by Matthew Goulart. Founder of Ignite Digitial, an experience-driven digital agency.
If you aren’t using social media for your business, you’re doing something wrong. To put it into perspective, Statista reported that of the 3.17 billion people using the internet, 2.3 billion are active social media users. In other words, if your business isn’t using social media as a marketing tactic, you’re limiting your potential reach.
However, simply creating an account on the most popular social media platforms won’t instantly move you out of the fools’ category. Social media marketing takes strategy, persistence, time, effort and measurement. To ensure your social media efforts are paying off, and more importantly, to determine which tactics work and bring the highest ROI, here are five key metrics to watch closely.
Every company wants to see conversions. Whether it’s direct marketing or social media marketing, if it doesn’t convert, it has no purpose. While this point can be argued when it comes to social media, there is no denying that conversions are still a top priority. Conversions show the number of people who took the extra step and entered your sales funnel via your social media page. This can be gauged by tracking website traffic, online sales, registrations completed, subscription forms submitted, etc.
To convert, you must first have effective calls-to-action to entice your audience and get them engaged with your content. Then you need to use an analytics tool, such as Google Analytics to track and monitor their engagement. Once integrated into your website, you can see how many people reached your website via your social media and what kind of social media content is bringing in the highest conversions.
What better way to determine if your social media marketing strategy is working than using search volume metrics? Search volume allows you to see how many people are searching for your company on search engines. This is an important tactic because you’ll be creating an online presence, and as a result, consumers will be searching for your company online. Search Engine Land reported that 85% of consumers have used the internet to find local businesses. Therefore, if you aren’t seeing a spike in searches for your company, your social media marketing strategy needs to be revised.
There are various tools you can use to track search volume, with Google offering some of the best. Google Analytics and Google Trends are two tools that can monitor the changes in search volumes. These tools can provide you with valuable knowledge on how to engage customers better, as they also analyze your direct competitors and compare their results with yours.
Brand Presence, Image And Engagement
We can’t say it enough: Simply having a social media account won’t get you the results you’re after. In order to capitalize on these modern-day marketing tools, you need to learn how to use them to build a strong online presence in order to further engage with your customers. The secret to social media is to connect with your consumers on a personal level. By doing so, you can build trust and loyalty, brand your company’s image, and ultimately, increase engagement.
Furthermore, not all interactions are positive and you need a strategy to address negative feedback. In order to do that, you need to have a tool to track the remarks, comments and statuses on social media that could tarnish your brand. Tools such as Facebook Insights, Twitter Analytics, Google’s Me on the Web Tool, and Social Mention allow you to monitor your online reputation in seconds. Some will also send you notifications when a certain keyword is associated with your company, such as scam or fraud.
Followers And Likes
One of the easiest ways to keep track of your social media marketing is by checking your number of followers and likes. If you have a high number of followers and they’re consistently growing, your social media campaign is essentially working. However, it’s just as important to monitor the number of likes your content garners to ensure your followers are also interacting with your brand.
Scanning through every single one of your social media posts on a regular basis just to measure likes can be a daunting task. Instead, there are analytic tools provided by the platforms that do this for you. Facebook, Twitter and Instagram all offer analytics right on each platform. However, you can also use third-party tools such as the Epoxy app, Klout widget or Social Blue Book website to track your followers, likes and social media presence as a whole.
Return On Investment
The best thing about social media marketing is that you don’t have to spend a dime to see a return on investment. It’ll take time and effort, but it can be a cost-efficient marketing tool. You can complement your time and effort with paid advertisements or by hiring a social media marketer to capitalize using your social media strategy. Either way, whether time or money spent, you want to make sure it’s worth it.
Tools such as Kissmetrics, Google Analytics and the analytics tools provided by social media platforms are excellent for monitoring ROI. These systems will show you data such as which social media campaigns are the most profitable, which social media ads perform best, which individuals or group of individuals convert, and much more. As such, you’ll be able to invest your time and/or money more strategically moving forward.
Facebook, Twitter, Pinterest, Snapchat, Instagram, LinkedIn – there certainly is not a shortage of social media platforms to choose from. As a rule of thumb, pick from the most popular and the ones specific to your niche. If your business is highly visual, use visual-focused platforms such as Instagram and Pinterest. If your content is based on text, Facebook and Twitter may be the better option. Then implement a strategy that incorporates these five key metrics to ensure your social media tactics are as powerful as they can be.