Social media Analytics: just one more thing you have to take the time to learn, right?
It’s really not so hard for social media, and understanding social media analytics is key for measuring ROI.
- Conversation rate – How many “comments” or replies a social media post receives
- Amplification rate – How many times a post gets shared
- Applause rate – How many “likes”, +1’s, etc., a post receives
- Economic value – The value of the visitor to your site
The four benchmarks listed above were adopted from a groundbreaking article by Mr. Kaushik entitled Best Social Media Metrics. The article was so influential that it inspired a group of developers to create an online analytics tool that easily calculates the four metrics.
Warning: This next part sounds a bit sales-y. But it’s describes a free online tool that I gain nothing from promoting.
The social media analytics tool is called True Social Media Metrics, and it has received endorsement and praise from Mr. Kaushik, who updated his article to mention it.
It’s a one-screen, cloud-based tool as pictured above. The red arrows in the example show the buttons that connect to your social media accounts, sometimes automatically through the browser, but occasionally you’ll have to enter in account data.
The blue box with the star outlines the most important metric – Economic Value. To arrive at this value, the tool connects to your Google Analytics account.
For those who are completely new to analytics, setting up your Google Analytics account to define goals may be the hardest part of this process. Basically, when people get to your, they will do different things worth different values. For a complete how-to on goal setting, I recommend this article by Sprout Insights.
Setting all this up can literally take less than two minutes if your Google Analytics goals are already in place. As well, there’s really no better way to calculate ROI than by taking Mr. Kaushik’s advice, which inspired the free social metrics tool.