The explosion of social media like Facebook and Twitter has been unprecedented. They have entered a new era. Facebook is having 800 million accounts and Twitter is not far behind with its more than 200 million users. There were some marketing experts who used to tell that engaging ourselves with social media is needless and they do not add value to your business. Some marketing experts even defined social media as one of the biggest productivity killers of all time.
But, over time social networks have proved by themselves their huge impact over business. Large brands could license powerful social media analytics software and hire agencies to help them measure social programs with accuracy. But, small business firms are not much sure about measuring their social marketing programs.
Some questions that arise in your mind may be what and how should we measure and what does success mean, right? It is really easy to get many “Likes” or “Followers” in your social networks. But, without giving priority to your objective, you could never be successful in social media. Regular sharing with your fans indicates your “Engagement” than a high number of fans who rarely post or share something.
Some recorded metrics that measure your success in social media include:
- Visits and Referrals
- Search Volume terms
- Analysis of stats to evolve procedures into more effective ones
- Number of followers, fans and friends
In addition to these hard metrics and using tools like vouchers, you can increase the involvement of your fans on your page by asking questions in your annual visitor surveys etc. This will measure the quality of your interactions. Facebook’s Insight Analytics allows you to use tools to measure the engagement on your social network. Also you will be getting feedback- both positive and negative from your fans directly.
Driving Traffic: Marketers are keen to engage on activities to generate traffic. Social networking is meant to create traffic and it makes sense. If you are able to get more traffic from your Facebook account, you can say you are successful.
Getting a Following: It is another way to measure your success. The more you get followers, deeper will you reaching the public.
Generating Leads: Social media should be used to generate leads inorder to survive as a marketer. Your success will be measured on continuous basis.
Branding: The main goals in social networking should be branding. Your followers or fans should get a feel that you are the only trusted person who can provide reliable, timely and distilled mobile marketing advice.
Total Online Community Size: If you have created your own niche in social networks like Twitter, Facebook, Youtube and managed a few blogs, the simplest key metric to regularly evaluate is the total active size of your social CRM program.
sCRM= Facebook Fans + Twitter Followers+ Unique Blog users+ Youtube Channel subscribers+ All other registered managed community members.
Monthly Referred Social Traffic to Site: Export absolute sTraffic # and % of total site traffic from your site analytics tool to a spreadsheet, and then produce month-over-month sparkline graphs to depict trendlines.
sTraffic = monthly website Unique Users via Facebook, Twitter, Youtube, owned and 3rd party blogs, and forums
Social Monthly Impressions:
Monitor brand mentions on a regular schedule (daily/weekly) using a free alerts tool like Google Alerts. Estimating your ‘social monthly impressions’ helps you provide a sense of how pervasive your brand is across the Web.
sMI = #mentions of your brand on blogs, forums, Twitter, etc. within a given month.