We often talk about ways to be more effective with your inbound marketing efforts; however, just as important as implementing a well-devised plan is measuring your success. Fortunately, there are a number of social media tracking tools available to track and analyze your various web and social metrics. In a recent article in The Globe and Mail, some successful young entrepreneurs outlined some of the their favorite social media tracking tools, and we wanted to share a few with you below:
At the goal line
Thoughts and opinions on sales, marketing, social media, digital content, technology and social business.
How can you assess the success rate of your social media strategy if you are not taking advantage of inbound marketing analytics? Well, without this data, you really can't. Surprisingly, most companies that arm themselves with this information choose to only monitor the basics: traffic and leads. This leaves a lot of powerful information on the table that could make a tremendous impact on the way that they market their businesses.
According to HubSpot, businesses should take a deeper look at the following key marketing metrics to position their brands to stay ahead of the game:
To assist with goal setting and progress tracking:
In a recent post regarding the top social media trends of 2013, we discussed how businesses are using Pinterest to generate quality leads and closed sales. According to comScore, Pinterest users typically spend more money, more often, and on more items than on any other mainstream social media site. For this powerful statistic alone, businesses absolutely need to have an active presence on Pinterest; however, keep in mind that Pinterest may not be the ideal marketing outlet for every business or industry. One example of a business that has been wildly successful on Pinterest is Real Simple as the company offers a number of DIY projects that appeal to the typical Pinterest user.
In the past, one of the biggest challenges of using Pinterest for business purposes was measuring the success rate. This has since changed though as Pinterest recently announced the launch of its free analytics tool for all users with a verified business account. By accessing the analytics tool on the top right corner of your screen, you will be presented with a plethora of pretty pictures and powerful data to help you assess how successful your social media marketing strategy is using Pinterest.
The amount of data provided by the new analytics tool can be overwhelming at first, which is why we wanted to take a moment to share what you can learn from these metrics (courtesy of HubSpot):
It could be argued that social media has become the most popular way to communicate on both a personal and professional level. With over a billion members on Facebook and 500 million on Twitter, there are a lot of open conversations happening via the Internet, providing powerful information and statistics for marketers to take advantage of. The challenge is sifting through the never-ending pile of information and trying to make sense of it. For this reason, the concept of big data has emerged.
What exactly is big data? Perhaps it is best defined as the massive amount of rapidly moving and free available data on the Internet that can provide extremely valuable information to the marketplace if broken down and divided into key statistics. Some examples of how big data has provided value in the past include an articulated breakdown of tweets in the 2012 presidential election to determine voter sentiment and e-commerce companies such as Amazon improving its customer service strategy by sharing other products consumers may like based on previous searches or purchases.
The relationship between big data and social media is a match made in heaven for business owners that are trying to gauge how the public perceives their brands. By mining through online conversations, big data can offer extremely powerful information for businesses to use as they position products, services, and build reputations. For example, with the knowledge gained from conversations on various social media platforms, a shoe retailer may learn that women between the ages of 17 and 24 prefer shoes with a 3 inch heel in various shades of red, but most particularly in vermilion. Having access to this highly specific demographic information can have a huge impact on how a business positions itself in the market.
Big data can also detect emerging trends from these online conversations, helping a business to stay ahead of its competition in the marketplace. Having the ability to decipher these online conversations truly offers a competitive advantage, as some businesses may even be able to introduce products before consumers even knew they needed them. The marriage of big data and social media intelligence is essential to achieving the best ROI for a company's social media marketing strategy.
As you can imagine, the overwhelming amount of information floating around the Internet can make it difficult to know where to start extracting from. By using social analytics, businesses have the ability to better find a specific needle in a haystack. A key challenge is that computers can sometimes have a difficult time interpreting online conversations and certain jargon, sometimes resulting in inaccurate information. Also, the tools used to sift through this information are not always smart enough to tell users what to look for in these conversations, causing some key information and statistics to be missed entirely. Determining the right data to gather, questions to ask, and various analysis to perform on the available data is no easy task. Another obvious challenge associated with big data is the expense related to building infrastructures to mine through this information.
While there are still a number of challenges to overcome with this emerging technology, we can expect to see big data used to its fullest potential by marketers for years to come.
What ways could big data positively impact your business?