If you make a list of top 20 websites in the world, you will find that half of them are Social Media websites. Since building relationships is the main feature of social networking sites, business organizations have recognized the potential of social media by creating simple buzz about their services/products. This has brought a vast change in analytics. Earlier, the organizations used to rely on web statistics to measure success of their marketing strategies, however, now it has been replaced by social media analytics.
There are number of social media analysis tools, which you can include in your business processes. But before you start searching for a suitable tool to measure your ROI on social media, take a look at two major checkpoints.
Track what you want to analyze: Is it qualitative or quantitative ROI? If you want to make brand awareness, brand loyalty, or want to track social media trends, or a social media campaign, your focus should be on qualitative social media analytics. On the other hand, if you want to measure mentions, ratings, increase of sales etc., you must focus on quantitative social media analytics.
Addressing site-specific dashboards: If you want to get data from a specific social networking site, you can get traffic stats from the website directly in your mail inbox. There are many tools that can show all the required information easily. You also can utilize social networking site analysis tool. For example, sites like Twitter (Twitter Analytic) and Facebook (Facebook Insights) have their own analysis tools.