Social media can be an exceptionally effective marketing channel, but it can also be a terrific time sink for brands and organizations who’re focusing on the wrong priorities. Social networks are now holding a place beside the print and broadcast as a leading, essential marketing medium for businesses. Additionally, the social media platforms now should be considered as the same standard as those channels and the social media ROI should necessarily contribute to your bottom line.
Usually, most of the marketers are making blunders of monitoring their Facebook followers, likes, retweets and some other common social media data, but there are some other social media metric that are even much more important that many marketers completely overlook.
Ignore these metric, and your ability to reap better performance results from the social media marketing efforts will significantly decline for sure!
Today, the Internet is no more a colossal collection of several interconnected servers and a collection of protocols and advanced technologies to transmit data. Rather, it’s a hub where people can easily interact with people living in any corner of the world, and for businesses, it’s a savior assisting them in reaching their customers living across the world. The internet is indeed the first many to many communications channels.
Social Media Exists and Really Works
Regardless of the fact that whether you’re a B2B or B2C company, or a retailer, social media should be a big part of your marketing mix. The proof that social media will work for your business in the numbers- for sure People are Social!
Today, more people are spending their more time on social networks than any other online activities, so it’s a smart act to put hard earned marketing bucks where your customers are already present.
The main beauty part of marketing online is that you can easily analyze and measure everything you do. But before diving in, remember that measurement is only fruitful if you are aware of what and why to measure. Gathering data with which no useful insights can be derived may ultimately lead to time wastage in what’s not-so-fondly known as “analysis paralysis.”
For marketing, initially, you need a well-planned strategy and a well-defined business objective. No one does marketing without any reason or start a company simply for the sheer pleasure of it. The same applies to the social media marketing as well. It actually serves defined business goals.
Like, social media monitoring has a purpose of knowing what people are talking about your brand, their requirement, competitors, and latest trends and so on. The ultimate goal is to make use of that data for improving their marketing efforts and reach their target audience in a much better way.
Social media metrics is likewise a way of measuring social media to know what type of impact it is having. Marketers are increasingly responsible for whatever they do, they have to build value and must have a dashboard for improving, guiding and tailoring the efficiency of their activities related to social media marketing.
Let us consider an example, a dashboard is needed by a pilot for reaching his destination safely. But before using the dashboard, he should know his destination that is, where to fly! The same applies to the marketing- You should have a clear objective, what you actually want to achieve.
Today, there is a robust cut-throat competition, and if you want to make a different stand from the crowd, you need objectives, analytic data, useful insights and metrics to survive in the competitive marketplace.
People use different digital tools to interact, the consumer moves online, there’s a shift from ‘selling’ to ‘buying’, and they think how, when and where they can reach you, so you have no other options than to listen, analyze, measure and act according to the information.
If you’re ignoring social media metrics and online communication, you are like a pilot flying in a thick fog, and the heavy storm without any compass, radio and parachute.
Metric is not only about the data, rather it’s about the information with which you can do something for your benefit. It’s about the Key performance Indicators (KPI) for reaching your destination. Social media metrics emphasizes on input (action and interaction), directing to new action, conversations and relational changes.
But, why you can’t ignore social media metrics? It’s because with these metrics you can get answers to many questions like-
You won’t ever feel that you can move faster enough at the times you’re making efforts to create something really significant. Marketing also takes times to yield back positive results. Many marketers are spending minimum 6 hours weekly for their social media marketing campaign, trying the best to expand their audience base and entice more visitors to get engaged with their brands. As there are numbers of social media platforms, it can be quite difficult to spot the ones that are really working for your business and which are not producing worthy results.
Measuring your social media efforts can let you know about how many customers, leads, visits, interactions and revenue each social media is generating for you. And the obtained data can be used for better social media decision-making like where to invest more time to reach the target audience.
ROI data is the real bottom line metric for expanding your business. Many marketers face difficulties in measuring the ROI accurately and thus turns to their main reason for frustration in social media marketing. These can be done by making use of some good, efficient working social media measurement and metric tools. It’ll let you have a full funnel overview of your efforts and assist you in taking correct inbound and outbound methods.
With these data, you can know how social media is contributing to your overall marketing tactic, and make the prediction of what you can expect in the upcoming months. Knowing the metrics can help you alter the strategies to make every social media campaign successful.
Customer Response Rate
There are a large number of people who are leveraging social channels for upbringing queries, exhibiting frustrations, or being in contact with their favorite brands or companies they usually buy from. Several piece of research has shown that now people are preferring social media channel more for contacting a company than by a phone or any other medium. Customers tap social media for customer service related queries, but very few of them are responded to their issues solved effectively and quickly.
There are several tools available on the market that lets you know whenever your customer or anyone else mention your company name over the social channel. These metrics let you know how often customers are mentioning your brand and how many of those queries are getting responses. Customers are the foundation of your business, so it’s extremely vital to address and respond them every time they approach you. Knowing the customer response rate will let you have metric to work against.
Social Reach and Growth
This may look simple to you because reach numbers are integral to social network channels. But the numbers alone won’t do anything other than being a vanity metric only. Because leading social networks like Facebook, LinkedIn, Instagram, Google+, Twitter, etc. may tell you the number of people connected with you, but that all of those people are not surely going to guarantee any benefit for your company.
Knowing how many people are getting engaged with your brand or company by commenting on your post, sharing your post with their network, etc. are important for your business. What really matters is the action they take for your shared content.
So, What’s Next?
Now, it’s your turn for taking some action. Collecting the data and the information is the easiest part, what’s toughest is to do something benefiting with it. You must know the latest trends, identify when to make the modification, what’s working well, and what not.
Social media metrics with SocioBoard can assist you to feel great about your social media marketing efforts. Rather, they’re the only way to consistently and precisely measure how well you are actually connecting with your customers and audience. There are ample of tools and ways to measure your social media, but the key is to simply narrow in, and collect & use data which really matters and are worth for your business.