Social Media Analytics: What you should be measuring!
One of the biggest discussion points within Social Media Marketing is the ability to track its effectiveness in terms of leads and sales generated, or simply put what is the ROI of Social Media. This discussion has become more and more pertinent as businesses begin to invest and allocate more of their resources toward social media marketing. Still there is no industry standard in terms of measurement. There have been a variety of different metrics used to help define how effective campaigns are in terms of ROI. We will discuss the metrics and platforms that help you to track and measure the metrics to better analyze the effectiveness of your social media campaigns.
As mentioned above, there has yet to be an industry standard for measuring ROI but the development of different metrics has been used to help prove the effectiveness of social media. Some of the Metrics currently used to help analyze social media campaigns are: Site Traffic, Conversions, Impressions, # Followers/Fans/Members, # of Posts, # of Mentions, # of Page Views.
This list is a great way to start tracking how well your campaign is doing. Not sure what they all mean? Don’t worry I’m going over each one right now. Most are pretty self-explanatory but others are a little more in-depth and tricky to understand.
Lets start with the first one, Site Traffic. This is pretty self explanatory and very easy to find. If you don’t already track your website analytics I recommend to go to www.google.com/analytics, set up a free account and copy and paste your unique code on your website. Google Analytics provides a wealth of knowledge from the number of visitors to where they are coming from and how long they are spending time on a particular page.
Conversions are the number of people that come to your website or social media profile that convert from visitors into leads. To best capture these conversions you should have some sort of call to action or contact form set up to better help you capture their name, number, and email address so that you can contact them further about your products or services.
Impressions are the amount of times your post/tweet has been seen. You can track this through the insight tab on your Facebook Page and on Twitter by going over to Crowdbooster. Another great way to track your content is to set up link track to see how many times your links get clicked. I recommend using bit.ly, as it is relatively easy to use and free. Also most Social Media Analytics Software will have this feature built in already for easier access.
Number of Followers/Fans/Members
This is self-explanatory, yet completely misunderstood. You shouldn’t value your social media completely based on numbers. What you should do is look at these numbers more like you would for a newsletter subscription. These people are opting in to hear more information about your brand. They aren’t quite leads yet, but you can continue to share content with them in the hopes that they will contact you whenever they may need your products or services. It’s not about how many community members you have. What you should be focused on is getting members that will actively engage in conversations with your brand rather then just like you. The more that they engage the further your content reaches. So remember its better to have 5,000 members that actively engage with your content on a regular basis, then to have 10,000 fans that barely engage. The quality of your likes is more important then the quantity.
You should always track the posts that you publish. Why is this important? It’s important to see how much engagement your posts are getting as well as seeing which times during the day are the most engaging. From this data you will know what type of content your members find the most intriguing as well as what time of day they are coming online to check it out. This information gives you a major advantage in gaining the most exposure and engagement possible, that way your messages get broadcasted to the most people.
This metric doesn’t just apply to Twitter. In fact you should be tracking all of the mentions your brand receives across the Internet. The best way to do this, is to set up a Google Alerts account to track specific keywords that are related to your brand name including your brand name as well. This way anytime someone mentions your brand or something related to your brand you will receive an email informing you where it was posted. This is the best way to keep track of what people are saying about your brand both positively and negatively. Then you will be able to see what was said and respond accordingly to the feedback.
Number of Page Views
Going along with the number of people who visit your site, you should also be tracking which pages they are visiting and which ones they are continually coming back to on a regular basis. From here you can you can see which things are attracting the most attention and which things aren’t. This way you can better position yourself to generate more similar content or adapt the content that is there so that it converts in to leads better.