Over the last 18 months there has been a huge influx of enterprises becoming actively involved online in an attempt to boost the performance of their organisation. Networking approaches can differ from person to person and from organisation to organisation, while naturally results can also vary.

One of the big reasons that some succeed while others fail is because of analytic analysis. Every business knows that for something to succeed you need to know how you are performing and how to better yourself, yet when it comes to social networking many never follow through with this vital requirement.

A major factor that contributes to the lack of social media analysis by organisations is a lack of understanding. People may understand how social media functions, yet not know how to analyse their performance on them. This can be attributed to a new and often complex analyses methodology when it comes to social media. Are you active on a lot of networks? How much exposure does social media bring to your business? How long do you spend online? These are all questions that organisations should be asking themselves if they are to successfully analyses their online efforts.

To help organisations monitor and analyses their social media campaigns Loopthing have launched a new application called OpenScore.

OpenScore is an application that will assist you in your web analytics by presenting you with a detailed breakdown of how your business brand is performing online.

The technology works by analyzing a number of factors and data from some of the most relevant social media sources across the web such as Facebook, Twitter, RSS, Google, Digg, StumpleUpon, Blogs, Media files (video, audio, imagery) to name but a few. Specifically factors such as activity rate/presence on Internet ; time; level of visibility to others; the amount of media files they upload; the amount of information they provide about themselves and the amount of people talking about them on the Internet are some of the most important factors analyzed. Each factor carries its own weight in order to provide a comprehensive analysis of online activity.

Not only will OpenScore show you how you have been doing on the social web, it will also suggest to you where you should be going. Customized advice and detailed statistics will be available to all members that avail of OpenScore that will point you in the direction of a successful marketing campaign online.

Social media analytics is an up-and-coming area within the social media world.  As consumers move online at an ever increasing pace, organisations need to join them if they are to succeed in an ever changing marketing place. Only by knowing where you’re currently placed can you know where you need to go.

1. What social networks are most popular with my target audience?

There are many networks spread out across the internet. The people that are actually actively participating in the some networks can be based on a number of criteria such as age, interests, occupation and location. You need to find the social network(s) that are relevant to you.

2. Where should I have a presence?

Things change quickly and frequently in the online world. MySpace yesterday is Facebook today. How should I adapt to these changes?

3. How much time should I spend online?

Time, time, time! It’s something that people always want more of! The amount of time you need to spend online in order to see results depends on you. If you’re the type of person that can work quickly, communicate your message and network effectively then you may only need a small portion of time. It’s also true that different networks have different need! How long can you apportion on a daily basis to your networking needs?

4. What’s approach should I take?

You need to strike a balance between ‘your’ needs and the ‘community’ needs. A strategic approach that is completely self serving will bring you little or no return on social networks! Engage with your target audience!

5. What do I want in return?

Settings goals are a must if you are to achieve anything! A return on investment will only be achieved when know where you currently are and where you want to be!

Think about it!

Many people fail to stop and ask themselves these questions! Knowing the answers will give you valuable insight into any social media strategy.