Measuring Results in Social Media
What It Is
Setting up a social media campaign is just the beginning. Once it’s up and running, the real question is: Is it working? You can’t answer the question unless you measure the results—and ROI–of your social media marketing. And when we talk about measuring results, we’re talking about using analytics, or web metrics. Examples of web metrics are number of unique visitors, pageviews per visit, and referral source.
What It Does
There are two types of social media analytics. The first is measuring the actions taken on your website by visitors who got there as a result of social media marketing. This lets you see whether Facebook visitors yielded more leads than Twitter. It can tell you how long Flickr-referred visitors spend on your site, and who has a higher bounce rate, blog readers or YouTube visitors. The second is the measuring the usage of each individual social media marketing site: which photos were viewed more on Flickr and when; the engagement of your Facebook page’s fans; number of followers and retweets on Twitter.
The key is to gather an initial set of data for a baseline, then evaluate. Identify a value for an action taken by a social media user. Perhaps a lead is worth $5 to you; then the value of someone signing up for your email newsletter might be $5. How many of your social media visitors generated these leads? What was it worth? Which channels drove more?
Finally, you need to act on the data. The more you measure, the more insights you’ll gain, and you’ll be able to adjust your social media marketing efforts accordingly.
What To Use It With
• All channels and sites. Everything you do should be measured.
Analytics and measurement is a very detailed and intense topic; we can only describe it here in broad outlines. These resources will begin to give you a deeper understanding of measurement as a concept. In addition, look for resources and training materials specific to the analytics tool you have installed on your company’s website, such as Google Analytics or WebTrends.
How To Use It
• How to Track Social Media Analytics – Mashable
• Social Media Analytics: 6 Steps to Measuring What You Care About – Shashi Bellamkonda, SmallBizTrends
• Social Media Analytics: Twitter: Quantitative & Qualitative Metrics – Avinash Kaushik, Occam’s Razor
Measuring Social Media ROI: A Case Study – Tim Ferriss, 4-Hour Workweek Blog
4 Case Studies in Utility, Value and Entertainment – A Digital Perspective