Good news – marketers will now be able to more accurately measure the actual value of social media thanks to Google.
The Google Analytics team announced at SES New York the introduction of a new set of reports, Social Reports.
What does this mean?
Well, the tedious task of measuring ROI from social media initiatives has just got a lot more easier! Social Reports in Google Analytics will enable marketers to scrutinize which social media channels yielded the most returns and the tactics which helped them achieve the desirable goals. This should certainly be a handy weapon in any online marketer’s armor.
It is also worth mentioning that marketers will also be able to measure the value of each individual social channel by comparing and analyzing the conversion rates of each social network and the value they drive to the business. Marketers can also take full advantage of the Activity Stream tab to get information on what people are saying about their business on various social networks.
Here is an example of how the new social media data looks in Google Analytics.
Marketers will have to be patient, Google says these new reports will be available in “the new few weeks” under the standard reporting tab in Google Analytics accounts.
Google is currently following over 400 networks from around the world in order to compile detailed stats for visitor flow. This impressive number will provide marketers the necessary information as to where traffic tends to come from, along with in-depth visitor flow through the web site.
Google seems not to be bias about its Social Reports and is treating the various social channels all equally, whether it is Google+, Twitter, Facebook, Digg, Delicious, StumbleUpon, Reddit, LinkedIn or Quora.
I have to admit, I’m pretty excited to hear about this launch. For too long marketers haven’t been able to fully measure the ROI on their social medai efforts. But these reports should help and, who knows, it might even encourage more traditional businesses to look at social media as a new way to market their business.