Analyzing Your 2016 Social Media Marketing

Analyzing Your 2016 Social Media Marketing

Analyzing Your 2016 Social Media Marketing

Social media is the marketing channel we all know we need but don’t know how to measure. It’s tough because it’s primary function is to increase brand awareness – which is a step early on in the buying cycle.

…..but you probably already know this.

So in this article I hope to offer at least some level of relief. Here are some metrics you can turn to which will help you better understand how all your social media efforts are paying off.

Engagement

What is it?

Engagement involves measurements which show how your audience is interacting with your social media profiles. It is helpful for understanding how effective your investment is on a basic level. This serves as the catalyst for all the other metrics we’ll discuss later on.

For your Facebook business page, the action may come in the form of likes, shares, comments, and page visits. For Twitter, it may come in the form of likes, mentions, re-tweets, direct messages, and profile visits.

Each platform has different interactive elements, and all help to gauge how effective your strategy is.

Why it’s important

Engagement shows you how many people follow your brand as well as how many are actively participating with it. The more engagement you have, the more people you are reaching, and the more likely those people are to end up buying from you.

Furthermore, most social media platforms such as Facebook, Twitter, and Instagram also have algorithms which place priority on content that has high engagement. This determines how often the content is seen on people’s news feeds. The more engagement, or the more interaction your social media post receives, the higher the chance it will be seen on your followers’ Facebook news feed, Twitter timeline, etc. Of course, the more exposure it gets, the better.

How to track it

Facebook, Twitter, and Instagram have analytics reporting that you can view to determine the engagement that individual posts receive.

Reach

What is it?

Your social media reach is the number of people who get to see your posts. It is an indication of how far your posts are actually traveling.

Why it’s important

The main goal of your campaign is to reach as many people as possible. It is an important factor because it will help you determine the potential impact of your social media posts. Quantifying the number of people that receive your message allows you to understand if your campaign is working or not.

Reach is different from engagement. The former pertains to the number of people who get to see your content, while the latter pertains to the number of people who interacted with your post. You can use the data from both your engagement and reach in order to determine how many people participated in your campaign.

How to track it

From Facebook’s analytics page, you will be able to see “Post Reach” and “Total Reach” from the Overview tab. Post Reach is the number of people who have seen a particular post, while “Total Reach” is the number of people who have seen all of the posts associated with your page.

Twitter’s analytics will be able to provide you with a 28-day summary of your tweet’s impressions. You also have the option of clicking on a particular tweet from the analytics page to check its impressions.

Check the analytics page on the social media platform you are using and look for the reach metrics.

Conversion Rate

What is it?

Getting all those likes, comments, and shares are great and all, but at the end of the day, you need to generate leads from your posts.  The conversion rate is a percentage that indicates the number of followers who took a specific action, out of all the followers who were reached on social media.  This could be signing up for an email newsletter or service, clicking to your webpage, buying a product, or something else.

Why it’s important

Conversion rates are important because they can directly tie social media activities to revenue. This number demonstrates how effective your efforts are in driving the specific actions that your company wants to increase.

How to track it

You can use Google Analytics’ built-in social media reports to determine how your social media sites are performing when it comes to conversions. You may also be able to track certain conversions, like those from Facebook ads, through your social media platform analytics page.

Bounce Rate from Social Media

What is it?

Bounce rate refers to the percentage of website visitors who clicked on the website link you posted to your social media page, and then left your website after viewing only one page.

Why it’s important

In an ideal world, the target audience will click on the link posted on Facebook, Twitter, or another platform. They will then arrive at your website and convert, or at least find value in the content they find which will encourage further engagement.

Unfortunately, this isn’t always the case.

Sometimes visitors don’t find what they want and immediately click away. The bounce rate shows how often this is happening. By looking at the rate of visitors who came from social media and bounced, you can determine where your content may need improvements.

How to track it

Google Analytics allows you to determine where your website traffic is coming from and it also allows you to view your bounce rate from all the sources of traffic for your website.

Traffic Share Driven by Social Media

What is it?

This is the total amount of website traffic that comes from your social media pages compared to your overall traffic from all sources.

Why it’s important

By measuring the amount of website traffic that comes from your social media pages, you will be able to determine how your social media traffic compares to that from other sources. This can be helpful in communicating the value social media is contributing, and also in determining the percentage of the budget you will want to invest into the various channels. You can lessen your presence on the social media site that is not generating a lot of traffic and focus more on the site that delivers the most.

How to track it

This can be tracked using Google Analytics. Look for “Acquisition and Channels,” and click on the “Sessions” field. This will show you the traffic share being driven by each social media channel.

Social Share of Voice

What is it?

Your social share of voice determines how frequently your company is being mentioned on social media as compared to your competitors.

You can determine how well your business is known by this metric, how it is being talked about, and how it is faring compared to your competitors.

Social share of voice will determine who has the larger share of the conversation.

Why it’s important

Knowing your SOV numbers allows you to discover how your brand is being discussed by users in social media. You will know how your brand is performing in comparison with the competition. This also helps to show the value being generated by social media.

How to track it

You can measure your social share of voice and create a report using Hootsuite Pro, which determines how many mentions you get compared to your competitors.

Leads

What is it?

Leads are members of your audience on social media who show interest in your services or products.

Why it’s important

Tracking your leads allows you to quantify the performance of your social media campaign and determine which channels are driving the most number of leads. It provides insights as to which social media channel is the most effective at reaching your target audience. This way, you can allocate more of your marketing resources towards this channel.

How to track it

Whether you are using Google Analytics, Marketo, or Salesforce, you can track down leads that come from your social media pages using cookies.

Popular Analytic Services for Social Media

  • SproutSocial:  a social CRM platform that allows you to create social media reports using its analytics tool.
  • Boostability:  a SEO service provider that helps small businesses become more visible online. The company also offers BoostSocial which is a transparent social media reporting platform that will show important metrics such as likes, shares, impressions, and reach.
  • Buffer:  a social media management tool that allows you to schedule your posts. It’s analytics page allows you to view your most popular posts, create an analysis chart, and show your influential and most engaged followers.

Social Media Challenges

Expecting an immediate return of investment via social media is very difficult to achieve, mainly because this is not where the sale happens. Social media drives direct traffic to your website, where the actual conversion happens. Therefore, ROI cannot be directly tracked from your social media pages. Your social media page is just the first step where potential customers get to know more about you and get to interact with you on a regular basis.

If your sales reports are a little bit depressing, don’t blame it on your social media campaign, and be careful not to decrease your budget. Social media builds trust, brand awareness, and customer relationships. These should always be a key part of any online marketing strategy. With the help of the metrics covered here, you can identify the value in your social media campaign and refine it in order to achieve the results you desire.

Caz Bevan
[email protected]

Caz is the Founder of Be Impossible marketing agency and Co-Founder of Anhelaré startup advisory. Caz has extensive experience blending business goals and marketing tactics into comprehensive company strategies. Her creative innovation and expertise has helped shape customer experiences and drive continual engagement for a variety of companies and products including Sony Music Entertainment and SpeedTV. Connect with Caz: Linkedin

No Comments

Sorry, the comment form is closed at this time.