Online and Social Media Performance Tracking

What Is Online and Social Media Performance Tracking?

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.

Why Is It Important to Have a Good Online and Social Media Performance Tracking  Model?

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.

What Internal Data Should I Have for a Good Online and Social Media Performance Tracking Model?

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.

What External Data is Essential for a Good Performance Tracking Model?

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.

What External Data May Prove Useful for a Good Performance Tracking Model?

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.

What Are the Main Challenges of This Use Case?

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.

Interesting Case Studies and Blogs to Look Into

CMSWire: WEM Lessons: Case Studies on Social Media Monitoring
Hootsuite: 19 Social Media Metrics That Really Matter—And How to Track Them

Tangible Examples of Impact

With 44% of consumers reporting that they’ve tried a new brand product after seeing a relevant ad beside content they’re viewing, the study suggests confidence. However, the insight reinforces the need to reach consumers on the right channel, in a suitable way… Across all demographics, however, it’s evident that fake news poses a serious risk to conversion, with 55% of respondents stating they would be less likely, or would never, consume a brand if the brand’s promotion appeared beside fake or inflammatory news. The study also underpins the need to support trusted, premium publishers — given that 67% of consumers are more likely to engage with an ad on the website of a publisher they know and trust.

DoubleVerify: Global Online Content Consumption Doubles in 2020, Research Shows