5 Most Important Metrics For Determining Social Media ROI
Social media offers many pleasant returns for marketers. Perhaps the best feature of social media is not the reach but the huge numbers of ways that you can measure the success of your campaign.
Your return on investment in social media is important. When you are measuring your ROI, you do not want to just measure whatever figures present themselves. Too much data, or the wrong data, can send anyone into "analysis paralysis" and make further action nearly impossible.
You need to measure the most important metrics for your business. These metrics will often depend on the kind of return on investment you are looking for. Your metrics will vary if you are trying to drive sales compared to if you are trying decrease customer services costs by using Twitter.
There are a lot of important metrics. However, it is imperative to be certain that the measurements that you are using are not vanity metrics but a metrics that can lead to action. Here are five important metrics that anyone can measure.
Anyone can amass a huge amount of followers. In fact, it is not hard to buy yourself tens of thousands of followers in only a few minutes. But having 100k followers does not equate to anything meaningful for your marketing campaign. What is more important than the number of followers is the way that you influence those followers. Likes do not increase sales. Influence sends customers straight down the sales funnel.
Influence is a controversial metric because it is hard to measure. The best way to measure influence right now is to use tools like Social Authority or Klout. These tools take all your statistics, run them through an algorithm and then produce an influence score that you can use.
Capturing the number of mentions you have is another important metric for any business. A measurement of your mentions will tell you if customers are talking about you and what they are talking about.
This is a valuable metric because it provides you real insight into what people say about you online. This is useful because it is often unprompted. This measure looks for people who are not presented with a post to comment on but are talking about you with their own free will.
You want to use this metric to measure your own reach. However, it is an equally valuable measurement for looking at your competitors. Looking at what people are saying about your competitors online will provide you a lot of insight into your own strategy. This can also help you adjust to avoid major mistakes.
Tracking your inbound links is a good way to help boost the efficacy of your SEO strategy.
An SEO strategy is not only as good as the keywords you choose. If no one talks about you or links to your site, you are not likely to rank highly in Google. You need other people to link to your site for it to find relevance on the search engines.
Social media is one of the best places to build and track inbound links. You want to be looking at who is posting links and where those signals are coming from. You also want to compare the number of inbound links that you have compared to your competitors.
Your click-through rate is the measurement of how often people click on the links you post. This is a valuable metric is the goal of your posts is to drive customers from your social media page through to your website.
Your click through rate is like a conversion rate. When you measure it, you can begin to figure out your successes and your failures when it comes to driving traffic. For example, you might find that people are more likely to click on links that are attached to pictures rather than links that are accompanied only by plain text.
Daily Story Feedback
Anyone can like a post or favorite a tweet. In fact, it is easy to do on accident. Thus, measuring the number of people who like a post is virtually worthless because it is like putting a bumper sticker on a car. It is easy and painless.
Yet, these likes are good for something. You can use your Daily Search Feedback chart on Facebook's analytics page to look at how often your followers are liking your status updates. This will help you time your posts to create a greater reach.
To make actionable decisions, you need to have actionable date to base them off of. Using these five metrics when you are measuring your social media ROI will help you examine consumer behavior in a real way. Some of the most informative data that you can gather comes not from the public actions of customers. It comes what they do when they do not realize you are looking.