“There just isn’t enough data available out there,” said nobody in the past year. The problem organizations face today is analytics, the practical management of the vast amounts of social data now available. And that’s before looping in all other enterprise data.
Apparently, one size does not fit all. Metrics that matter to one brand don’t matter to another. Different bosses want to see different KPI’s. Some companies have 6 community managers with a couple specializing in analytics, while some have one soul doing it all, with limited time to allocate toward analytics.
Oracle Social just released Custom Analytics as part of its Social Relationship Management (SRM) platform. So I made the usual pest of myself and riddled Analytics Product Manager Lisa Black with questions.
Pest: What’s changed about the way analytics can be surfaced in Oracle SRM?
Lisa: The biggest change is that a user can select the metrics they care about most, and lay out those metrics in the order they choose. This offers unparalleled flexibility compared with the previous way analytics was surfaced. The experience becomes more user-centric AND more enterprise scale. User centric because of what I just described. Enterprise scale because now the user can create a CMO view, a brand manager view, and a community manager view of the information – all from the social data centralized in the SRM platform.
Pest: Any additional advantages other than the ones you mentioned?
Lisa: I can now more easily, in a side-by-side view, compare the performance of my brand across multiple social networks. I can also more easily compare multiple streams within a network. Say I have 3 Facebook pages and want to compare them without looking at an aggregate – I can now do that. And if I want the aggregate of my 3 Facebook pages, I can do that! I can select which KPIs to display and plot several metrics on the same graph, which is great when comparing actions such as likes, comments and shares. The configurability offers many options, including more intelligent time period selections such as ‘current month’ and ‘previous month’. Being able to compare these time periods without selecting start & end dates means my report will stay relevant without having to make new date selections. Lastly, I can share my work with others on my team within the SRM platform by sending them a link.
Pest: If I’m a CM responsible for reporting the performance of our social channels to upper management, how can this help me?
Lisa: It’ll save you time and let you focus on the goals upper management is interested in watching, such as audience growth or increased engagement. Now you can spend your time analyzing data to make useful conclusions, which can go in your reports. There’s more value in that than having to navigate multiple pages to piece a story together.
Pest: So now it’s easier to surface the KPI’s you care about. But how do brands determine what the “metrics that matter” are?
Lisa: With this new way to surface info, doing trend analysis and identifying possible outliers for further investigation gets smoother. Let’s say I think the most important metric is engagement on Facebook. As a test, I send similar media-rich content to Facebook and Twitter, and notice retweets are increasing faster than Facebook engagement. Now I can quickly add modules to compare Facebook fan growth with Twitter follower growth to see if the engagement trend is impacting audience size.
Pest: What’s on the analytics wish list? What are brands asking for?
Lisa: The immediate wish list includes incorporating additional metrics from the social networks’ API’s and adding more of our own calculated KPI’s. The SRM is going to surface the KPI’s in the most actionable way possible so users can distinguish the rate at which something is changing and know when to take action. Analytics is evolving as a critical part of the SRM platform, and that’s exciting to be a part of!
What can we say? When you have someone who actually gets this excited about analytics, good things keep getting added to that part of the product.