Social networks are the fastest and most effective method of disseminating information, promoting products, services, and increasing customer flow. It is there that you can get information about consumers.
Today, without collecting data about customers, it will not be possible to find out: about their needs, price sensitivity, possible doubts when choosing products, etc. All these are key aspects of a successful conversion.
In this article, you will learn about the important steps of analytics and how it affects conversions.
Why is it important to use analytics?
Analytics helps make data-driven business decisions which tend to be much more effective than those based on a gut feeling. These indicators allow you to improve marketing activities in such areas as pricing, promotion and management. Without understanding customer behavior, their strategies would be far from effective.
Social media customer data analytics allows you to:
1. Attract users
In social networks, you can find out in detail about the channel from which the client came to you. The analysis of this data makes it possible to correctly place emphasis when creating a marketing strategy. Focus on the target audience you need and save costs. You need to know what your customers want and how they react to your efforts to attract them to your product/service.
2. Retain buyers
By studying the reactions of people on social networks, you can find out what content they like best. Knowing about the preferences, it will be easy for you to keep the audience and its love. Statistics show that a regular customer is cheaper. Create interesting content for them and get even more sales.
3. Increase customer loyalty
It's no secret that retaining a user is cheaper than attracting new ones. That is why it is worth analyzing their feedback about your work. To increase conversions, create personalized offers. Everyone is pleased when a business is tailored specifically to their needs and requirements.
What are the ways to increase user loyalty?
- Communicate with your clients;
- give feedback on issues that close the pain of the target audience;
- share feedback;
- adhere to the values and principles of the company;
- collaborate with opinion leaders.
Find out more on how to deliver excellent customer service on Social.
What metrics should be tracked?
Social networks provide a lot of information with which you can interact a lot. We recommend following the key indicators:
- Reach is the total number of users who interacted with the page. It shows the growth of the audience.
- Engagement. It measures the interaction between the user and the brand, which is expressed in reposts, likes, and comments.
- Acquisitions are the channels through which users reach the page. This indicator will help evaluate the work of other channels, as well as cooperation with bloggers.
- Activity is a metric that measures the cost of each social media interaction with a customer.
Why does analytics affect social media conversions?
What is a conversion?
Conversion is the ratio of the number of target actions to the actions preceding them. This is one of the main indicators that you should focus on when analyzing the results.
Social media analytics provides a wealth of data that can be used to influence conversions. The more you can analyze, the easier it will be for you to work with leads. We offer 5 main indicators that should be considered in social media analytics for working with conversion:
1. Measure the ROI of marketing campaigns and profits.
In order not to waste resources, be sure to analyze your KPI. The more indicators - the more data that will help you make the right decision regarding the company's marketing.
The most common method is the single interaction method. According to it, the company attributes the profit received from the transaction to the first or last channel in the chain of interaction with the client.
This method has the advantage of simplicity and low cost.
The main disadvantage of this principle of operation is that the effectiveness of marketing is measured only after the closing of the transaction, i.e. The evaluation of the quality of a marketing program can be skewed if there is a large deal or a long sales cycle.
2. Build effective strategies.
A strategy is a systematized promotional tactic. It is she who systematizes all promotion tools, and organizes them into a single understandable structure.
It provides answers to questions such as:
- At what stage are we now? What do we have now?
- What results would we like to achieve?
- How will we achieve them?
- What channels or resources will we use?
- What will be the costs?
- How long will it take?
A strategy is considered effective if it brings the intended result. If it doesn't, then you should change it.
Also read: How to structure a new social media strategy
3. Compare the performance of the brand and its direct competitors.
In social networks, it is easy to find your competitors and compare methods of work. Benchmarking with them provides a lot of important information about marketing campaigns and results. With this data, you can make them more efficient, as well as improve the operation of the business itself. Analyze and don't be afraid to experiment when creating new strategies.
4. Manage user relationships.
There is a direct link between good customer communication and profit. The better the relationship you have, the more customers, respectively, and income.
Analyzing customer interactions will help identify points of interaction and common ground. It will show where you are doing great, and what problems are worth working on.
5. Enhance brand recognition and reputation
Brand awareness is the level of knowledge about a brand, product or service among consumers. It is an important element in the life cycle of a company. It is measured by quantitative research in the target market as the ratio of the number of potential consumers aware of the brand to their total number. It can be measured both for the target market as a whole and within a specific segment. The more people know about you, the more clients you have.
Benefits of social media analytics
Customers are constantly sharing their experiences with a brand, and social media platforms make this journey as convenient as possible for both users and business owners. By analyzing social network data, you can collect the necessary information at any time and respond to it in time. In terms of conversion, it is important to count every vote of any person, and here's why:
- people in social networks share their experience of interacting with other brands, which you can use for yourself as a collective image of the ideal organization for your target audience;
- users always focus on trends and trends, talk about pain points and problems - all of this is also important, because. you will know what your leads want and offer them a solution;
- The tone of voice is critical to any marketing campaign and can also be determined through the analytics process.
- a meeting place for your customers is a great way to connect, which is important for brand starters who need every lead to complete a conversion;
- comments, likes, and subscriptions are a treasure trove of essential information with which you can manipulate your customers, the main thing is to find out what attracts them and what causes a negative experience.
Now let's find out exactly how analytics converts customers.
How data analytics helps convert customers
Social networks today are a giant stream of unstructured data filled with useful information for everyone. You can find out absolutely everything about your direct competitors and target audience. But most marketers still use them as a primary tool for increasing engagement and reach, not as a great way to increase sales.
Most sellers want to see only quality leads. Social networks allow them to realize what they want, because. provide all the necessary information for analysis. People's thoughts about the brand itself and competitors are the main tool in the hands of the sales department. With their help, you can find potential customers and then convert them.
If you search and analyze data manually, it will take a lot of time and will not bring the desired result. When using social media analytics, everything will be structured and understandable, and the entire data flow will be saved. As a result, you will get a huge flow of ideas, by implementing which, the leads will become your regular customers.
In 2022, the total number of social media users will reach a record 3,96 billion. Use customer data analytics to increase conversions, increase profits, test the effectiveness of marketing campaigns, and more