Social Media Metrics - Conversion
"Hive is The Blockchain for Web 3.0 ... Hive is developed to store vast amounts of content and to make it available for time-based monetization."
I have probably been thinking about Hive as Social Media on the Blockchain for a long time but the Hive whitepaper makes it clear Hive is much more than that, but social media surely is one of its niches and USPs.
Social Media is all about Content, Monetisation, Influence and Social Networks
Updated following a comment on my last post by @steevc
...
This will be one small part of the Hive ecosystem but maybe, just maybe
Hive can become know as The Social Media Blockchain, the preferred blockchain to build Social Media Apps on.
This is the fourth post in a series looking at Hive through the lens of being a platform for Social Media Apps and focusing on the Analytics Metrics that are important for this ecosystem.
Conversion
"Conversion KPIs measure how many social interactions turn into website visits, newsletter sign-ups, purchases or other desired actions."
- Conversion rate
- Click-through rate (CTR)
One of the golden rules when doing any kind of marketing or sales is to end with a call to action. I would say this is a good approach for Social Media posts also.
Each post should have some type of call to action and measuring how successful this is is a valuable metric for social media. Call to actions will engage your readers. If your blog is effective at conversions then you have engaged your readers or have influence. For affiliate marketing driving click through rates to site is valuable to the site and the more effective you are at converting traffic to more you will earn.
Click through rate is a specific type of conversion where a conversion metric might be broader covering other desired actions.
Big Ideas
Hive is not really used in this way but it could be. If your site drives users to any other website then it potentially could be marketed as a valuable tool for this purpose. The only problem is that if you cant demonstrate this you will never be able to monitise it.
A nice feature here that front ends could use would be to record actions in posts or their metadata somehow. This potentially could be a really valuable feature for the Hive community. Just imagine if each time someone clicked from a link in your post the front end app recorded this and it could later be analysed. This will need some of the big Hive brains to figure out as I know technically there are huge challenges. I seem to recall that on the "other blockchain" there were affiliate links. I dont seem to see them on Hive. Is this something that has been considered?
Quick Wins
Another less ambitious feature could be just some specification when making a post of what you want the post to achieve. For example specifying in a drop down that you are seeking comments might be useful. This could be later analyzed to see how successful you are, or even used in front ends to filter posts.
How does hive stack up on Conversion Metrics?
I think Hive is quite week in this area. There is no systematic way to analyse conversions and most activity just seems to be posts and upvotes.
What do you think?
This series might just identify quick wins or gaps that we should try to get the devs to fill!
I am also hoping for engagement in this series from developers and community members who might be able to identify solutions that could fill the the gaps as we discuss them. I will tag this series with #hivedev and #hive and I am posting to the Hive Statistics Community where the real experts have already spent a lot of time thinking about this topic in the context of Hive.
Hive Tools
I will also use this work to add updates to https://eroche.shinyapps.io/hiveanalytics/ so let me know if there are metrics or KPIs you are really interested in seeing added.
Previous Posts
https://hive.blog/hive-133987/@eroche/metrics-for-the-social-media-blockchain-intro
https://hive.blog/hive-133987/@eroche/metrics-for-the-social-media-blockchain-reach
https://hive.blog/hive-133987/@eroche/social-media-metrics-engagement
Upcoming Post
The final post in this series "Satisfaction Metrics & Income Metrics" will follow next week so stay tuned.
- Income - This will be interesting as there are so many ways unique to Hive to measure Income.
Credits
People vector created by macrovector - www.freepik.com
Illustrations vector created by stories - www.freepik.com
Electronic-terrorism, voice to skull and neuro monitoring on Hive and Steem. You can ignore this, but your going to wish you didnt soon. This is happening whether you believe it or not. https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism
weak, not week :)
We can't really track clicks on Hive, only interactions that create a transaction. That might still be useful, but it relies on people being logged in. People need to be encouraged to create accounts and interact.
!PIZZA