When working with social media, the prime challenge is to measure its value, through different parameters. Since customers engage with social media at a very nascent or initial stage of their purchase decision, it is difficult to quantify the value it drives to business, through the different channels as well as website.
With the rapid growth in the use of social media by brands, there is a need to analyse the returns and benefits of going “social”. Therefore, Google has recently released a new set of Social Reports within Google Analytics.
The new Social Reports will be available from a new “social” tab, when you log in to Google Analytics.
Announcing the changes on Google Analytics blog, Group project manager Phil Mui said that the three main factors that Analytics will help with are:
- Identify the full value of traffic coming from social sites and measure how they lead to direct conversions or assist in future conversions
- Understand social activities happening both on and off of your site to help you optimize user engagement and increase social key performance indicators (KPIs)
- Make better, more efficient data-driven decisions in your social media marketing program
Social Value Report:
The highlight of this new announcement is an overview report for social value, which allows users to measure the conversation value generated by the different social media channels.
It compares the real number and monetary value of all your goal completions against those that resulted from social referrals, highlighting them as assisted social conversations and last interaction social conversations.
The conversations report allows users to see exactly the number of conversions that have originated from the different social media sites.
It is also possible to see the monetary value they drive to your business, provided you have defined goals in Analytics itself.
Social Sources Report:
Another addition is the social sources report that shows engagement and conversion statistics for each social network. This helps in keeping a tab on the interaction and circulation of the content. This is also an effective way of analyzing the effectiveness of your campaigns.
Social Plugin Report:
Also the social plugins report effectively does the same as social value report except it shows you exactly how many times a page was shared via the Google +1 button or via Twitter.
The final addition is the activity stream which allows users to view exactly what people are saying when they link to articles or pages.
Currently this is limited to Google+ and those signed up to the company’s Social Data Hub such as Disqus, Blogger, Digg, Reddit and TypePad.
These new additions will be rolled out for all users over the coming weeks, so if you don’t have it now, expect the additions to arrive some time around mid-April at the latest.