Without any doubt, Twitter is one of the most important social media tools available for online businesses. It has the power of providing an excellent opportunity to directly engage with potential customers in real time. I myself use it for answering queries and for connecting with new people. Using Twitter is one thing and quantifying the benefits of using it is another. Here there are no page views or bounce rate to fiddle with. All you have is a constant stream of tweets from different sources. So how would you assess and measure your performance on Twitter? Well, it may seem difficult at first, but with some simple techniques you can develop your very own Twitter analytics system. Following metrics can be used and applied to find out how well you're using your Twitter account. You can refine the methodologies presented here to get a more personalized analytics solution.
Amplification RateThis is one of the most important and common Twitter metrics to measure how well your updates are being received by the Twitter ecosystem. Amplification rate implies how often your tweets are retweeted by your immediate connections and beyond. Different people measure it in different ways. I use the following formula to measure the amplification rate.
Amplification Rate = (Number of retweets) → Per thousand followers
Sentiment AnalysisThis is an interesting metric that shows how people are reacting to your updates. It includes measurement of all the positive, negative and neutral reactions to your updates. Now measuring this is not an easy task and requires complex linguistic analysis supplemented by a refined heuristic engine. As of now, there's no killer tool to give you 100% accurate Twitter sentiment analytics data.
But there are several good sentiment analysis applications that can give you a fair idea about how people feel and react to your Twitter updates. At the very basic level, these tools try to find out tweets mentioning you in a positive, negative or in a neutral way. If you're actively helping people on Twitter, you can expect a good rating while calculating sentiment level for your Twitter account. This metric is closely associated with the engagement rate which we are going to discuss below in one of the sections.
Engagement RateThis is my favorite metric and I try to figure it out to see how proactively people are engaging with me on Twitter. Again, accurate measurement of engagement rate is a bit tricky. Contrary to the general engagement rate calculation methods, I use the follow two ways to find out how good I'm conversing with people on Twitter. This includes real conversations devoid of simple retweets of your update.
Twitter conversations (having more than 2 tweets) per month
Twitter conversations (having more than 2 tweets + no links) per month
The second method is more interesting and effectively picks actual conversations happening with people on Twitter. This method picks those conversations from your account where the entire conversation consists of more than two retweets and each of these tweets is devoid of any kind of hyperlinks. When people ask a question or help each other, they are generally not including links within their tweets. This method filters out these real conversations and helps you get a more realistic figure about engagement rate for your Twitter account.
Follow/Unfollow RateAnd last but not the least are the follow & unfollow ratios for your Twitter account. Once you master the art of Twitter marketing, you're bound to get more followers than ever before. This also includes good number of unfollows from random Twitter accounts. Good number of followers count reduction can come from bot accounts suspended by Twitter spam cleaning team.
As the name implies, follow rate has everything to do with your new followers. It is generally calculated as follows.
Follow rate = Number of new followers per 1000 tweets
Unfollow rate = Number of unfollows per 100 tweets