How to Leverage Social Media Marketing (SMM) Data to Increase ROI
Data is the currency of the 21st century. Companies and brands across the globe invest huge amounts in the tools, personnel, and equipment necessary to collect, derive heights and analyze from the near-infinite pool of available consumer data.
Since social media platforms have been exploded in popularity over the last decade, many marketers have questioned its usefulness as a marketing medium and source of actionable user data. With questions like “How much revenue did my Facebook post has generated last week?” so it has become difficult to quantify the real bottom-line benefits of social media.
What Is Social Media Data?
Social Media data helps to get data of the various indicators as per user preferences, behavior, and engagement across the social media platforms. In simpler terms, it is the aggregated information from the various social media accounts that shows you how your audience shares, views, and engages with your content.
So, here are some of the ways to check metrics:
- Follower growth/loss
- Video views
- Link visits/clicks
- Hashtag usage
- Keyword usage and analysis
- New page visits
While on the other hand, there might be some other metrics as well to consider, the above are the main data points that are core to your marketing strategy.
4 Tips for Using Social Media Management Analytics to Increase ROI
In this section, we are going to look at some of the tips to help you glean the most insightful information from your social media data and, subsequently, increase your revenue.
- Define common Key Performance Indicators (KPIs) across all your social media platforms
For seasoned digital marketers, this goes without saying. Remember when we said that key metrics are similar across the major social media platforms? This is when it comes in handy.
You must need to figure it out what the shared core performance metrics are across all your active social media accounts. This will even allow you to compare your marketing campaign's performance on an even footing between these platforms.
2. Social media data collection and platform-specific metrics
In contrast to the previous point, platform-specific metrics are those that only exist on a particular social media platform. This might be due to differences in layouts, features, and available user actions.
3. Leverage Google Analytics to complement your social media data analytics
Now we are going to be on the more technical side of things. Apart from the social media analytics, Google Analytics is a useful tool when it comes to high-level data collation. As an advanced innovative tool, you can leverage its power to find out about product sales, leads generated, resource downloads, site visit durations, and much more.
4. Use social media data to segment your target audience
By this point, now you should have an idea of how to collect the essential data from your numerous social media accounts and even check your competitor's advertising strategy.
Social media is increasingly ubiquitous, and that means you cannot afford to ignore it as a source of audience insights and marketing medium. It can revolutionize your business approach to content marketing, product branding, customer support, and some other key business areas when used properly. Moreover, there is an array of social media analytics data tools to help you.