I’ve been working on this post for a while. Why? Because to be completely honest, there’s a ton of debate around social media ROI and analysis. As I’ve researched, though, I’ve found a few tips that can help you in the right direction when it comes to measuring the success of your social media efforts.
I want to start by stating that it’s not all about the money. Let me qualify that – I mean, every marketing initiative doesn’t directly translate to actual dollars. A lot of marketing is about maintaining current relationships (CRM – Customer Relationship Management). Here’s a great quote I found in a recent STORES article:
“It may be hard to accept that the sweet spot for social is more about deeper engagement and brand building than a lift to the bottom line.”
Marketers are pointing to the ever expansiveness of social networking and claiming that even if you can’t evaluate the numbers properly, you still have to be involved with social media marketing. Nielsen’s Social Media Report noted that nearly 80% of Internet users visit social networks and 53% of active social networkers follow brand. No matter what, social networking is important for brands.
But, if you can’t measure the success of your latest social media campaign, then it’s almost impossible to determine areas for improvement and growth for your next social endeavor. So there’s no way that we can completely ignore the numbers!
Here are some low barrier to entry ways to start measuring the success of your social media efforts:
At the beginning of a campaign, be it a new facebook contest or an integrated social media and online event, the most important thing to do is to delineate what factors you’ll be looking at to indicate either an achievement or a failure. This could be increased engagement, awareness, preference change etc. There are many options in the marketing funnel.
Then, you must determine what Key Performance Indicators (KPI’s), will help you figure out if you’ve achieved this goal. What do you want your new followers or community to do – how do you define conversion? This could be FB likes, email opt-ins, ad impressions, site traffic, twitter followers.
Once your campaign launches, you then have to monitor them – looking at social “analytics!” What are people saying, are they retweeting you, how much? Are they sharing the content via FB, or forwarding an email, how often? Are they recommending your product or brand via Yelp or other networks? Are theyblogging about you?
You can find most of this information on your own, using Facebook insights, Hootsuite analytics or bit.ly for twitter (and Twitter also has its own website analytics), YouTube analytics, google analytics for web traffic levels and sources and you can even use technorati.com to search the blogs that include your brand name or topic.
Still wondering what the value of these followers and shares is? Check out my next post about low-level social media ROI!
How are you currently analyzing your social media efforts?