If you invest in social-based marketing, you must know how to measure its effectiveness. And yes, return on investment is one form of measurement! But is ROI the only measure of social-based marketing success?
What Is Social-Based Marketing Success?
Success is subjective to each company. It all depends on what that company wants to get out of its social media.
Does your organization want to grow sales?
Is it your goal to build a more engaged community?
Is social-based marketing your path to mold your brand story into something new?
In each of these scenarios, social-based marketing success has a different meaning.
Whatever your goal, certain values and variables will provide you with information to gauge the success of your social-based marketing.
You measure conversation rate by—no surprise here—the number of comments a post receives. Comments are an engagement metric that helps you measure where you have the greatest impact. Comments allow you to build relationships with your followers one by one—in front of an audience. And comments are a powerful tool for you to share your brand story and brand values. How? By the words you choose and the tone you employ.
Conversation rate helps you measure your audience’s engagement.
Here’s the true power of social media. When your followers share (or comment on, or even like) your posts…. their followers see that activity. They get to know you, even if they don’t follow your social media accounts (yet!). In other words, your engaged followers have the power to amplify your social media actions.
This determines the attitudes of your followers. From this you can tell what your audience enjoys seeing and what they don’t. (Think Facebook and Twitter likes, for instance.) On InsuranceSocial.Media, applause rate and amplification rate data combine into one powerful engagement statistic.
The economic value of your social media results from the micro and macro conversions that occur on your social media pages.
For instance, if your primary social-based marketing goal is to drive potential customers to your website, that’s your macro conversion. Your micro conversions are your followers’ other actions on your social platforms. (Comments, likes, shares, and so on.)
In this scenario, measuring the desired actions isn’t too difficult. You can use Google analytics to see who comes to your website from your Facebook page, for instance. And you can easily tabulate the comments, likes, and shares you receive on your social platforms.
Other scenarios—other macro and micro conversions—may be more challenging to measure, but the right tools will get it done. And, ultimately, measuring the results of your social-based marketing is key. And it doesn’t really matter what your goal is, or what metrics you focus on. To put it simply: you need to know if your social-based marketing efforts help you achieve what you want to achieve.
–By Nik Wasik