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Posted By Ecommerce Exchange on 05/31/2018 in Analytics

Performance Analytics for Social Entrepreneurs

Performance Analytics for Social Entrepreneurs

Your business or organization is producing massive amounts of data on a daily basis. Many business owners understand the value of this data and are now examining it to gain a better understanding of virtually all operations. However, being a social entrepreneur, you have different interests, goals, and measures of success than those of a conventional for-profit company.

Even though you differ from for-profit companies, you have one thing in common: A need for strong examination of performance analytics that can benefit your organization immensely. Although, a non-profit company’s interpretation of this data should be assessed differently.

Below are some metrics that a quick analysis of Google Analytics can provide, that every social entrepreneur should be concerned with for the sustainability of their organization.

Gain Followers of the Cause

In the world of social entrepreneurship, social media is a powerful tool for the maintenance of your reputation, marketing efforts, and for gaining stakeholders. This approach is so valuable, you can’t expect to take it lightly. Casual knowledge of how social media works will only get you so far; just as in any business, you’ll need to be carefully tracking how effective your promotional, marketing, and recruiting efforts are. If not, all that time and energy that could have been used to advocate for human rights, environmental issues, or other social issues, is lost due to redesigning these business efforts. This energy could be conserved with monitoring your efforts via performance analytics for a better success rate of all marketing and recruiting campaigns.

A social entrepreneur needs to investigate social media analytics such as click-through rates, sharing, and leads. Click-through rate will indicate how much traffic is coming through your site and viewing your content. Comparing this with a bounce rate — how many people leave your site after only viewing your landing page — will give you a comprehensive understanding of how many visits your site gets and whether or not they click through to other pages of your site. For a detailed understanding of bounce rate, check out this infographic by Kissmetrics.

Measuring sharing metrics will give you a grasp of how many people are talking about your company. Couple this with engagement metrics to see who is commenting, mentioning, and sharing your content with other potential followers or shareholders. On a personal level, the main method you use to determine whether or not people like you is usually through listening — i.e., reading a mention or comment. Why not do some social listening to see whether or not people like your company and cause?

Chart: Reactions,Comments, and Shares

Sprout Social shows is a spike in shares on Sep. 20th, and a spike in shares and reactions on the 24th. Obviously something they did here with their content really landed with their audience. This is the perfect opportunity to take a look back at that content, and conduct and analysis as to why is was well-received and see if you can’t recreate the success.

An overview of all of these metrics will give you an idea of where to further direct your company efforts for the sustainability of your company. Understanding who is talking about your company and how they are talking are great signals for the creation of your content and maintain customer relations. Your social media followers provide plenty of data, and that data can be used to boost your promotional and networking efforts.

Stronger Analysis of Social Problems

This can be thought of, in large part, as competitor analysis — and some of it will be. Considering the metrics above, you can now use data to get a better perspective of who are your opponents are — those who actively oppose your dedication to social issues. Not only can you gain a better understanding of their operations, but you can also get an in-depth view of who their audience consists of.

Measuring the engagement metrics and social listening of your competitor audience on social media will illuminate who and what they value. Take a further look at who the influencers are by assessing which audience members’ comments get shared the most or gets retweeted. This can help you redesign efforts to either bridge the gap to get them stop opposing your cause, or comprehend their next move so your organization can prepare.

A great post by Hallam examines a few tools in which you can find social media influencers:

Chart: Twitter users with social media news in profile

Understanding which people maintaining the highest authority is a great indicator to focus on the people you need to keep an eye on, imitating their tactics, analyzing their followers to gain a better understanding of your industry audience, and contacting these influential personalities about possibly working together.

Imagine, if you were an environmental protection organization, and you heard of a potential waste dumpage in the river months in advance. You’d be much better prepared to help stop an unethical scenario.

Furthermore, a look at the numbers of whatever social problem you are taking on will equip you with aligning your efforts to better fight on. Let's say you are facing the problem of poverty in America. It’s one thing to understand that poverty is a problem in America. But you build your organizational efforts better, as well as gain followers for the cause, then soon everyone can have a deeper understanding of poverty. A more specific and motivating statistic here being that the National Center for Children in Poverty reports that of the “72.4 million children under age 18 years in the United States. 41 percent of those children live in low-income families.”

This data not only highlights the broader problem of poverty in America, but is more likely to invoke action from potential stakeholders. By being more informed, and identifying a specific problem of poverty, you are making the smaller social issue seem more attainable, while demonstrating you are knowledgeable and highly aware of it.

Project and Client Management

Being any entrepreneur involves having multiple irons in the fire: managing projects, maintaining shareholder satisfaction, and other time-consuming activities. It can be difficult to keep a keen eye on the many projects and clients revolving around your organization, and performance analytics can give you a better estimation of how successful you are managing your daily operations.

An analysis of data can show you exactly what your company is doing wrong and right. Picture knowing what successes you’re having with your followers on social media — even knowing your content or marketing campaign will have success before your start its creation. A continuous examination of the metrics described above can give you a better look at how your campaigns will be received by your followers.

Engagement metrics can give you a better perspective of what people think of your campaign, what is successful and what it not, and why it successful or not. Build upon this information to retool campaigns for increasingly better success rates. Client and project management together are a necessity among the many tools to help build and maintain your business.

Financial Operations

As a social entrepreneur, maintaining efficient financial operations is vital to the sustainability of your business. Even though you are a non-profit organization, you’ll need income to put back into your company and its efforts toward social issues. An honest slip up in financial operations can happen at any moment, but mismanagement of any financing and revenue can be seen as a sign of a poor organization, the imminent collapse of your business, or even an unethical use of funds.

Chart: Financial Analytics

(Image Source: ANS MarketPro)

While this graph is just a simulation, it is still a very detailed representation of all the data that goes into the financial operations of a business. Such an in-depth analysis will allow you for precise decisions of your company’s financial future.

An ongoing evaluation of your financial data will decrease your chances of mishandling your financial operations. Performance data will illuminate streams of income, as well as spending. It allows you to make well-informed decisions about financial operations such as budgeting and forecasting, investing, and all accounting processes. A firm grasp of your financial operations will ensure the sustainability and efficiency of your organization.

Every aspect of any business produces data, and it is too valuable to be overlooked or ignored. It is imperative you regularly examine the performance analytics of your organization, as this data is the language of the efficiency of your company. Essentially, measurements of your company data are the difference between the demise of your organization, or its sustainability and continuation to combat social issues.

Brooke Faulkner

About the Author
Brooke Faulkner is a writer and mom in the Pacific Northwest. She loves helping other people learn from her entrepreneurial adventures. You can find more of her writing on twitter, @faulknercreek.


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