Real-time social analytics provides insights into campaigns focused on engaging target audiences on timely topics and events while they are actually happening. These real-time opportunities, enabled by the development of social media and other instant communication technology, can be leveraged by brands as a way to get an edge on their competitors.
Social media is the fuel behind the huge boom in real-time marketing and support. Here, companies are able to join and contribute to real-time conversations about their company, products, and related issues.
Real-time tracking is all about owning relevant conversations and gaining consumer attention by producing content on timely events and topics as they unfold. In order to do this effectively, it is necessary to have up-to-date data insights to get the most out of real-time analytics. This data is not just for the brand, but for competitors as well, so the campaign strategy and content can be adjusted to find engagement opportunities the competitors may have missed.
Once your analytics data is set up, you can identify the real-time marketing analytics KPIs you’ll use to find out how well your campaigns are performing and to prove ROI. You’ll want to focus on metrics that measure the success of different marketing activities around a real-time initiative, including content, social media, and web performance.
A key metrics you can track to measure your social performance is Share of voice on different social channels. Real-time marketing analytics can help you evaluate how well your brand is owning the attention of consumers compared to your competitors by tracking share of voice (SOV).
SOV is measured by using a share of interactions (SOI) graph, also known as an area chart, to visualize the number of interactions your brand receives on a marketing channel versus your competitors.
Here’s looking at 7 ways to step up your social media analytics
1. Don’t just track link clicks, track click-through with bounce rate
Track the bounce rate of website visitors who came from social networks, and compare that rate to website visitors who visited your site directly, arrived from Google, or arrived from any paid advertising campaigns. If your social media bounce rate is lower than those other sources, it means that you’re targeting the right people on social media, and the traffic you’re driving is more valuable to the business.
2. Don’t just track conversations, join them
Social media managers need to track more than just the number of mentions and conversations. There is no point in replying to a stale discussion which has reached its logical conclusion and the participants have dispersed. Joining a conversation before it goes viral can land you a goldmine. Doing this, once again, puts social up against other marketing channels like search or display ads, in order to determine the real value for your business.
3. Don’t just track mentions, track social share of voice
Mentions are important because they indicate how much people are actually talking to, and about, your business on social. But social share of voice details what percentage of mentions within the industry is about your brand and what percentage is about the competition.
4. Don’t just track comments, track conversation rate
A better way to report on this metric is by calculating your conversation rate, a metric coined by Avinash Kaushik, author and digital marketing evangelist at Google.
Your conversation rate is the ratio of comments per post to the number of overall followers (or Page Likes) you have. This helps you determine how much of your audience is compelled to add their voice to the content you post on social. Or as Kaushik puts it, “Is what you are saying interesting enough to spark the most social of all things: a conversation?”
5. Don’t just track shares, track amplification rate
Kaushik offers a similar metric when it comes to tracking shares. Instead of only tracking the number of times your content is shared on social, your amplification rate measures the ratio of shares per post to the number of overall followers (or Page Likes). By following you, these people have already shown a willingness to associate themselves with your brand, so you’d expect them to also actively share your content as well.
6. Don’t just track likes, track applause rate
Likes are also valuable social media currency, but not when they’re being reported as a stand-alone metric. Kaushik suggests tracking your applause rate instead, the ratio of likes per post to the number of overall followers (or Page Likes) you have. Again, this will provide the context needed to make likes more than just a vanity metric. Your applause rate will let you know exactly how much of your audience is finds your content interesting (or not).
7. Don’t just track numbers, track leads
Leads generated by social are one of the most important metrics you can track, since they can be directly tied to revenue. If you’re trying to prove social media’s value to your business, delivering a fresh batch of warm leads is a surefire way to turn the right heads.
Brands need to look for the “real” moments happening now that engage their audiences on relevant, timely events. On your part, you can prove your brand is at the leading edge of trending topics using the right metrics in real-time marketing analytics.
Checkout this cool infographics on The Growing Impact of Social Media On Sports: https://bettingsites.me.uk/sports-on-social-media/
Tags: Analytic Tool, Digital Marketing, Konnect Insights, Social Media