Social media outreach does not simply end with
creating and posting content on digital platforms. On the contrary, the real
work starts when marketers need to track whether the content has been
well-received or how they stack up against competitors. The real and organic
digital mentions from their user base allows companies to determine the
reputation of their product or brand and automatically detect the emotion of
conversations online. Digital mentions have become an indispensable tool for
measuring the success of marketing initiatives and tracking brand awareness.
The digital mention analysis allows marketers to
understand the brand’s commercial value and optimize strategy to achieve the
most from the brand. The qualitative research tool or technique is widely used
to quantify information by sorting data and comparing different pieces of
information into valuable insights. The digital mention analysis involves the
examination of product or service reviews, blog posts, news articles, social
media posts, audience commentaries, and everything available about the brand
online, no matter the form of content, written, verbal, or visual.
A brand can discover emerging trends from online
conversations obtained from various sources, slice and dice the gathered
insights using algorithms and determine patterns, correlations, and inferences
at multiple levels. Thus, accurate digital mention analysis is widely used to
eliminate ambiguity and help arrive at decisions.
Different Approaches to Qualitative Content
Analysis
Based on the coding system, content analysis can be
approached with three other methods: conventional, directed, and summative.
- Conventional
content analysis
Leveraging conventional content analysis, marketing
managers can gather insights about how well their products/services are performing
in the market. For this type of analysis, researchers do not fix categories
rather, they let categories and labels flow from literature. First, researchers
analyze data by reading all the information and allow new observations to
develop. The second step involves highlighting specific words from the
information that might display crucial concepts and analyze patterns, thoughts,
and initial understandings. This kind of analysis is used when the existing
theory on the research topic is limited. Most of the qualitative analysis
methods use this kind of approach to study and analyse data to arrive at new
insights.
- Directed content analysis
Direct content analysis involves collecting and
examining data from already established sources. The data is often incomplete,
but it primarily benefits the researcher to follow a more structured approach
than a conventional one. Marketers utilizing this kind of method are able to
validate their marketing efforts and facilitate development. The process starts
with the identification of different variables such as initial coding
categories, research questions, data, labelling/coding, and the researcher’s
goals.
- Summative content analysis
Summative content analysis involves organizing and
counting specific words in the data to investigate the usage of particular
keywords. This type of analysis is also known as manifest content analysis, and
its main aim is to gather insightful data by quantifying words. The method is
not intended to discover underlying meaning but to allow researchers to study
data in an unobtrusive way. The summative content analysis relies highly on
credibility, so if the marketer uses uncredited data, this type of analysis
will be considered faulty.
Key Metrics for Digital Mention Analysis
Narrowing down key digital metrics in a sea of
options can be challenging as the digital world is vast. Here are some of the
key metrics to look for to analyze your brand performance on digital platforms.
Engagement rate helps marketers determine whether
the audience is involved with the posts by the amount of interactions content
earns via likes, comments, shares relative to follower count. The valuable
metric helps check the account’s visibility and indicate the kind of impact
that the posts have on community. Engagement rate is a vanity metric that gives
marketers a report about audience interest so that they can get to know
followers and keep a track of what works best and what fails. Engagement
rate formula used by brands and businesses.
Engagement rate by reach=
(Likes+Comments)/Reach*100
Audience growth rate determines the increase in
follower count on your brand’s social media platforms. The followers of any
account would come and go, that is why it is essential to track the metrics of your
account. Tracking the audience growth rate can help better understand the
performance of each platform and analyze what techniques turn out to be the
most successful for attracting audiences to the platform. Besides, paying
attention to the number of campaigns or product launches can indicate the
results of campaigns.
Growth Rate Percentage=
(Net new followers in period+ total audience on platform) *100
Post reach refers to the number of people who see
your posts after you click “publish.” The metric helps clarify brand presence
on various platforms where the audiences are active. Factors like time of the
day, day of the week, etc., can drastically influence the post reach. Social
media platforms like Facebook, Instagram, etc. have analytics features that
help determine when the audiences are most active.
Post Reach Percentage=
(Post Reach Total Followers) *100
Share of Voice is a great metric to figure out a
company’s position in the market and benchmark your success against your
competitors. Marketers can discover valuable insights and improve their
marketing efforts by analyzing the share of voice from time to time. The metric
is useful for determining brand awareness, tracking campaigns, tapping into
different audience-specific segments, and discovering unexpected information
about your consumers. There are paid tools available to calculate the share of
voice, but you can also calculate the metric manually. The general formula for
calculating your share of voice is:
SOV=Your brand’s
measures/Total market measures
Conversion rate refers to the percentage of
visitors who complete the desired goals after visiting your website or the
social media post that redirects visitors to the website that demands any
action. A high conversion rate means that content is compelling for the target
audience and tells your marketing strategy is working. The most common type of
conversion can be:
- Making a purchase
- Submitting a form
- Calling your business
- Engaging with online chat
- Signing up for a subscription
- Registering on the site
- Downloading something
- Using something
- Upgrading services
- Engaging with the site in some way (repeat
visits, visiting number of pages, etc.)
Calculating conversion rates is fairly easy. The
general formula for conversion rate is:
Conversion rate=
(Conversions/total visitors) *100%
Different types of conversion rates include overall
conversion rate, marketing channel conversion rate, page-level conversion rate,
campaign conversion rate, individual ad conversion rate, and keyword conversion
rate. Some of the tools to track conversions are Google Ads, Google Analytics,
Facebook Ads, Instagram Ads, Twitter Ads.
Customer testimonials are essential metrics to
determine how satisfied the customer is with the product/service. If your brand
satisfies the customer’s demand, then that would be evident in the customer
testimonials, which can be in the form of review, assessment, comment,
endorsements, or interview. A consistent stream of testimonials can help brands
garner trust and credibility and boost brand presence.
Hashtags form an essential part of the content
strategy used to create the perfect method for finding relevant content to
share. Marketers are using hashtags more than ever on Twitter and Instagram to
reach relevant audiences. Many hashtags create custom hashtags for campaigns,
and therefore, it is important to check the hashtag performance. Hashtag
tracking can help measure reach and engagement, identify audiences, segment
audiences, benchmark your brand against competitors, and track how people feel
about your brand. Some of the hashtag metrics one can track are:
- the number of people posted with your hashtag
- the number of unique users using your hashtag
- the number of clicks, likes, and shares
- the number of people who show up on your
published post
- the number of times your hashtag gets viewed
Rather than making assumptions about what your
customers want to hear, analyze what works in your marketing strategy with the
help of digital mention analytics tools. Besides, brand tracking can help in
reputation management, engaging with customers, mapping competitor strategy,
hunting down, and fixing experience gaps.
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