Social media can be a powerful tool for companies to build relationships with customers and clients as well as to increase awareness and revenue. Nowadays, you will struggle to find many companies that do not have at least one social media account. However, to have a successful campaign, you need to be able to measure your social media marketing performance.
What should an effective social media measurement program include?
There are two methods of effectively measuring social media marketing performance:
- Ongoing Analytics is monitoring activity over time. In order to see what’s being said about your brand and company, it’s important to monitor your company’s social media on an ongoing basis. This allows you to tailor your social media based on the feedback you receive.
- Campaign-focused metrics has a clear beginning and end time. This allows you to understand how a campaign is doing and whether they are hitting the KPIs that were set.
You should decide how you will measure your social media performance before putting your social media strategy into action.
1. Create Social Media Goals
The first place to start is by setting social media goals. In order to measure your social media marketing performance, you need to know what you want to measure. Companies use social media for a variety of reasons and therefore their goals will be different from each other. Common goals that companies look at include:
- Increase conversions
- Build brand awareness
- Increase engagement
- Increase traffic to website
Set goals should be measurable or it will not be possible to see if you have achieved the goal. Having a target on the goal such as, increasing conversions on the website via Facebook by 10%, allows you to see whether or not you have hit the goal. If your company has never set social media goals before, the first goals created can be set as baselines. Once you gain a better understanding of the current performance, you can tweak the goals.
2. Tactics and Metrics to Measure Goals
In order to understand what’s contributing to achieving the set goals, you need to measure the performance of your tactics. If you only look at the goal of increasing conversions on the website via Facebook by 10% and see it has increased by 5%, you don’t get an insight into why you didn’t reach the goal.
You should look at all the social media tactics you are using and associate them with a goal. This way, you can measure each tactic individually and see how much they are contributing to the goals. You may find that you spend more time on a tactic that isn’t providing conversions, compared to another tactic that is. You can then use this information in your social media strategy going forward so that you are only working on tactics that are contributing to your social media goals.
For goals such as increasing engagement, you will need to associate individual metrics with engagement. Social media metrics like comments, reactions and shares will show you how much your followers are engaging with your company. You should also look at how often followers are engaging with your company and compare this with previous months to see if the engagement is increasing.
Regularly look at your social media tactics on an ongoing basis to ensure they are contributing to your goals that were set. You don’t want to waste time creating certain content if it isn’t contributing.
3. Measure and Refine
Once you have set your goals and associated the metrics with them, it’s time to start measuring. Social media channels have their own form of analytics to measure. However, there are also many social media management tools that will track your channels all in one place. Once you have decided which to use, you can create reports to show all the information you need to see if you are achieving your goals. Doing this on a continuous basis, like at the end of each month, allows you to refine your goals and tactics based on the performance.