Measuring the effectiveness of your social media strategy is challenging. What you are doing with social media, which networks and platforms you are using, and what your goals and objectives are, all make it difficult to determine if your efforts are paying off or not. Nonetheless, just because it’s challenging doesn’t mean you shouldn’t do it. Some sort of measurement is needed. Here I provide you with the information to get started.
There are several metrics you can use to determine the effectiveness of your social media marketing. A metric is simply a standard unit of measure; such as measuring distance in miles or kilometers. What is important is that you are choosing metrics that will provide insight into your performance. Think about your social media goals and objectives, and what metrics will help you determine if you are reaching them. Sure it’s great to have 3,000 Twitter followers, but does that tell you if they are engaging with your brand?
Don’t forget the set a baseline for the metrics you are measuring. Those numbers will help you spot trends and see how your social media campaigns are performing in relation to your social media strategy.
Here are some useful metrics to measure. You don’t need to track them all, just those that you find valuable. You should decide how you want to measure each metric‚Äö√Ñ√Æwill you measure weekly, monthly, quarterly, etc; will you measure by social network, by customer, by lead, and so on. You can also measure them in relation to competitors, as well as your own baselines.
- Number of mentions
- Social bookmarks (SumbleUpon, Delicious)
- Inbound links
- Blog or newsletter subscribers
- Reduced support calls/emails
- Visitors to website / blog
- Unique visitors
- Return visitors
- Page views
- Time on website
- Traffic sources
- Number of subscribers
- Shares and email a friend
- Social share from blog
- Blog comments
- Tweets and retweets
- Social network comments
- Response time (how long before some likes, comments, etc.)
- Sentiment positive, neutral or negative
- Share of conversation versus your competitors
- Number of brand evangelists
Financial & ROI
- Number of leads
- Conversions (subscriptions, downloads, etc.)
- Conversion rate
- Registered users
- Issues resolved and resolution rate
- Customer life time value
- Support cost (up, down, neutral)
- Repeat customers from social media versus other channels
You should also be tracking your own internal activities. When you add a new blog post, put up new content, post to a social network, and interact on a forum. These will influence your social media marketing. A good way to do this is with a editorial or content calendar. If you start tracking some of these metrics you will be on your way to understanding the reach of your social media and its effectiveness.