Companies of all sizes are using Social Media for a number of reasons, brand recognition, customer services and to build a community of loyal customers. I would hazard a guess that a fair few of these companies think that their Social Media efforts are more effective than they really are.
It’s very easy to launch into a Social Media campaign now that you can buy tiktok followers or Facebook likes with ease. It is even easier to get completely caught up in just building up friends or followers and using this as the measurement for your success. In actual fact, there are other far more important metrics you should be looking at which will give you a far greater insight into your campaign and the amount of time and resources you should be allocated to this activity.
Followers, Friends & Sign-ups
This is the metric that a lot of people use when measuring their Social success, this is a metric that you should be monitoring and it is important. You should constantly be working to increase your network but don’t focus all your attention on it, it’s not all about quantity, quality is also very important, you could have a smaller network but if the people in that network are relevant to your product or service they will be more engaged and interactive than having thousands of people who are not really interested in what you are offering.
The main aim of most Social Media campaigns is to drive potential customers to a website or blog, so you need to track which networks are referring the most traffic to your website, over time you will have highlighted your top referral sites and you can then make the decision to spend more time developing those networks. Most analytic programs will show you a list of referral websites.
Engagement & Bounce Rate
Tracking the engagement of your network is important; you could be driving lots of traffic from Social Networks but if they are just clicking on the link to your website from your Twitter Bio or auto-generated message i.e. “thanks for the follow. I supply the world’s best dog food (link to your site)” just to be nosey and then clicking straight out of your site it is of little benefit to you. You can track this in most analytic programs by selecting the traffic source i.e. Twitter and then looking at the average time on site and the bounce rate. You will quickly see how engaged your network is.
\If your end game is to sell something to your Social Networking you need to track direct sales generated from your Social Networks, depending on your business this can be tricky. If you are selling something online you may want to set up a field within the purchasing process to ask the questions “how did you find us” Google, Word of Mouth, (whatever Social Networks you use). If you are a business that takes orders by email or over the phone you just need to incorporate the same question when taking your orders. It’s a very simple way of tracking but it can be effective and costs nothing.
Interaction & Brand Advocacy
Are your Social Network actively sharing, bookmarking, linking, and positively mentioning your brand? And if they are, how often are they doing it? All of these metrics can be monitored within the actual Social Networks software i.e. you can track mentions within Twitter etc, or by using simple tools and plugins on your blog or website.
Social Media Metrics are constantly evolving with no one size fits all solution, the only way to find the right solution for your business is to define what you are trying to get out of your Social Networking campaign, then try and test different approaches. If Social Media is implemented and tracked correctly it is a massive opportunity to create loyal and engaged customers who become proactive advocates of your brand. If you do not constantly track your results and refine your approach you could be spending far more time than you need to on your Social Media campaign and miss out on potential opportunities to build your customer base.