Social media can provide your business with an overwhelming amount of information to track, from mentions of your brand in online conversations to the amount of traffic that your website receives due to your social media marketing efforts. While taking advantage of social media monitoring tools to gain this information is vital to your business’s success, HubSpot shares that there are really 5 social media metrics that a CEO should pay attention to:
- Social Media Channel Reports. The average business spends more than 6 hours a week implementing a social media marketing strategy. With so many social channels available to reach your target audience, you need to determine which channels are the best use of your time. Social media channel reports will share how many visits, leads, and customers are being referred from each channel, which will therefore highlight where you should spend your time to be most productive.
- ROI Data: The majority of businesses will agree that accurately determining the ROI of a social media marketing strategy is a challenging task. Finding a way to build your marketing analytics into your contact management system is the most efficient way to gain a true perspective of what your ROI really is. By having this information readily available, you can easily adjust your goals when necessary and make better projections of future outcomes.
- Customer Response Rate: We’ve talked about how social media has become a forum for customer care as consumers want to have their issues resolved in a timely manner. In order to execute a strong social media marketing strategy, your business needs to be constantly measuring and improving its customer response rate as it will help to build credibility and loyalty for your brand. Ignoring this statistic can mean negative repercussions for your brand.
- Opportunity Response Rate: In a recent survey conducted by A Sales Guy Consulting, 54 percent of the sales people surveyed can link at least one closed sale back to social media. Social media is a powerful sales tool for identifying new opportunities and working them through the sales funnel. At any given time, you should know how many of your qualified sales leads and closed deals are coming from social media.
- Social Media Reach: It’s important to keep in mind that just because you have a large number of online followers doesn’t mean that you are guaranteed to be a successful business. Instead, you need to be concerned with what your followers are doing with the content that you are sharing. The actions that your content inspires consumers to do (sharing your content with their networks, making a purchase, etc) are the keys to your success.
While the most important social media metrics may vary from business to business, the biggest takeaway is that you need to find a way to capture the data that really makes the biggest impact for your business performs.
What social media metrics are you using today?
(Image via CISQ Blog)