Having social media outlets for your startup can completely change your startup landscape. Here’s how: Customers can tell you what they like about your startup, your products, and your services. Currently, there’s no other way for your customers to let you know this information in such great numbers on a daily basis!
Once you realize that, then it’s a matter of measuring those customer likes on Facebook or followers and retweets on Twitter so you can take the necessary actions to turn their conversations and interactivity into sales.
These two social media outlets – in addition to Google+ – already have built-in analytics so you can track customer behavior, and that’s a great thing. The trick is knowing how to use and how to understand what you need to know about analytics in order to best put yourself in a position to capitalize on user activity.
Conversation Rate = # of comments (likes, replies, retweets, etc.) per post
Let’s take a look at 5 steps you can take in order to better understand your user base through social media!
Which Social Media Metrics Matter?
There are a number of metrics that actually matter but for the sake of this article, let’s take a look at the most important: Conversion Rate.
Your conversion rate is essentially the number of users commenting or replying to your posts which you can then turn into sales. As a startup, you have to generate excitement and buzz with content about your products, services, or field. Take a very a close look to see which posts are generating the most activity and continue to create posts within these areas.
By creating a buzz, and adding to the conversation with your customers by replying, you can quickly get loyal customers. Be a tastemaker.
Add business value to your startup by always aiming for higher conversion rates. Remember, don’t go for cheap conversion rates by posting controversial posts about dancing pandas because they probably don’t get users talking about your product.
Also, always make your posts interesting and directly related to the star: your startup!
Use Google Analytics
Google Analytics is a robust analytics tool and you don’t need to be an expert to use some of its basic features. Google Analytics (free, by the way) allows you to see how many times people view each of your pages and posts. This will help you immediately see which of your posts and conversations you can turn into sales.
Facebook Insights helps startups measure customer activity, the size of their community, and it also helps startups connect that activity with well-timed promotions and advertising.
If you already have more than 30 likes on your startup’s Facebook page, then you have access to Facebook Insights, a free service offered by Facebook.
Twitter Analytics or HootSuite
Twitter analytics seems to be offered only to paying Twitter members or promoters. These accounts are called, “Twitter for Business.” Twitter’s working on an analytics tool for regular users, but it has yet to be launched.
Don’t worry though, because HootSuite is a third party application that allows users to view analytics. HootSuite is highly recommended and can be used just as you would use Google Analytics in that it will help you convert user activity into paying customers.
Put It All Together
Learn the basics of these analytics tools and then use that information to target your customers. Remember, through social media and the conversations they generate, users tell you exactly what they want and exactly what they’re interested in!
Really, all of this information and activity is a startup’s dream, so pay attention to your customer, put your ear to the ground and listen to them! Online social media outlets are the best way to take all of your digital buzz and convert into real world sales!