If you're using social media for your business, know how your content is helping you achieve your company's goals. Here's how.
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Identifying and tracking the right metrics can help you achieve your business goals and improve your search engine rankings.
Virtually every business today acknowledges how important social media is to branding--and also how difficult it is to measure its actual ROI. They know the social sites provide some measure of marketing firepower, but they don’t necessarily understand how to quantify its effectiveness. As a recent white paper from the Adobe company states, “Despite how pervasive social media has become, it isn’t being recognized for driving website traffic, engagement and revenue like it should be.”Adobe, in this same white paper, cites a 2011 social media survey it conducted of 750 marketing professionals.
Track web traffic breakdowns from all social media sources, and chart the top few sources over time. If members of your social media networks are sending referrals, consider measuring this data as well.
We all know that it’s no longer the size of your social media audience that matters, but rather how those people engage with you. However, deeper engagement costs money – how can you put a value on the return? In the absence of an industry standard to measure the value of the interactions that our fans have with us, Tourism Ireland created a metric called Social Equivalent Advertising Value (SEAV). This simple and practical metric has applications across all social media platforms and for all businesses that wish to define their return on investment. You will read inside how it can be applied by you to identify the return your social activities are generating for your brand.
List of top social media tools available in 2012. 2012 top social media tools list.
You want social network members to convert: into subscriptions, sales (direct or through affiliates), Facebook application use, or whatever other offerings you have in your overall sales funnel and that can somehow be directly or indirectly monetized. (E.g., subscription to a weekly e-newsletter can be monetized by giving other companies access to your list in the form of advertising.) Measure all types of conversions and chart them over time.
So, you have a highly active social network and members are talking about your company or the company’s brands. Measure and track both positive and negative mentions, and their quantities.
Social members might be sharing Twitter tweets and Facebook updates relevant to your company, but is this info being reshared by their networks? How soon afterwards are they resharing? How many FoaFs (Friends of Friends) are resharing your links and content?
Empowered
Social media measurements to understand how social media impacts your business and what you need to do to measure them.
113tidbits of social media news and commentary from the technology background of @tonygreene113
