Social media engagement and metrics.
Social media is becoming more and more important to marketing managers. According to the CMO survey, social media spending in marketing budgets will double in the next five years. With such a big increase managers need find the best ways to evaluate their efforts, improve performance, and show ROI.
When it comes to social metrics, many marketers are out of their depth. There are thousands of metrics being pushed into the information sphere, but using metrics for the sake of using them does not improve performance. To choose metrics that work marketers need to consider the company’s strategy and their desired outcomes. The American Marketing Association recommends using the following framework to assist in metric selection and implementation.
Social media goal setting
The goal should be the company’s desired outcome of the campaign. It is also the broad idea that your objectives will work to achieve. The goal should be aligned with broad company strategy. Here are some examples of good social media goals:
– Increase brand awareness
– Improve consumer interaction with the brand
– Increase brand power
– Improve customer service
– Increase sales
Based on these goals the company needs to set SMART objectives (Specific, Measurable, Attainable, Realistic, Time-specific), set a social media strategy and tactics to reach the goal, and find metrics to measure success.
Here is a brief example of the framework in action:
Social Media Plan
Sentiment relates to tone of social media posts and conversations. By looking at positive and negative tones you can get a grasp of general opinion of your brand. This links closely with customer service and bad service obviously leads to negative feedback online. This can be done manually or with learning software.
Content and engagement:
Metrics can really help to determine which content resonates most with an audience. Finding out which content the audience engages with is key here. Some metrics that help:
- Cross channel engagement comparisons
- Return visits / time spent on site
- Interaction per unique view:
Sum of likes, shares, comments
Unique page views
The interaction per unique view gives a view of how engaging the content is as a whole, taking into account that some people prefer to comment while others like to remain more distanced and share or like the content.
Some metrics for sales increases
Dollars driven by sharing Visits driven by sharing
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Total sharing total sharing Total sharing
Metrics are only the beginning, and once you have good metrics, bring on the analytics!