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Why Every Business Needs to Build a Social Media Report

A social media report is necessary for the growth of a business. The process of tracking what is said about a business requires great attention to detail. A social media report is a good indicator of business progress. There are many available social media monitoring tools that collect the necessary data to build a profile. The information is formatted in an intuitive manner so businesses can gain insights about how their audience feel about the business.

How Often Should a Business Monitor Social Media?

The frequency of running a social media report depends on the goals of the company. In particular, the four types of reports are a daily dashboard, weekly KPI report, monthly roll up report, and a quarterly strategy report. Each report measures different metrics. More frequent reports should be used for monitoring smaller metrics such as follower growth. Monthly roll or quarterly reports are most effective for product or service comparisons.

A daily dashboard analyzes metrics that change daily. Things can change rapidly on social media and a business must be able to keep up with the conversation. One such example includes followers. If a business suddenly experiences an increase in followers, then the business must be able to record the necessary information. This includes affiliate sites, keywords, and product mentions.

A weekly KPI report analyzes metrics such as online traffic and returning customers. This allows a business to make necessary decisions based on audience retention rates. For example, a high bounce back rate means that visitors of the site leave only after a visit to the home page. This is poor engagement and a weekly KPI report can make this information easy to visualize. Other metrics that a weekly report looks at are the volume of posts, reach rates and clicks. Many of these metrics are subject to frequent change.

Monthly reports can reveal certain trends about a product and offer valuable insight for future decisions. It is important to recognize that some trends are not easy to explain or may not appear obvious. A management team should be responsible for overseeing monthly reports. Any red flags or concerns that a monthly report detects should be investigated before the next marketing campaign.

A quarterly report is used to formulate a strategic marketing plan. A business can visualize a product’s performance over a 90-day period. This information can explain what works and what doesn’t. A business can develop its plans to account for areas that underperform. The report also serves as a good checkpoint for business progress.

How to Conduct a Social Media Report?

Companies like Netbase specialize in social media monitoring. A software employs a highly sophisticated search algorithm to crawl through each website. The software indexes each site and extracts all social media metrics that are relevant to the business based on pre-defined parameters. The main appeal to a site like Netbase is that it incorporates a range of analytic tools into one platform. This makes it easier to search for a variety of social media metrics.

How to Make an Effective Social Media Report?

A business must define its goals to make the most out of their reports. This will narrow the amount of searching that needs to be done. Not all social media metrics carry the same weight. Effective use of social media monitoring can give a business a competitive edge.

A business that pays attention to audience is seen as more genuine. The relationship that a business has with its audience determines its success. Consistent practice with social media reporting can substantially reduce the number of resources for social marketing.

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