In an age of digital transformation, the way we communicate is constantly changing. The internet has opened up communication through technologies as simple as a VoIP router or social media, and as complex as chatbots. In 2020, businesses are utilizing these dynamic communication channels to build and strengthen customer relationships.

Social media is used by 3.5 billion people around the world. Not so long ago, it was simply a communication platform where users could share sporadic updates and regrettable photos. Nowadays, it’s an invaluable asset for business growth.

If you use social media, then you’ll have some idea of just how much information people share across various platforms. So how can you leverage all that information from social media to create data-driven marketing strategies?

What Is Social Media Analytics & Why Is It Important?

Social media analytics involves gathering and analyzing data from social networks (Facebook, Twitter, Instagram, etc.) and using that information to inform business decisions.

Data collected from social media analytics reveals how users engage with, view or share content. Tracking and analyzing social data can help marketers to identify high-performing content based on the audience, recognize trends on different platforms and track the overall effectiveness of a brand’s social media strategy.

Social media analytics is important in helping businesses to:

• Measure ROI: With the right analytics tools, marketers can measure their ROI and prove the impact of their efforts on business results.
• Make better strategic marketing decisions: Data-driven marketing strategies perform better. By allowing your data to drive future marketing decisions, you can focus resources and time on efforts that yield results.
• Compare performance against competitors: You can understand the context of your efforts by comparing them to competitors and performance averages.

Identify & Track KPIs For Different Platforms

Before you delve into using social media analytics, you’ll need to outline your key performance indicators (KPIs). Your KPIs help you understand how your efforts translate into business results. It’s crucial that you track KPIs in the following areas:

• Engagement: Clicks, shares, comments, profile visits, etc.;
• Reach: Followers/fans, impressions and traffic data;
• Leads: How many people are actually interested in your product or service; and
• Customers: How many leads become customers after engaging with your brand on social media?

Read more: https://www.demandgenreport.com/