New Google Analytics Layer Reports Social Media ROI
The business value and return on investment for social media marketing has been the source of much debate among business owners and marketers alike. The Google Analytics Team recently rolled out their attempt to provide a solution – the new Social Reports.
The new Social Reports allow marketers to measure customer behavior on their website in real-time and measure the upper-funnel value of social media marketing efforts. In a recent blog titled “Capturing the Value of Social Media Using Google Analytics,” Google commented that even though social media has grown in popularity in recent years, brand websites remain the number one place where consumers purchase and convert.
This means two very important things for inbound marketers:
- Optimize and make websites user-friendly, and
- Tie in social media campaigns with online performance and conversion goals
The good news is Google makes the latter of those two important things super easy with the Social Report. According to Google’s blog, Social reports help marketers accomplish three things,
1. Identify the full value of traffic coming from social sites and measure how they lead to direct conversions or assist in future conversions
In order to pull in data regarding the full value of your social media marketing efforts, you need to define goals and the value of those goals. Google advises tailoring it to your business. When a customer is referred from a social media site and converts immediately that is called Last Interaction Social Conversion. If a social media referral leads to a conversion at a later time, that is called Assisted Social Conversion. The visualization below shows how this will all appear in Google Analytics.
The Conversions Report allows you to see exactly which goals are impacted by social media, classifies them as either assisted or last interaction and identifies the social media source. This way, you know what’s working and what needs improvement.
2. Understand social activities happening both on and off of your site to help you optimize user engagement and increase social key performance indicators
Prior to this new report rollout, Google Analytics only reported data and customer behavior on the website itself. A new Activity Stream tab shows how people are engaging with your web content in Google + and other brands like Badoo, Disqus, Echo, Hatena and Meetup. Social key performance indicators.
3. Make better, more efficient data-driven decisions in your social media marketing programs
With all this analytics data at your fingertips, it should be a lot easier to make the argument for social media marketing. Now more than ever, it is vital to design and implement social media marketing programs in alignment with data-driven decisions, as is the case with any marketing program. Before you start coming up with a social media strategy, take some time to analyze how much social media matters to your business by analyzing the Social Report.