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Cashing in on Social Media Analytics

Social Media has become a great market place for businesses and creatives who are cashing in!

Today, we use our phones including social media for lots of things, from shopping, to checking messages, to posting pictures for family and friends. We also like, we dislike, we follow, we share and comment, and we document it all. But have you ever thought about how your activity is being used by others on the Internet?

Social media creators have found genius ways to track everything you and I do on social media in order to create profits for both them and the businesses that advertise through them.

I recently watched an episode of 60 Minutes where they explained how addictive our phones truly are. Apparently, there is a competition in the digital world where attention is the prize.

App creators study just how to capture your attention in order to get you addicted to their product. How social apps capture our attention is their objective, and collecting data on what we like, follow, or buy is what they do! This is absolutely genius, right?

Have you ever wondered if the government was spying on us or thought perhaps they just might be tracking us in some way through these phones we carry everywhere? The truth is technology is doing just that.

Most of us could care less who knows what we like or dislike on social media. We have nothing to hide and don’t plan on running from anyone, but the truth is we are strategically tracked on a daily basis on social media. Your every swipe and click is recorded, your location is tracked, and you’re studied for analytics. According to Wikipedia analytics is: the discovery, interpretation, and communication of meaningful patterns in data. Especially valuable in areas rich with recorded information, analytics relies on the simultaneous application of statistics, computer programming and operations research to quantify performance.

Are you scared yet? Just joking (of course), this is probably something you already know and although it is somewhat creepy, for us entrepreneurs who are trying to get the attention of consumers it’s a BIG opportunity. The idea that one can track and target an ideal customer on social media is awesome!

Analytics give marketers the opportunity to target them with social media ads which will show up on their news feeds based on that persons likes or dislikes. Keywords and copy grab the consumer’s attention and attract them to your product. When we think of it this way, it’s not creepy at all but instead makes total sense, right?

Digital and social media marketing is a dream come true, if you can master it.

If you are not already tracking your analytics on social media, then you may be missing a huge opportunity to target your ideal audience. I am self taught and it came out of frustration from knowing there was a world of marketing ninjas on the internet and I wasn’t one.

So, after buying a five thousand dollar ad from a marketing company and then getting royally screwed over, I was determined to become more informed on how and where to place ads. See, they had sold me on impressions when they showed me their analytics. They had 700,000 impressions over three weeks. Wow. Right? The truth is that it was great for them, but for me…not so much.

I had no idea what impressions meant or even how to read digital analytics. When I realized that what I really wanted was clicks and conversions and that impressions were just not all that impressive after all, I dug deep into the digital marketing space to master it for my own good.

The truth is, if we don’t know, we just don’t know. Yet, if you’re an entrepreneur or marketer then we must educate ourselves how to read analytics and use them for our advantage. (BTW: if you’re an entrepreneur you must be a marketer if you want to truly grow your brand.)

Analytics tell us where our ideal clients and customers hang out, what they like, and what they want to consume more of! All of this data is amazing and gives us insight as to what solutions and products will sell. These numbers will allow us to retarget. If your followers are 40-50 years old but your product is for women under 50 then your efforts are probably going nowhere. Knowing these numbers will give you glues to make changes on content to engagement, that will make a difference in your reach.

As entrepreneurs, we must know that there is great opportunity for us to grow our book of business by targeting the right customers. So don’t be afraid to track and trace the steps of those who want your products or services, they actually might appreciate it. Not sure they’d feel the same about the government or an ex tracking them, but you have a solution to a problem they might have and for that they may appreciate you popping up on their social media news feed!

 

 

 

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