What is marketing analytics?
Social media analytics is gathering data from social networks, such as audience demographics, and finding meaning to support business decisions.
Why is data important for marketing?
Social media and ads metrics are important because they provide audience insight to measure the campaign performance, without them you would have no idea of how they are performing. A great marketing strategy is an ever-evolving blueprint. Monitoring your strategy's success should guide your efforts for the next stage. This is how you will grow your business.
Analytics can also run a competitive analysis, which helps business owners get a leg up on their competition.
How to use data to get to know your marketing audiences
Social media analytics tools report back to you with informative data and actionable ideas like user engagement to optimize post times, what hashtags and content they are responding to, and so on.
Try out our AI platform to reach more of your target audience in real-time.
What you should be monitoring in your marketing campaigns
If you want to take your marketing efforts to the next level, monitor these two critical data areas: your social media metrics and your competitors.
Monitoring competitors
While competitive research takes time, identifying your competitors and learning about their previous actions can help save you time and money by sidestepping the need for trial and error.
Below is a list of helpful tools to help you conduct a thorough competitor analysis that will show you what others are doing right and in turn, gain the edge you need to propel your business forward.
- SEMRush: This tool allows you to obtain traffic numbers and ad keywords for your competition, so you can use them to develop your marketing or advertising strategy.
- Auction Insights Report On Google Ads Campaign: Use this tool to see other domains that enter identical Google Ad auctions at the keyword, campaign, and ad group level. It can also compare your ad visibility with other advertisers.
- SimilarWeb: Use this tool to gain insight into the monthly traffic of your competitor, as well as which channels attract the most visitors and where those users come from.
- SpyFu: This tool helps you find your competition's top paid keywords and monthly cost-per-click (CPC) costs for their PPC campaign. You can then use this data to decide which keywords need to make the most of your ad spend.
- iSpionage: If you already know who your top competition is, this tool will show you their best performing keywords for PPC keywords on Bing and Google, as well as organic impressions. You can also find out how much they are spending on their PPC campaigns to help improve your Google Ads conversion rate and keep ad spending low.
- KeywordSpy: Not only does this tool give you access to a competitor's domains, ad copy, Google Ads spend, and keywords, but it also gives suggestions on keyword/ad combos that seem lucrative.
A list of common social media metrics
Every social media platform provides you with a set of data. The data provided are social metrics, showing how users interact and find your posts and account.
In addition, this data shows you how effective your social media strategy is. By tracking this data, you can monitor the progress of your social media strategy. You can also gain insights on how to improve your social media strategy.
Here are four metrics that will immediately improve your online sales and marketing strategy.
- Engagement metrics
- Follower growth
- Sales
- Your best (and your worst) performing content
Engagement metrics
Engagement metrics on social media tell you how users interact with your content and how often they interact with your account. Every platform has engagement metrics. For instance, Instagram has shares, likes, reposts, and saves, while Twitter has retweets, likes, and replies.
A high engagement rate indicates your users are responding well to the type of content you are pushing out. Conversely, if you have a low engagement rate, it is an indication that you need to create more compelling content.
Need to create more compelling content? Try something different. Experiment with visuals and storytelling, and mix your content formats with reels and videos. Track your engagement metrics as you test and play, monitor the likes, shares, retweets, comments, mentions, and saves.
Is tracking your follower growth important?
Tracking your follower growth isn't solely about how many followers you have. It is also about measuring your audience growth rate, as in the speed at which you gain new followers.
Tracking follower growth lets you know if you are reaching new users. It indicates if your content is entertaining and compelling enough to convert users who come across your content into followers.
Follower growth will also reveal if your content is captivating enough to retain your current follower base. If you have low follower growth, we recommend running paid ads to increase your reach and improve the content you push out. Here are some tips for this.
How to track sales from social media
As a business, the goal of having a social media account is to showcase your products and services to increase sales. Therefore, tracking this metric is vital for determining if your social media strategy is working.
Generating sales from your social media channels shows you have gained the trust of your followers and that your content is compelling enough to convert them from followers to customers.
If you aren't generating sales from your social media channels, we recommend pushing out more content to build trust between your brand and your followers.
How to find your best-performing content
It is vital to track all of your content to determine what works for your audience. What makes it a hit amongst your followers?
- Is it the content format type?
- Is it the visuals?
- Is it your storytelling style?
Do your users respond more to promotional, informational, or fun engagement-centred content? When you know this, you can replicate it in future posts.
The role of insights and recommendations
There is a ton of valuable data, specific to your business, that is available to you. Powering your marketing campaigns with this data will ensure you are making the best possible decisions for your business growth and long-term success.
Give Metigy a go and experience less struggle and more growth with social media analytics on what your audience loves about your content.
The role of AI in marketing strategy - recommendations and insights working around the clock to save time and never miss an opportunity.
Successful business marketing is all about responding to change with innovative problem-solving. Every business and its challenges are unique, but the need for an answer is always last Wednesday. Here is where AI data plays a significant role in the success of a marketing strategy.
A marketing strategy backed with a minute to moment data specific to your brand will see you beating competitors to the punch.
There are many layers to how AI can help business owners improve their performance and bottom line. To get the best results, you need to provide direction. Artificial intelligence and machine learning are nothing but data without us. It cannot exist and function properly without the human touch to inform its ones and zeros. When AI is used to total capacity, the results and the answers you need to move forward are immediate.
Reporting on marketing analytics can be difficult and time-consuming, let Metigy automate it for you.
