Almost all companies seek to establish themselves in social media platforms like Facebook, Twitter, and Instagram in addition to their official website. Online and social media performance tracking is meant to analyze the effectiveness of a company’s social media presence. Are they generating new leads? Are they promoting brand awareness? These questions are important to assess the efficiency of the use of these social media platforms.
Companies can waste large amounts of time and money on social media platforms if they don’t track their performance. Further, with the unwieldy amount of data generated by social media platforms, big data analysis remains the only effective way to track performance. A good model will allow your company to spend a minimum of resources on these platforms while maximizing their effectiveness.
Naturally, most of this data will be external, coming from these social media websites. However, important internal data include trend analysis and historical company data. Essentially, this data includes traffic, sales, total revenue, and customer feedback.
All data coming from the social media websites will be very important for tracking performance. Information like shares, retweets, likes, comments, and reactions to content from your social media accounts will be very important. Cross-referencing this data with aforementioned sales and feedback from internal data are main components of performance tracking.
Open data and studies on the usefulness and performance of different social media strategies in the past can also be useful in creating a good performance tracking model.
One challenge is putting the right emphasis on different parameters such as likes compared to shares or comments compared to retweets. It can also be challenging to prove that a change in sales or customer relationships was affected directly by social media presence.
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