CEOs require empirical data indicating the effectiveness of social media applications. With social media metrics, employees can always be prepared with reports that will show the return on investment. Though social media metrics appear difficult, they are not always as difficult as one might anticipate.
How Social Media Metrics Are Measured
Social media marketers must determine which key performance indicators (KPI) to use to measure performance. Social media marketing metrics should include measurement for growth, momentum, engagement and results. Applications are available to help marketers measure the four pillars effectively.
To develop a successful marketing campaign include the following metrics: Overall net increase in sales, number of new customers acquired, number of new leads generated, increase in customer retention, increase in awareness, increase in brand perception and increase in purchase intent. Nearly 62 percent of marketers measure increase in sales and 57 percent measure the number of new customers acquired. Only 39 percent of marketers measure the number of new leads generated.
Social accounts summary measures the traffic generated by Facebook and Twitter. The number of fans and followers are also tracked by this type of analytic. Information about re-tweets and likes are also common. The graphical data and representations help employees communicate the results to key players within the organization.
Momentum is simply a measure of how fast the numbers increase based upon the exposure. This is important to determine how the website traffic influences sales conversion and revenue. If the social media marketing campaign is effective, numbers will increase.
Other Important Social Media Metrics
Social media metrics inform people about leads, brand impact or product trials. Lead generation is important in increasing sales. Followers and fans are a built-in group of pre-qualified leads that have expressed an interest in the product or service that the company is offering. Coupons and social purchasing often increase the awareness of the brand and thus, the sales may also increase. Sampling also contributes to generating leads of people interested in a product or service.
Surveys test customer sentiment and determine how to improve the product or service to generate more traffic and revenue for the company. Metrics measure how well employees are performing their jobs. Through surveys, C-level executives can determine how well employees are performing in their jobs and how they can improve. The performance of employees can make a significant difference in how well the products sell.
Difficulty Of Measuring The Results Of Keyword Use
Search engine optimization (SEO) is measurable, but the analytics are slightly more difficult than others. Nearly 15 percent of marketers find the online advertisements are difficult to track. The marketers challenge is to determine how the clicks translate into sales conversions and what may influence the buyer to purchase a product or service. Surveys may help marketers determine how this happens.
Web analytics tools and social media monitoring are a part of the measurement process and the determination of the success of social media. The lead counts are also important. Ineffective marketing tools will not help companies improve. Apparently, marketing tools are effective if used properly. Nearly 58 percent of marketers are pleased with their marketing tools. Over 60 percent of marketers track sales increases and 57 percent track new customers with these tools.
How To Improve Visibility
According to a study conducted by Lenksold Group, nearly 75 percent of marketers rely on social media marketing. Most of these marketers do not know which of these metrics will improve ROI. Only 20 percent of the marketers had an effective method of quantifying the campaigns success. When the pressure comes from the CEO, marketers need to have a report prepared to share with the CEO.
Social media metrics may not be as difficult as once imagined with use of analytical tools. The tools automatically generate reports so that executives can evaluate them to improve business practices. Companies should integrate web analytics applications into their weekly routines to ensure that the business is constantly improving and generating new revenue.