This is a guest contribution from Pratik Dholakiya.
There’s no doubt social media is important for businesses to engage with potential and existing customers. It’s marketing 101. Since it’s the de facto “I’ll let the world know what I think about this product or brand” medium, it’s also a unique channel where companies and businesses now face intense scrutiny.
Social media is best used for engagement. It’s a powerful tool that finally lets companies (of any size) get one-to-many with its customer base. Social media allows you to sell (without actually pushing).
At least 72% of people surveyed by HootSuite state that they are likely to buy from a company they first interacted on Twitter, for instance. There’s also a 30% in unsolicited recommendations.
With more than 500 million tweets a day and over 230 million active users, your customers are on Twitter, which is proving to be a great way to improve customer relationships. Facebook – with a user base over a billion and counting – continues to be the mainstay for B2C companies.
LinkedIn meanwhile is a great platform to establish your social presence, attract clients, employees, vendors, and even investors.
On social media conversation, share, and engagement is a direct result of your updates performing. If social media provides amplification for your content assets, the right metrics help you measure that amplification.
However, there are production costs associated with those updates. People, time, tools, resources are all under the anvil. So, how do you finalize your key performance indicators, measure the metrics that are important and determine if they’re the one that can deliver maximum ROI? Here are some of the top indicators every social media marketer should pin to the wall.
Today, content can be classified as a business asset. Assets are built to perform. Analytics help you understand how your assets perform over time in line with your business strategy. But just because something exists doesn’t mean it’s important. With so many metrics out there for a marketer to measure, life just got harder for content marketers.
For contemporary content marketers, metrics are best classified into classes, and then each asset must be measured against the overall performance of the asset class it comes under.
Cyfe is a single tool that helps you aggregate all of your asset classes in one place. You can pull in the numbers from the various sources, channels, campaigns (organic and paid), and maintain a single view for analytics. Chris Abraham of Socialmedia.biz termed it as One Dashboard to Rule Them All.
Cyfe integrates with social media networks, email marketing tools, and all other major sources for your traffic, revenue, or sales. Cyfe also plugs into campaign data from Google Adwords, Bing Ads, Yahoo Advertising, retargeting networks, and with Facebook paid campaigns.
It helps you mitigate these challenges that metrics carry:
- Metrics are numbers. But the actual transaction flow – from the time a prospect first knows about your business to the point of sale – isn’t straightforward.
- One single metric, by itself, doesn’t mean much.
- Metrics are best understood in clusters.
Time Vs Production
Time has a cost to it – a direct one at that. Although this metric is an internal assessment for your team to ponder on and get better at, it has a direct correlation to the rest of the metrics.
- If there’s an editorial calendar, planned per day, for the period of time, how are the deadlines being met?
- For every specific content asset, how long does it take to create and publish/
- How many different types of content are produced and published for a specific period of time?
Use Excel or any other tool/software you are comfortable with but measure these to get your internal processes in shape.
Social media retention is hard to get at, especially given that social updates have a miserable shelf life of about three hours on average, according to Pamela Vaughan of HubSpot.
According to her post,
- The mean half-life of a link on Twitter is 2.8 hours.
- The mean half-life of a link on Facebook is 3.2 hours.
- The mean half-life of a link via ‘direct’ sources such as email or instant messaging clients is 3.4 hours.
- The mean half-life of a link on YouTube is 7.4 hours.
Given these numbers, you’d have a vested interest in looking at the effectiveness of your social media assets beyond the initial contact. For your social updates, you’d need to look at:
- Tracking follower or fan growth over a period of time.
- The ability of each social update to garner interest in the form of likes, Tweets, and interactions with each update.
For Twitter, as an example, here’s a sample snapshot of Twitter growth for the last 28 days:
You also get to see demographic information, interests of your followers, and gender distribution as follows:
Engagement and Sharing
Social media is “social”. Unlike any other media, there’s the question of reach, engagement, and sharing that’s critical to this media. Traditional publishing depending on reach alone. Social brings in engagement and sharing too.
The more engagement, reach, and share your social updates can manage to stir up, the better it is for your business for multiple reasons. Tools like HootSuite and Buffer App already provide built in analytics for you to dig into. Each social network, meanwhile, also provides analytics on how your social web properties perform.
Facebook provides insights. LinkedIn has analytics. Twitter just rolled out activity dashboard to let you see how your Tweets perform including link clicks, engagement, retweets, replies, and instances of your Tweets being marked as favorites.
For each social network, the important engagement and sharing metrics will include (but not limited to):
- Number of impressions or reach per update.
- Activity level around engagement per update.
- Retweets, shares, likes, comments, and responses per update.
Vanity metrics don’t mean a thing. They really don’t. Except for massaging your ego, there’s nothing else vanity metrics do for you. Jay Baer of Convince and Convert writes:
“The end goal is action, not eyeballs.”
All the branding, engagement, and sharing later, it’s finally about leads. Kevan Lee of Buffer Blog wrote the ultimate guide on social metrics and gets right to the point with an emphasis on leads.
A conversion is that metric you should hang on to. Defined as the number of leads generated from the sum total of social updates, amplification, engagement, and reach.
If you use a tool like Snip.ly, you can also measure direct metrics like clicks originating through each update. This nifty tool also helps you measure conversions (originating from links within social updates) to specific destinations such as landing pages and website pages.
This is the point where all the talk about social media ROI begins to make sense. Taking it a bit further, these are the metrics social hawks at Moz are looking at. The folks at Moz talk about relative engagement rates. Their point is simple: the conversion rate on Facebook isn’t the same as engagement that comes from your Instagram or Pinterest account.
They recommend a tool like TrueSocialMetrics, which helps calculate the true economic value of your social marketing across specific platforms.
Over to You
With social media, the numbers aren’t hard to get. The only thing that matters is your analytical interpretation of those numbers and how they relate to your business goals.
- Ignore vanity metrics.
- Define your goals, classify your metrics, and measure what matters.
- Conversions are still the real metrics that matter.
How do you measure your social metrics? What are you on the lookout for? What kind of numbers are you busy crunching?
Pratik Dholakiya is the Co-Founder & VP of Marketing of E2M and MoveoApps. He’s passionate about fitness, entrepreneurship, start-ups and all things digital marketing. Hit him up on Twitter @DholakiyaPratik for a quick chat.