Social media allows companies to gage consumer response in correlation with brands. This allows both short term investments including increasing monthly sales via a social media campaign, as well as, long term corporate investments. While businesses often think of social media as a way to introduce your brand to a local audience, the professionals at eXpect3 Digital Media Agency understand that returns from social media campaigns are not always measured in dollars, but also in consumer behavior tied to specific social media applications. These behaviors include the amount of time and number of visits, as well as interactions such as likes and/or comments.
In addition to controlled social and anthropological studies, observed behaviors in social networks allow computer scientists to investigate better interface design, richer studies of social interactions, and improved design of content distribution. Our ability to capture user data, in particular behavioral data, has grown in concert with the increased use of social networks bringing the possibility of large-scale mathematical modeling of human populations in a controlled environment. Macro-analyses of users’ behavior have helped researchers understand trends, attitudes, social contagion, in order to improve advertising and marketing techniques.
Share of Voice is a term that’s used quite often when talking about competitive research in digital marketing. In this field, share of voice (abbreviation: SOV) is used to describe a share of conversations generated about a given brand, product, or service in comparison to its direct competitors. The formula for calculating your SOV are as follows:
According to Robert Cialdini, author of Influence: The Psychology of Persuasion, “we view a behavior as more correct in a given situation to the degree that we see others performing it”. In simple terms, people do what others do. In order to analyze your influence use your Insights Tool. The formula for measuring your influence, for all social media platforms, are as follows:
The bottom line is that if your reach is growing so is your business. Reach is a measure to how many people your brand and content are getting in front of, and an optimized reach is an indication of strong brand awareness. Reach is a top-of-funnel metric, but still a metric that every social media marketer should be closely monitoring and continuously working to improve. To track your reach: