Social media measurement is a challenge faced by most businesses today.
Think about it. When was the last time you tracked the effectiveness of a tweet? How about the positive response of a Facebook post?
My guess is that you’re in the same boat many businesses and brands find themselves in. To reel off social media data is next to impossible.
More than likely, those details are in an Excel spreadsheet. One that even the most trained professional can’t navigate.
If you’re eager to wrangle your social media measurement once and for all, then read on.
Below you will find six actionable ways you can begin to track and measure your social media results.
How to Measure Social Media
1. Don’t Rely on Typical Data
Likes and shares feel great, but are they contributing to your bottom line?
While it’s important to gain visibility, driving real results should be your number one goal.
Do not limit your analysis to the typical likes, shares, comments and +1’s. Instead, analyze social media data from a holistic point of view.
How do those likes and shares translate into paying customers? Where do they fit into your integrated social media strategy and how are they supporting monetary growth?
Test each entry point (e.g Facebook landing page) and split test your content. Pay close attention to Google Analytics to see what’s converting into your next steps.
2. Define Success
If everyone is moving forward together, then success takes care of itself. – Henry Ford
Don’t base your social media success on a “Me-Too” model. Develop your own definition of success.
What does it look like to your company? What are you trying to achieve and how does social media complement your marketing strategy?
Whatever the case, get everyone on board that vision and move forward in unison.
Otherwise, you’ll never know when to bake that victory cake.
3. Set Measurable Goals
Social media goals should be in line with the overall goals of your business or organization.
Just as you need to create your own version of success, you also must know your specific goals.
A few goals might be:
- Reach new markets
- Improve brand reputation
- Generate leads
- Drive traffic
- Improve customer support
- Reduce overhead
- Establish brand advocates
- Turn a single event into ongoing marketing dollars
- Decrease current advertising spend while increasing results
4. Understand Lead Conversion
Are you currently tracking your lead generation efforts? Do you know what social channels are generating traffic?
While business models vary, lead generation principles are always the same.
If you can’t measure where the lead originated, you can’t manage or tweak it for future success.
Whether you’re driving potential clients to a landing page or webinar, you must have an understanding of how that collateral is converting.
Given the fact that social media has a 100% higher lead-to-close rate than outbound marketing, don’t you think it’s time to start capturing and tracking this data?
Just look at the results from a Placester study. You can see which social channels perform best when it comes to social media leads.
5. Quantify the Value
Do you know what each client means to your bottom line? Have you taken the time to identify what the cost to generate that lead is?
Now determine how much each tweet, Facebook post and time spent replying to mentions costs your company.
The key is to know cost of time spent versus results received.
QuickSprout put together a simple formula to calculate the lifetime value of each customer. Can you see how social media is benefitting your bottom line?
6. Pick Your Tools
Measuring social media results isn’t just about the return on investment; it’s also the return on your time.
Using the right tools means spending less time while getting a bigger return on your investment.
Lets face it, there is no one-size fits all tool. But, yet there are a variety of tools that help you listen, assess, and strategically attack social media. So where do you begin?
Simply Measured is one of my go-to daily tools, providing data across multiple social networks. In a glance, I can track and assess the details that drive social media success.
With data from Facebook to Google Plus and Twitter, monitoring your social media has never been easier.