Companies who utilize social media platforms in their marketing campaign must understand how their efforts are performing and how much of their marketing budget it is consuming. One does not simply apply strategies and wish for the best, but continuous monitoring and refinements must occur. Making sure your organization is allocating the correct processes to each platform and gaining returns constitutes a successful campaign.
Which metrics the marketing department needs to focus on and how it’s accomplished efficiently will help the operation flow. Metrics can give organizations numbers and results, but then how they respond is just as important. According to one study, 46% of business marketers are not clear as to which social media channels have generated revenue for their business. This tells us that marketing leaders need a clearer picture of exactly which metrics to track and what to take from them.
- Subscriber Growth
Watching the rate at which your audience grows is important to understand your reach and how well you are received. At what rate are your potential customers converting to actual consumers? Facebook offers a great tool for business pages under the Platform Insights Page. This page provides an overview of important metrics such as; likes, reach, visits, posts and people.
- Engagement Rate
Are your customers reading your content, sharing and liking your content or generally participating with the information you are presenting? All of these metrics are measured through Facebook’s Insight page, or through Google Analytics.
How many people are discussing your brand? How does the amount and quality of the conversation change over time? Tracking “mentions” allows companies to zero in on certain keywords related to brand, company, products or services and get a good idea of how their volume is changing.
- ROI for Each Platform
The deciding factor to whether or not your campaign is succeeding is what your return on investment looks like. One example of a tool that provides a system to track users is Kissmetrics. The analytic platform is capable of tracking ROI from Facebook, LinkedIn, or any website and let’s one see what paid advertising is converting and which is not. If your spending more money on advertising than you are seeing in returns, then one or more of your social media approaches need adjusting.
There are profusions of metrics one can analyze through each social media platform. Keeping your focus on the metrics which give you a good idea of your ROI will be most beneficial.