How Should A Company Measure Social Media Marketing Success?
Social media marketing may be visually appealing. There are numerous social media marketing methods and techniques available. But you might be wasting your time if you don’t know what’s going on right now.
The most straightforward approach to gauge your success is to look at the number of admirers you have on your social media profiles. However, this is not necessarily a reliable signal. What matters more is the quantity and quality of interactions on your sites—comments, likes, retweets, and so on. This is an indication that you are attracting the appropriate kind of fans—people who can be converted into clients.
You can pay for extensive data to evaluate and improve your social media activities. There are also free tools available that can assess your sites and rate your social marketing influence based on how well you interact with people.
Here are some of the most excellent do-it-yourself methods for gauging the success of your social media activities.
Internet Traffic
This is the most basic metric for evaluating your results. Use free tools available on most social sites and blogging platforms to collect traffic data for your social media activities. You may also use the free Google Analytics tool to obtain precise information about visitors to your website from various social media platforms. Keep track of information such as:
- Metrics of traffic volume, such as the number of visits, page views, and fans
- Engagement measures such as the number of comments liked posts or favorited/shared tweets in comparison to the overall number of fans on your page
- Position of competition (compare your engagement numbers to those of your competitors)
- The time visitors spend on your page
- The number of content downloads; email list, blog, or newsletter sign-ups; contact form submissions; contest participation, and survey responses
- Sales conversion rates from social media followers vs. other sources
ROI (return on investment)
Determining your return on social media activities can be tough because it can be difficult to determine what influence they had on a customer’s purchasing decision. You can, however, try to acquire an indication of your return in a few methods.
- Create a specialized Internet landing page or promotional code that is only available to followers of your social media pages, then track only those sales to see if the money from those sales exceeds your social media spending. The disadvantage of this strategy is that it excludes additional purchases made by your social media followers.
- Correlation is an alternative metric. Create a chronology that includes your social media activities (new or relaunched social sites, special promotions, ad campaigns, and so on) as well as your sales outcomes. Look for possible relationships, but keep in mind that correlation does not always imply causation (i.e., other factors may have influenced sales fluctuations).
Creating Sales Leads
The key to this measure is to track where your leads are coming from. If the source is unclear, inquire as to how the person discovered you. You may:
- Include a field in your contact form that asks how customers discovered you.
- Monitor the traffic to your website from social media platforms.
- Determine the percentage of total leads generated by social media and break this data down by social media page.
- Track and compare the number of leads you get per follower on your various pages to see where you’re most productive.
Customer care
Determine your daily cost per issue fixed after calculating how much you spend on customer service. Track this figure for your social media sites in comparison to other channels including phone, email, and web support. Consider per resolved concerns in social media discussion platforms that did not require in-house care.
It takes effort and patience to use social media effectively. Listen, measure, and learn on a regular basis. Then, based on what works best, change your strategy. It’s a never-ending circle.