9 Ways to Measure Social Media
What is social media doing for your business?
If you can’t answer that question, you’re not measuring social media effectively.
Aligning social media metrics and analytics as part of your overall business goals will ensure you effectively use your time available for social media. It will also give you an idea of where you are right now and what needs to be done to make your social media work for you.
Here are nine ways to measure how your social media campaign is performing:
- Sales – If you’re a retailer, you can measure the sales that come as a result of traffic referred by social networks. Brick and mortar stores can use coupons and promotions to see if online promotions drives offline action.
- Leads – For many companies, the sale might not come right away. Instead, measure the number of leads and the leads that resulted in sales
- Audience – Your goal may simply be to increase the reach of your PR and marketing messages. If so, you can not only measure the number of likes and followers, but also the reach of those posts and the number of people talking about them.
- Engagement Rate – Want to know if your messages are successfully capturing your audience’s attention? Calculate how engaging they are. Add up the number of likes, comments, and clicks on a piece of content. Divide that sum by the total number of impressions. The number you’re left with is your engagement rate.
- Influence – Your content may be engaging, and you may have a large audience, but that doesn’t mean it’s doing anything for you. To establish yourself as a thought leader, you’ll need to measure how much of your content is being shared and used as a springboard for other people and businesses’ content. Shares, retweets, reblogs, pingbacks can all be used as a way to see how effective you are as an influencer.
- Volume of conversation – Sometimes you need to know how many people are talking about a subject. Measuring the total number of mentions of specific terms will tell you the volume of conversations taking place.
- Share of Voice – To be the voice of your industry, you’ll need to calculate how much of the conversation you are generating through what you say and others are saying about you. Calculate your total social media mentions for a particular term against those of your competitors to find out who is dominating the conversation.
- Site and Referral Traffic – If you’re using social media to drive traffic to a website, you’ll want to be watching these numbers closely. Look to see which networks and updates in particular are driving people to your website.
- Sentiment – Are you loved or hated? Use social media mentions to inform your research. Many sentiment measuring tools are not that accurate, but they can give you ideas of where you stand.
Those metrics won’t apply to every business and every business objective, but at least one of those can be measured to see how social media is affecting your businesses goals.
How are you and your business measuring the effects of social media?