Every great social media tactic should be monitored, measured and analyzed – so that you can improve on it over time for the benefit of your brand. Unfortunately, because social media is still so new for many people, many novice strategists don’t have any idea what they should be measuring.
These metrics have the potential to make or break a company’s social media campaign. After all, without data how would you ever know if your strategy is effective? Monitor, measure and make the necessary changes to your strategy – and your chances of success increase dramatically. Like all worthwhile online strategies that see a great ROI, social media needs to be measured.
Here are some of the metrics that a social media strategist should take into consideration!
Fanbase and Traffic Streams
The two most popular metrics that are examined are: the size of the fanbase, and the various traffic streams that flow into the numerous social media accounts. Usually these two factors are the only two that are thoroughly analyzed, as each affects the other – and improving either performance will boost the overall efficiency of the social media strategy as a whole.
The Flow of Communication
Another feature that strategists like to explore, is the flow of information about a company or product – between networks, and on other people’s pages. This can help the strategist measure whether their social media strategy (as part of their communication strategy) is working well. Controlling what communities say about your business or products is vitally important, especially if your plan is to build yourself a great reputation, and become trustworthy enough to sell lots of products in a buyer’s market.
Time Spent on Each Platform
A sort of ‘bounce rate’ measurement to determine how long your communities are staying on each of your platforms. Over time, you’ll be able to track if your Facebook applications, for example, are keeping more people involved with your brand name, or leading them to your website. You’ll also be able to chart which platform is generating the most valuable traffic for you, which you can use to adjust your budgets, and focus in on the sites that matter.
Measure The Activity on your Platform
To put together valid data on the efficiency of each of your social media pages, you’ll need to measure the activity there. Where, when and why does it happen – will help you create content that provokes even more interaction, and, therefore, builds a stronger community – which will boost sales conversions in the long run. You’ll also be able to track which community members are inactive, and which are the most likely to buy from your business.
Tracking the Conversion Rates
Naturally, you’ll want to keep tabs on your sales conversions. After all, it’s all about the bottom line – and if that doesn’t improve, then your social media strategy is dead in the water. By tracking your conversion rates, you’ll be able to tell when things sell, who buys them and why, and how you can tweak your strategy to make these features happen more often for an upsurge in sales.
These are the key metrics that you’ll need to keep an eye on, if you want your social media strategy to become successful. It’s only successful if you’re making money – remember that!
Do you keep an eye on your social metrics? How do you do it? Share in the comment section below!