Once you’ve established what you want
to accomplish with your social media marketing efforts , it’s time to get
a measuring system in place. This will let you know when you reach (or don’t
reach) those objectives.
While you should expect some trial and error when putting your measurement strategy together, the ultimate payoff will be worth it. Over time you should see correlations between social media and growth in your businesses’ revenue, web traffic, and general visibility.
Be sure to build a simple dashboard to
track and update your social media metrics every week or every month. This will
help you monitor trends and set new goals, based on what’s working. If stuff
isn’t moving in the right direction, monitoring the right metrics gives you a
chance to mix it up and try new things.
There are six metrics found
to be highly effective in determining social media success:
1. Referring Traffic from Social
Set up goals based on the actions you
want your visitors to complete (retweet, share, click-through, etc.). This
should boost traffic to your website.
2. Conversions from Social
Set up conversion goals and measure
the source. Is the referral traffic coming from social converting? If the answer
is no, switch up your content strategy so you are attracting folks that meet
your prospective customer profile.
3. Share of Voice
This refers to the number of
conversations that are happening about your company vs. your
competitors/market. There’s a simple formula to calculate this metric:
Share
of Voice = Your Mentions / (Total Mentions for Competitive
Companies/Brands)
4. Share of Conversation
This is similar to the Share of Voice
metric, but instead takes a look at the more specific topical conversations
around your business or brand vs. the market.
5. Sentiment
Although an imperfect science, paying
attention to the human element is a very useful measure of success. Go through
your mentions manually and tag them as “positive,” “neutral” or “negative.” Add
up the totals and measure over time to see if the number of “positives” go up
and the “negatives” go down.
6. Pipeline Contribution
Once you define what social success
means for your business (shares, Likes, Tweets, form completes), you can
determine how social touches like these contribute to pipeline creation.
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