KPIs are the lifelines of social media analytics. The competitive analysis of those KPIs is also of prime importance to social media marketers. The fact is that most of the companies spend a lot of time and resources in identifying and analyzing the right KPIs from social media tools like FB, Twitter, YouTube, Pinterest, and Google+.Pinterest, and Google+. But, how intelligent, sufficient or intuitive are the built-in analytics sections of these popular social media platforms?
CFOs hold social media outreach to the same standard as any other marketing tactic -- the amount of revenue it brings in. Explain your campaign in terms of these 5 metrics and you’ll find it much easier to get your CFO to jump on board.
How many Twitter followers do you have? How many Facebook fans does your page have? At the beginning these were the stats that we all wanted to know. Clearly, since then things have moved on and nowadays there are a wide variety of social media metrics that marketers, comms professionals and even customer service reps keep track of. But in the time poor world of modern business, collating and analysing this data can be time consuming, especially when you’re trying to extract data from different sources and it’s not always clear which metrics you need to be looking at.
Measuring what matters doesn’t mean measuring the data that’s harder to find, it means measuring what you actually want to achieve, not what you think will affect it. So, while social metrics may be important KPIs, they should never form part of what you’re looking to achieve. Defining a clear business objective and figuring out how you will measure it plays an integral role in any strategy. And understanding the effectiveness of any channel in the long-term will ultimately lead to more long-term thinking and stronger business results further down the line.
By now, you’re likely already convinced that social media is an important part of your business or brand’s marketing strategy, otherwise you wouldn’t be reading this. What you may be less confident about is exactly what role all this posting on Facebook & Twitter plays in your greater marketing plan and, more importantly, how you can track it in a meaningful way that will lead to growth and ROI.
“Vanity Metrics” is a term that’s ruling (and rocking) the influencer marketing space right now. The term refers to any form of followers or engagement that have been purchased to boost one’s perceived clout or influence. In other words, you can literally buy your way to social media stardom with the click of a ‘BUY NOW’ button.