One of the most rewarding aspects of social media marketing is that you can measure your efforts.
Defining the right social media metrics can simplify how you measure your return on investment. Before you get started, though, it’s important not to confuse metrics with costs.
Costs are what you invest to improve or expand your business. Many marketers neglect to measure and analyze each cost associated with their social media marketing.
To avoid falling victim to that, consider these common costs:
- Organizational development
- Social media technology
- Hiring agencies and/or consultants
- Paid media (such as Facebook ads)
- Employee engagement
One accurate measurement is worth a thousand expert opinions. Knowing which social media metrics to track can be challenging. If you’re not in a position to regularly analyze your marketing results, employ someone who is.
It’s crucial for a marketers or marketing team to be comfortable working with data and analytics. A deeper dive using a social media conversion review will often uncover missed opportunities.
Determining accurate ROI requires experiential knowledge. Manages must know how to make their metrics meaningful. Here’s how you can, too:
Focus on retaining current customers by examining your…
- Reach. Customers do not consume in silence. Reach is an important online metric for all your business objectives. It’s far easier to sell to existing customers than to someone you don’t have a relationship with.
- Engagement. “Likes,” shares, retweets and comments are crucial to tracking your engagement.
- Reviews. Track customers’ most commonly used words or themes.
- Return traffic from social media. How are you tracking website visitors? Determine which tactics engage users most effectively.
Reach new customers by analyzing…
- Opt-ins from social media. Are you offering valuable information in exchange for contact info? Maybe you should start.
- Customer acquisition. Use Facebook and LinkedIn groups to attract new customers.
- Audience demographics. Determine which members of your target audience are converting into customers.
Improve customer satisfaction by gauging your…
- Responsiveness to messages and reviews. Consumers like to be heard. Responsiveness shows prospective customers how you’d handle their concerns, issues and questions.
- Response time. Roughly 40 percent of social media customers expect a response in under 60 minutes. Determine whether you’re equipped to handle social media inquiries within an hour.
- Online reviews. Determine a practice for building a successful review funnel.
- Negative feedback (reviews, hide posts, unlike page, unfollows). Set up a protocol for handling negative response.
Build trust by examining your…
- Traffic from social media. Set social media tools to track your online mentions. Hire a social media manager to monitor your mentions and keep up with engagement.
- Amplification (shares and retweets by others). This is how you can determine whether your content is resonating with consumers. Sharing on social media provides proof.
- Opt-ins for “free” content. A great way to become a trusted authority is to offer valuable information in exchange for email addresses. Determine which content is getting the most opt-ins.
- Video views. Examine the amount of time customers spend watching your videos. Track how many are watching them all the way through.
- Webinar attendance. Always prompt webinar attendees to submit their contact information. Doing so will help you determine who’s engaging most frequently.
With the optimal processes in place, your marketing decisions will become better informed and more successful.
Kathi Kruse is an automotive social media expert, blogger, author, speaker and founder of Kruse Control. A version of this article originally appeared on the Kruse Control blog.