In the current age of information, statistics reign supreme. Organisations rely heavily on data metrics for almost all business processes, from product development to marketing – and everything between. But what if the social media data that you analyse is the wrong kind of data? How would that impact your present business operations and your plans for the future?
What are social media metrics?
Metrics are quantity-based measurable data sets that can be used to provide information on a range of business activities. However, not all data metric types are created equal. Some figures are accurate and indicative while others, although they may be correct, provide irrelevant and/or misleading information. Based on the type of info provided, these data sets fall into two broad categories, namely: Vanity Metrics and Engagement Metrics.
Metrics: Vanity vs. Engagement
- Vanity metrics: Vanity metrics are statistics that provide general information, and are usually too broad or vague to have tangible business impact. Figures such as page likes and average user time are examples of vanity metrics. While on the surface theses stats may seem impressive, they don’t actually tell you much about your active client base. For instance, “average time spent” includes the time that your page may be left open for hours by users that have no intention to purchase. But, the bad news doesn’t stop there. As vanity-based records are easily manipulated, the figures you see may be fabricated altogether. This is done by unethical methods such as buying bulk followers. Such followers are not actual people, but rather fake or automated accounts. Unfortunately, the rude awakening for businesses is only likely to arrive when it’s too late.
- Engagement Metrics: Engagement metrics are relevant and factual statistics that provide valuable insight into your market. While these numbers are much more conservative that vanity data, engagement metrics are reliable and functional when it comes to practical application within the business environment. It is not only to the type of data, but also the level of detail that engagement metrics offer, that promotes knowledge-based decision making.
Engagement metric sets reflect how real people interact with your brand. Reports can be customised to show only relevant audience sectors in terms of your business’s geographic areas of operation and defined customer criteria. This helps to provide a more realistic indication of your actual consumer market. Furthermore, analysing your engaging audience demographic may reveal additional untapped audience segments to target for expansion. You can can review the success rate of different marketing approaches to maximise the efficiency of future activities. In addition, you can gain access to competitor social media information as well.
Engagement Metrics & Business Strategy
When it comes to business strategy, it is clear that the data type used has a serious impact on the success or failure of a venture. Make certain that the reports provided by your social media team reflect engagement metrics customised for your organisation’s specific requirements. Such statistics need to be critically assessed and interpreted by decision makers. Social media activities should be aligned with your business objectives, and marketing campaigns reviewed to determine return on investment. The analytic tools offered by social media are incredibly valuable, but only if they are used correctly. Tap into the wealth of information offered and reap the rewards that follow.
