), social media conversion rates, cost-per-click (CPC), customer satisfaction (CSAT) score, and net promoter score (NPR). To summarize, daily reports would place emphasis on impressions, weekly reports emphasize engagement and awareness, and monthly reports summarize consumer behavior and conversions.
I hope from reading this one might see the value and need for social media analytics. For anyone in pursuit of maximized performance and optimized ROI, identifying the appropriate metrics in line with goals and KPIs is a surefire way to increase the effectiveness and success of any social media campaign.
