Social media analytics (SMA) refers to the approach of collecting data from social media sites and blogs and evaluating that data to make business decisions. This process goes beyond the usual monitoring or a basic analysis of retweets or ‘likes’ to develop an in-depth idea of the social consumer. Social media data analysis can help companies better understand the needs and expectations of their customers, improve the efficiency of customer service and market research carried out on social channels, invest smarter in product development and marketing, increase their competitive intelligence, and demonstrate their social media ROI.
The most common and often important metrics to pay attention to are engagement, impressions and reach, share of voice, referrals and conversions and response rate and time. These combined will give you a 360º view of your social media performance.