Social media is a fast and constantly changing platform, and if you’re not talking about your Social media data then you could be setting yourself up for a big fall.
According to media website Visual Capitalist, in a single minute, the following happens online:
Now ask yourself this question, can you quantify what happens on your social media accounts everyday? If you can’t, then you’ve been using social media the wrong way.
There is a reason that companies such as Facebook, Apple and Google are building major data centers all across Ireland. Many are saying that Ireland will soon become the data centre capital of Europe, and this isn’t by chance. The amount of data that the major companies are producing is only going to increase over the coming years. This information rules every aspect of business, not just social media. Companies use data to create the most efficient ways of handling sales, employees, R&D etc, allowing them to analyze and improve on last years efforts. Looking as this, you can now see that when it comes to Social Media Marketing, data is absolute gold.
If a company launched a new product, how do they measure success? In layman’s terms, they look at the sales and customer insights…which is data! So how do you measure a social media campaign’s success? Data! See the trend here?
Types of Social Media Data
Now I typically look at Social Media data as being segmented into three areas: Mining, Raw Data and Intelligence.
- Mining is the process of collecting the data in the first place and transforming it into view-able content. This is the hardest part, but luckily for you, most Social platforms do this part for you.
- Raw Data is the above information, collected and ready to be presented. Again, this is already done for by the big platforms. They’re really making it easy on you.
- Intelligence is the process of analyzing this information and extracting key insights and recommendations from the raw data. This is where you come in. It’s actually not too hard to get a fair idea of your profiles progress from even spending five minutes looking at the raw data. From there you can take actions to start improving your statistics, and thus your social media as a whole.
Where and Why?
As I mentioned above, many of the top social media platforms provide you with all data that you need. Facebook has its Insights tool for business pages, Twitter follows with Twitter Analytics and so on and so forth. The built in tools give you the major information that you require. Instagram and SnapChat are the missing links with no built in data tools. That said there are many external tools for Instagram, such as Iconosquare, but as of yet we are unable to see any insights into SnapChat.
Still not convinced? Here are the main insights that you can learn from analyzing your data on Social Media.
- Analytics provide huge observations into your exact audience demographics, allowing you to make educated decisions on who exactly your marketing to.
- It allows you to examine what campaigns are succeeding and failing, and draw conclusions as to why.
- Discover what types of content fans are engaging with the most as well as to predict the sort of content fans will be interested in seeing.
- Allow you to track keywords and hashtags to better improve your content’s reach.
- Improve customer service by examining response statistics.
- Vastly improve the targeting of your online advertising.
- Examine the success of traffic being drive to your website for social media.
- Test and improve your content. By looking at the KPI’s of content (reach & engagement) you can determine how much of your content is working, and how you could improve it.
With so many benefits, why wouldn’t you start taking a more in depth look at the the Social Media Data of your accounts. For years, marketers struggled with presenting their work in measurable mediums – but with the information available to social media marketers can provide hard number on exactly everything that they’re doing.
Data in Practice
Companies are now using this hard data to make huge changes to their business. For example, IBM’s Watson can be used to analyze all of a company’s tweets – and tweets about the company – to discover problems and opportunities.
It doesn’t even have to be for the big issues either. For example, people tend to look at view-count as the main indicator of success on video content. User drop-off is the real KPI. Look at a video with 100K views. Successful video right? – But how many people that viewed the video stayed until the end. If it’s 5%, well then maybe that video was not as successful as you first thought. Data can help you to determine the exact success of anything on social. You just need to look at the right columns.
As social media moves forward, the amount and type of data available is only ever going to get deeper and deeper. You do need to understand this information to have a shot on keeping yourself ahead of the competition online. By taking a few minute each week to analyze how your profiles have performed, you can start making real strides to improving them tenfold.