While this happened, Instagram again made heads turn for yet another new launch – ‘Business Profiles’. This tool is truly an advantage for small businesses, which can enjoy the ease of mobile marketing on Instagram which will also help reduce the gap between the consumers and the brands. While Instagram’s carousal ad sets and videos have already been helpful for easy marketing, introducing mobile ad-buying and Analytics, which will help view the most viewed and liked posts, post engagement rate, website clicks, impressions, reach and a lot more is definitely a big step for Instagram that has been appreciated by 500 million users who see 95 million posts amongst which a minimum of 48 million posts are ads by marketers every day. If you are still deciding whether to use Instagram for your brand – here is a guide on how startups can use Instagram.
Key Features of Instagram Analytics
Instagram Analytics dominantly focuses on Follower Demographics and Post Analytics. Below, you can view your top posts segregated by Instagram based on its impressions for a 7 day or a 30 day period. This will help you understand how many people viewed your posts other than just liking it, giving you an accurate engagement rate, thereby helping you understand if there is a need to improve your marketing.
Amongst all the information that is available, Follower Demographics is a very useful tool, especially for the small time marketers. It helps them discover where their audiences are coming from. Apart from exact locations, it also helps determine the right time to market to them from different time zones.
Again, similar to any other analytics tool, Instagram also lets you break your audience by gender and age to quickly analyze if men or women have contributed to the most number of views, likes and engagement rate.
The ‘Followers’ module is yet another major advantage for marketers to keep a track of the time and the number of hours their consumers are on Instagram on a selected day. This will again help them understand the right day and time to advertise which will surely be beneficial to grow the brand.
Apart from hardcore analytics tools, Instagram has also been experimenting with a few other profile features that seem to be quite useful for businesses to lead traffic to their websites and increase their sales. One of these features is the new ‘Contact’ button besides the usual ‘Following’ button.
The ‘Contact’ button is a linkable location tag which when clicked will show two things – ‘Email’ the user or ‘Get Directions’ on your maps to their store.Since finding the location of Instagram brands has been a major pain point for both marketers and users alike, this new feature will be of some aid.
The second feature is a direct plus-point for brands/products that have been looked around or searched a lot in social media. While hashtags are used on Facebook and Twitter to quickly spot these products, Instagram has introduced an extra line underneath the name in the profile.
While these features are not yet open to all users, they have been introduced for marketers in the US, Australia and New Zealand and in the following months, will be accessible on a global level, including India. Boasting over 300,000 marketers leveraging on Instagram, it has become an ideal platform for small businesses to resort to a much easier and visually appealing mode of marketing that will be directly benefited by this new Analytics tool amongst the others and other special features for brand building.
We will have a more detailed analysis once we are able to use the tool for more brands.
The fifth edition of the Digital Chai Pe Charcha was held at our office on 9th July 2016. It received a wonderful response with about 25 participants including entrepreneurs, professionals, digital marketers and social media influencers taking an active part. The topic of discussion was Measuring ROI from Digital Marketing.
Here’s a quick summary of the key takeaways from the session:
Types of Returns from Digital Marketing
There are two types of returns from digital marketing:
1. Tangible Returns:
These are metrics that translate into immediate business results such as Leads, Sales, Registrations and Traffic
2. Intangible Returns :
These are metrics that do not measure immediate business results such as brand awareness, customer engagement, customer satisfaction and brand reputation.
Which Metrics Should You Measure?
Metrics you measure will depend on your business goals and objectives.
For example, if your objective is lead generation, then you would measure metrics such as Leads/Enquiries Generated, Revenue from Sales, App Installs and Website Traffic.
On the other hand, if your objective is brand awareness, then you would measure metrics like likes/fans/followers, reach, impressions, mentions, social engagement, likes/comments/shares and retweets/reposts.
Tools to Measure Results
There are a number of tools available to measure the metrics mentioned above. They could be categorised as web, mobile, and social media analytics tools.
Web Analytics tools:
There are a number of web analytics tools that you could use. You could use Google Analytics to understand details about the volume and quality of your website traffic. Tools like Kissmetrics, help determine advanced analytics on the behaviour of your users.
Mobile App Analytics Tool
For those of you have the mobile app for your business, tools like Mixpanel and Appsflyer help you learn how people use your app. It also helps draw insights from this data to optimize and improve your marketing for better ROI.
Social Media Analytics Tools:
These tools help you analyze the effectiveness of your social media marketing efforts by measuring metrics like likes/fans/followers, reach, impressions, mentions, engagement, likes/comments/shares and retweets/reposts. Social platforms like Facebook, Twitter, Pinterest, and LinkedIn have inbuilt analytics tools for marketers to analyze the effectiveness of their marketing efforts. Other advanced analytics tools for social media intelligence include Radian6 and Simply Measured.
With the growth in mobile use globally, the number of leads coming through phone calls is increasing rapidly as compared to leads through web forms. In this scenario, it is important to use tools like Knowlarity and Exotel to track call leads effectively and attribute them to the right source.
Measuring ROI from a Digital Marketing Channel
The simplest way to measure if ROI from a channel would be positive, is by checking if the Customer Lifetime Value (LTV) is greater than the cost of acquiring a customer through that channel.
Participants then did this analysis of LTV and cost of acquisition to calculate channel ROI for their businesses. They shared their learnings with the rest of the group. This was followed by an interactive discussion and Q&A session.
Those of you who missed the first four editions of the Digital Chai Pe Charcha can check them out below: