Community analytics help you grow your community and quantify ROI. Here are some tips to get started.
Optimizing the community to produce quality engagement is integral to the community manager's role. They must showcase the community's value and make it simpler for members to explore and contribute to the community.
Having a well-managed community leads to much more loyal customers and lower overall marketing costs. On average communities see a 6130% ROI.
So how does one learn to optimize and scale their community through community analytics?
One of the key things to building a community is setting precise community goals. For instance, you might decide to keep track of your weekly active members. But do you know why you are doing this? So, while setting KPIs is a significant part of any community's growth, we must first decide on the community's goals.
Once goals are defined, it is essential to leverage community KPIs.
Measuring community growth and community engagement through metrics is essential to most companies community goals. Communities will not generate business results if individuals on the platform aren't interacting and engaging.
Engagement metrics like daily or weekly active members make it simple to analyze how active your community is. Similarly, metrics like active member retention can help you evaluate the effectiveness of marketing campaigns that bring in new cohorts of users, by making it clear how many new members continue to engage at later dates.
Often times community attribution, that is identifying which parts of revenue come from community efforts, is also worth tracking as a KPI. This helps with quantifying the ROI of community and figuring out which strategies lead community members to purchase more. For example, these sorts of metrics would help answer whether reserving community spots on allow lists is an effective strategy for selling out an NFT project. You can also attribute the portion of revenue earned due to a mint event to community by identifying which buyers came through a link in the community.
It is imperative to have a member retention strategy in place. All thriving communities have one, and it is one area of concern for most communities.
New member acquisition is essential as it infuses new blood and ideas into the group, but it will become a problem if you can't retain them. So there has to be an equal emphasis on both aspects.
Once a new member joins a community, the community has to deliver on its promises. You can offer some joining discounts or have affordable memberships, but the members will eventually leave if they don't see the engagement.
If you want to optimize your community posts to steer conversions and drive engagement, you need to start improving the quality of content and campaigns by tracking community activities against your KPIs.
Start creating content that helps community members resolve their challenges and enables them to participate in more group activities. You can also start tracking attendance to community events, as well as conversions which occur as a result of such campaigns. This will help you optimize the content and campaigns going forward to drive more conversions and community ROI.
It is essential to track the progress of the community. Centralized community analytics opens the door for improved interactions and information sharing and enables tracking every bit of progress through one channel. Companies must know where they stand to improve.
Blaze is a community-growth and marketing-automation tool that effectively centralizes community, social media, and on-chain data sets through a single platform. It makes it easy for you to assess and comprehend your complete customer journey.
It helps you track community KPIs like daily active members, sentiment, and retention and makes it straightforward to craft automated reports and alerts to optimize your community with analytics.