Social Media Metrics
How do you measure the success of your social media campaigns?
Social media marketing actually encompasses a broad range of tactics, goals and strategies. Let’s look at the metrics as a function of what social media can do for you…
1) Establish a Presence
Do you have a presence everywhere your customers hang out on the web? How do you measure this quantitatively? Make a list and check it off.
2) Build Awareness and Drive Traffic.
This is directly measurable through your website analytics. Look at the source of the new traffic.
3) Capture Names and Build Lists
Well it just so happens that you can measure this directly from social media. Your basic metric is the quantity of new connections, followers, fans & subscribers (email and RSS).
4) Build Relationships and Trust
Ok, this is where social media can really shine. And, it is the most difficult to measure. Some suggestions for metrics are the number of interactions with your customers. How active are they in communicating with you? How many comments on your blog post? How many referrals to your site? How many retweets? Are you adding value? The number of inbound links to your site and any improvement in your search engine rankings (as compared to your competition) will also show the quality of the relationships you are building.
5) Conversion to Sale
When you make a special sales offer, you can use your web analytics to track conversions. But often conversions come through time with the increased relationship. It is often not one outlet that led to the sale but a series of exposures over time. Still, you can use web site analytics to trace the source of the sale. You can use surveys (how did you hear about us?). The metric is the increase in sales and revenues. Look at the dollar value of the new customers and its source (from analytics).
6) Upsell or Re-sell
How well are you getting additional sales from your existing clients? Measure this based on where the existing customer came from when they clicked through to make a purchase.
To get to ROI, you’ll need to know your sales income (by referring source) and your expenses (time/money spent on social media, opportunity loss, outsourcing costs, etc.). Again, social media is about building relationships, so the ROI should be increasing over time as you build those relationships. That’s another metric to look at. Look at results as a function of time, not just individual campaign. You should see an improvement over time of the cost of sale.