The other day, while doing research for my blog post on Social Media Marketing, I came upon some interesting facts on how do we measure the results of marketing via social media. This is of utmost importance as social media is playing a big role in popularizing valuable content be it text, audio or video, on the internet.
Measuring Social Media Campaigns
As the importance of social media campaigns goes up in the marketing spectrum, so does its budget and follow up. Means to measure the results in any online marketing strategy is still in a developmental state. But measuring becomes imperative even if in a hypothetical manner to understand the sales, revenue and cost for these campaigns.
Social media has become an integral part of online marketing strategy be it for small or big business. Social media gives the imprint of visibility and connectivity of the company and its products to the consumers and this projects a positive impression of the brand in the market.
An added advantage in having a social media campaign is that these online communities tend to stay engaged with the product or service for longer intervels and the percentage of their retention are always pretty high.
Importance of Social Media in Marketing
Social media does a lot of good things for the marketer like driving traffic to his website, building a brand familiarity for his product, creating positive association with his brand and giving a social proof by sharing his content. Social media campaigns also attract brand followers who can help spread word about his product or service.
If you are new to marketing in social media, it is better to narrow down your objectives and focus on one platform which may be initially spreading awareness, leads, improving customer retention etc. If you target your goals and define your path, you will have better results and will be able to measure it in context of the targets set out before you had started the campaign.
Difficulties of tracking Social Media Campaigns
One of the difficulty in tracking ROI of social media campaigns is that these channels are not deal closers. Social media work more like providing awareness to the brand and draws the users closer to the product. Even if there is no clarity in evaluating a social media campaign, the importance of keeping the campaign on can be gauged from the awareness it generates for your brand.
Using google analytics and tracking your social media channel links is one way of analyzing your campaigns on social media from which you can measure conversion, determine where links are shared, and optimize your content to improve results. Another way of measuring a social media campaign is in context of the costs incurred in running the campaign.
Social metrics to Track
In simple terms following are some metrics that can be used to track your social media campaigns which will give you some idea on your campaign success :
Traffic Data – How many visits and visitors did social media drive to your sites?
Fan / Follower Data – How many people are in your networks, and how are your networks growing?
Social Interaction data _ How are people interacting with, sharing, and re-sharing your content on social networks?
Social Content Performance – How is the content you are producing on social sites performing?
Social media tracking has not developed a single tool of reasonable perfection to gauge metrics involved in tracking campaigns, at least till now. There is no doubt that in future analytical tools to measure the role of social media will turn up in the market and they will help in formulating marketing strategies.