Are you struggling to find measurements that are meaningful to your organization? Do you feel like you’re searching for a needle in a haystack of metrics?
Here are 8 useful metrics that you may not be measuring, but should be.
#1: Conversion Rates
Everyone wants to measure the volume of leads generated to get to the bottom-line ROI of social media efforts. But don’t forget about the value of the conversion rate! While the volume may not be there yet, the propensity to convert may be staring you right in the face.
One of the reasons measuring the return on investment (ROI) of social media has sparked so many discussions is because it’s not easy. The main barrier to end-to-end measurement is the lack of a true social customer relationship management (CRM) solution.
While there are many success stories of people using social media for personal and business reasons, there are also plenty of people who may feel their efforts are not paying off.
Whether you use social media to market your business, increase sales, promote your blog, or raise awareness for a non-profit organization, here are six reasons social media might not be working for you—along with ways to overcome these problems.
Early efforts in social media marketing have created a tremendous amount of buzz and interest, but surprisingly few case studies focus on monetization.
A recent study by Ketchum and Nielsen shows the number-one activity of social media users (online or offline) is reading blogs – even above TV!
So it’s clear that social media is here to stay, and accountable programs must be created to deliver performance and ROI. Here are 3 steps to help you get started:
#1: Define Key Performance Indicators (KPIs) and Measure Against Them
In order to hold any marketing channel accountable, there first must be a framework of metrics that can be tracked, compared to a benchmark (industry or prior program performance) and analyzed over time. Social channels are no different. When looking to assign accountability to social programs, the first step is to define KPIs and measure against them. The three key components to track are:
In this video I interview Wendy Piersall of WendyPiersall.com. Wendy’s had a lot of exposure from her blogging and provides some interesting insights into the dark side of being popular online.
Health issues forced Wendy to re-evaluate her pursuit of fame. And when she focused on paying the bills these activities were the first things she dropped.
Wendy also gives some great information for both businesses and bloggers concerning the U.S. Federal Trade Commission’s ruling on blogging financial disclosures. Listen to hear the whole story.
Suppose you met an experienced marketing consultant who promised to give you one-hour assignments five days a week for three months to teach you a brand-new marketing channel.
And the result was a detailed marketing plan for that channel.
Suppose the marketing channel was social media? And suppose he only charged you $30?
Would you accept his offer? I thought you might.
The consultant is Dave Evans, a communications expert who now focuses on using social media to market goods and services. His 400-page book is Social Media Marketing an Hour a Day. Here’s a comprehensive review of some of the main tips from this excellent book.
In this video I interview Chris Brogan, author of the book Trust Agents (you can also check out his blog: chrisbrogan.com). Chris shares his advice to businesses starting with social media. The first 2 steps are listening and establishing a presence.
The pace is fast and this video is full of useful information. Be sure to read the list of takeaways below.
I’m sure you’ve come across these objections… “Where’s the money?” “Prove to me social media marketing works.” “Show me the metrics!” If you’re just getting started with social media marketing, get ready—these challenges are coming. Perhaps you’ve asked them yourself.
“It’s not possible to quantify social media marketing,” says one pundit. “Anything can be measured,” says another. Then come the phrases such as return on invested time, return on objective, return on participation, share of voice, and the list goes on endlessly.
If you’re a little confused, you’re not alone! The dreaded “How do I measure the effectiveness of social media?” is one of the biggest questions marketers want answered, according to the Social Media Marketing Industry Report —a study of over 800 social media marketers.