Going Beyond Data Collection
Social Media Metrics that Matter to Your Company
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There has always been a great disconnect between what we can measure and what we should be measuring. Marketers are going after the big data but not the “right” data. They fall for the hype without realizing that it would never help their projects succeed.
The solution here is not to leave data behind but to go beyond data collection. The job was never really about volume or massive quantities of data and metadata. It was always about making sense of information—of meaningful signals—in order to achieve business goals.
The good news is, social media can help. There’s more to Twitter, Facebook, Google+ and LinkedIn than the number of fans, followers and friends your company acquires. There are other social media metrics you can find and they require no technical expertise.
Here are some metrics or key performance indicators you may want to measure:
Number of people interacting with your marketing department (Engagement Metric)
We’ve generally discussed this in our ebook, 6 Marketing Metrics Your Boss Actually Care About. But we haven’t specified the pivotal role social media plays in identifying such metric.
As previously mentioned, most marketers stop at counting fans and followers. That’s not measurement, that’s mere collection. By using this metric, however, you’ll be able to identify how many people in your network actually interacts with your social media team or marketing department.
In your subscribe base (all your Facebook fans, Twitter followers, YouTube subscribers, etc.), determine how many existing subscribers commented, retweeted or liked to your content.
Number of people the company responded to using social channels (Customer Service Metric)
Companies in all industries are starting to realize that customers, existing or potential, take to social media to ask questions or raise frustrations. That’s why they turn to social media to improve customer experience and even use Twitter and Facebook as additional customer service tools.
The problem is, many of them fail to effectively measure the performance of their support. It’s easy to understand why. Unlike email and other traditional channels, social media can be very overwhelming no thanks to the deluge of messages (and complaints) companies may receive.
But the good news is, there are now tools for managing customer response through social media. These tools allow you to track customers who mention your brand and as well as your response rates. Use them to find opportunities, track ongoing conversations, and manage your reporting.
Number of leads you get from social channels (Source Metric)
Knowing where you get most of your leads is vital to your social media campaign. After all, not every social channel is worth your investment. Some are a waste of time, or are under-performing because you lack the expertise to optimize content for such medium.
This is easier said than done. Most marketers would often play favorites and choose one social platform over the others “just because everyone thinks it’s the hottest social network to join.” The truth is, you will never know which platform works best unless you try, experiment, and measure.
Is your Facebook presence really that strong? Be sure to prove it. Be sure that a sizeable portion of your leads actually come from Facebook and not elsewhere. If you’re getting poor results, analyze your content and check for shortcomings. Are you pushing content regularly? Timing and frequency are important in generating leads through social media.
Are you hesitant about joining Google+? Google’s very own social channel is growing strong. Join the network, give it a try for months, and measure before you dismiss it.
Want to know more about vital marketing metrics? Check out our eBook: The 6 Marketing Metrics Your Boss Actually Cares About.