First, it was pagerank and now its edgerank. Edgerank is given by facebook based on your community and engagement as well as timeline and user interaction. It is an element that you need to watch.
Before we consider targeting metrics to goals, there are some elements that every business must watch just to be agile and nimble. In the age of connected, social world you need to be able to respond to negative sentiments and so sentiment analysis and awareness is critical for survival of all businesses today. The following table outlines the necessary non-goal related metrics that you need to be watching continuously. It’s really about the Good, the Bad and the Ugly – important thing being “do not ignore the ugly” it wont go away. Here are some basics that we are all considering
• Number of Followers
• Number of Interactions
• Positive
• Negative
• Key themes or topics
Watching these will give you a sense for any specific things in the outside space that you might need to react to. The space is very volatile and having your pointers and feelers out there is critical. Then based on the goals you have established, you would want to track associated metrics. For instance if you were looking to improve customer satisfaction and run campaigns to make sure that all customer service calls are rated by facebook interactions, you could measure that clearly and add it to the dashboard. Similarly, if your goal is to reduce local markdowns and improve merchandising, you can watch quarterly merchandising and inventory levels that you have stocked based on user interactions to get the impact and results. Measurement and monitoring can help you use the interactions with geographic campaigns and improve on the same. If your goal is marketing and brand awareness, you can measure the growth of fan base as well as user interaction.
Which Social Metrics to Track
In the social media analytics world, there are several key metrics that provide value when tracked regularly:
• Traffic data – Number of visits/visitors driven by social media to our sites
• Fan/follower data – Number of people in the various networks and growth patterns of the same
• Social interaction data – Interaction between people (sharing and re-sharing our content) on social networks
• Social content performance – Performance of the content produced on social sites
Getting the right metrics to answer these questions requires segmenting by network. Not every question will have direct answers in the data, so we may need to make assumptions or inferences.
Facebook offers a relative wealth of data about nearly all the metrics we care about through their built-in product for brand pages, Facebook Insights:
Here you can track key metrics over time, including the size of your fanbase, the reach and effectiveness of your content, the quantity of likes and shares of your content, demographics of your fans and more.
Insights also has a very unique and powerful feature - integration on your website. Using a small bit of Javascript code, you can embed the Facebook Insights functionality on your site and receive information about all the users visiting your pages that are logged into Facebook. It is the most robust of the built-in, social platform analytics tools available today by far.
Twitter and Facebook are likely to be the largest two social networks for referring traffic to most sites. While Facebook has relatively sophisticated analytics built into their platform, Twitter does not. This means tracking growth of metrics over time requires third-party tools (or a lot of time collecting data manually), which we will cover in a section below.
In the next post we will look at the key metrics most organizations care about on Twitter.
Until then.... Enjoy!
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