Social media is a very important part of any business. What do you generally do to measure social media effectiveness of your business?
Do you measure the likes, retweets only? How much time do you spend? Have you allocated any budget for social media?
Have you thought of measuring it?
So many questions come to mind when we think of measuring social media.
If you haven’t measured social media, then it’s time you should start doing it.
The irony with most businesses is that they fail to measure the social media effectiveness. A study from Convince & Convert found that 41% of businesses failed to measure their social media success.
You should know how social media is helping your business and how Facebook and Twitter on which you spend so much time are contributing to the growth of your business, if at all.
This helps you keep on the right track and you don’t waste time in social media platform that’s not working for you.
You might wonder what’s all this fuss about measuring social media.
There are many benefits of doing so.
Benefits of Measuring Social Media
There are many benefits of measuring social media effectiveness.
- Effective sales funnel. You can run Facebook advertisements to generate leads and bring prospects to your sales funnel.
- It can help generate traffic to your blog or website. You can use it for lead generation.
- Helps you know where your social media efforts are bringing results. It lets you weed out the ineffective efforts and resources from your social media strategy.
- You get a better idea of your customers, their conversations, perceptions about your brand and the things that motivate them.
Some benefits are immediate but many others are long term. For example, brand building is a long-term process and social media contributes a lot to it.
So, how do you measure the time you spend in tweets, updates, answering questions and comments from viewers?
Where’s the ROI for this? Valid question.
It’s not easy to determine the ROI of social media because it revolves around human interactions and conversations. These are non-quantifiable.
This brings us to the important question of how to measure social media ROI.
How to measure social media ROI?
Set metrics to measure social media success for your business.
Suppose you want to know the gain from certain consumer actions like purchases, page views, downloads, email list signups, etc. that you have set in social media campaigns, you need to set the metrics also.
They will tell you whether your campaigns or social media activities are effective, how to calculate those set metrics and how to interpret results.
Classifying social media metrics is not at all complicated. Basically, there are two types of metrics:-
- The ongoing metrics – these metrics measure the general performance of the social platform.
- The campaign based – these metrics measure specific campaigns. An example is Twitter chat.
These steps will make measuring social media ROI and effectiveness a hassle-free affair.
Shall we begin?
STEP 1. Your social media objectives
The first step in measuring your social media campaigns is setting objectives.
These could be based on:
- Business conversions (such as customer acquisition or lead generation)
- Brand awareness or perception
- Customer experience
- Security and risk mitigation
STEP 2. Set goals
You want to achieve through social media. Define clearly what you want to achieve through social media.
Lay down everything to the minutest detail. social media can achieve so much for a business. Leverage its power.
Your goals will be measurable if they are quantifiable and linked to a specific campaign.
- to gain more exposure,
- generate leads
- increase site traffic
- improve search engine rankings
- app downloads or downloads of a white paper/ebook
STEP 3. Set metrics for measurement
Most people just measure clicks and shares. These are very insufficient metrics to measure any concrete task.
How to decide which metric to measure? Ask yourself these questions. Remember the goals you set for step 1? Does it align with your goals?
Will it help you make better decisions and finally, is it even measurable.
Let’s take some important social media platforms and see for ourselves what are the most commonly measured metrics for each of them. Ask yourself, ‘are influencers engaging with your tweets? Your aim should be to engage both with top players and the average users.
If your goal is to drive brand awareness, you would measure success against metrics such as audience reach and engagement, not profit.
Measuring social media mentions is also a good metric if your goal is brand awareness.
STEP 4. Measure
When you have the metrics in place, the next logical step is measurement. The easiest to measure (which everybody does) is the number of likes, shares, retweets etc. But these don’t give you an in-depth data on which you can base your business decisions. Instead, measure volume, reach, engagement and influence.
Social metrics such as followers, likes, comments, and shares are sometimes called “vanity” metrics. They help you gauge the health of your social presence, measuring yourself against competitors and determining what type of content works with your audience. They only become “vanity” metrics when they have no relation to your business objectives.
If measuring business conversions is your objective, your goal could be to measure the number of leads generated by social media for that quarter. Or it could be increasing the landing page conversions by 10 percent. Track the conversion rate of people landing on this page through social channels.
STEP 5. Monitor and report
Always monitor and report the results of your social media campaigns.
It’s good to assign metrics, but it’s equally important to check the effectiveness manually. Check how effective social media has been for your blog’s growth.
If some channels emerge more important than others, put more focus on them. Don’t go by what’s popular. Facebook might work for others but not necessarily for you.
You should do some analytics of the metrics and answer these questions
- How your numbers are compared to the goals and benchmarks you set for social media?
- How do you compare as compared to your competitors’ products and campaigns?
Create an excel to maintain a dashboard of the high-level metrics that your company is interested in. Have sections for each campaign. This dashboard will also help you in having a complete glance at the high-level metrics.
When you make data-driven decisions for your business, the results come faster and business goals are achieved.
STEP 6. Adjust and repeat
make changes to your strategy to maximise your social media ROI. Figure out what you can improve and if there’s a need to adjust any goal-setting, tracking of metrics or increasing focus on anything?
Adjust what’s required and repeat what’s working.
Google analytics is an important free tool to measure social media ROI. Set-up goal tracking in Google Analytics so you can monitor the number of actions completed. These customer actions can be sales, page views, downloads, email list signups, etc. If you have set up tracking for these in Google Analytics, can determine which conversion events can be attributed to social media.
Some others are Hootsuite, Buffer, Facebook Pixels and Insights, UTM parameters, Twitter Analytics.
Wrapping it up
So you now realize why it’s so important to measure social media.
Consider the many benefits it brings to your blog or business. With a carefully laid out step-by-step plan for measuring social media effectiveness and ROI, you can eliminate wasting time and focus on things that really get results for your business.
Take a fresh approach to your social media marketing. Start measuring the success of social media campaigns.
I would love to read your comments and opinions. Please leave them in the comments section below.
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Further Reading: How to Create Content Pillars For Social Media that Give Results!