Social media metrics and measuring success

Your business’ success can depend on engaging users where they spend the most time online. That means using social media. That sounds simple, but you need to determine what works for your brand and what doesn’t.

The only way to do this is by measuring your success with social media metrics.


How to measure Social Media Effectiveness

Measuring the overall effectiveness of your social media presence will be largely determined on the goals you’ve set for yourself. This will help you identify what you’re looking for and save time from over-analyzing every single tweet and conversation answer. For example if you want to track how many shares of your Christmas promotion deal, you should take a look at URL shares specifically over ‘likes’.

You may be asking yourself what kind of social media metrics tools you’ll need. With the rise of social media came the rise of third party software to measure and monitor. There are so many options on the market, both free and paid subscription, that it can look overwhelming at first. Let’s break it down into simple terms.

  • How many social media platforms are you using?

  • How large is your audience?

  • What type of content are you posting?

  • Are you posting more organic, or more paid content?

The answers to these questions will help you decide on the complexity of the monitoring tool you’ll need. Once you’ve determined which social media platforms are of the greatest important to your specific business model, it’s time to look at their available metrics. Twitter, Facebook and Instagram offer their own dashboards and insights. However, you may want to consider a third party software to have all these at a glance in one place.

Here are a few easy-to-use popular social media monitoring tools to help get you started:

Sprout Social’s comprehensive social media monitoring tool covers all the platforms we’ve mentioned above: Facebook, Twitter, Instagram and LinkedIn. A major player in the analytics space, Sprout offers a one month free trial to take a look and see if their product is right for you. In addition to analytics you can manage all your social media accounts through their software. This convenient all-in-one-place tool can take some of the labor out of constantly switching accounts and dashboards.

Mentioned in our section above as a strong tool for evaluation and sourcing of influencers, Talkwalker is a standout platform in more ways than one. A centralized social media analytics tool with an easy to view dashboard, Talkwalker also offers a free 30 day trial. A great feature of theirs is the option to plug in your competitors’ social media urls and compare effectiveness and reach. With sentiment analysis, Google Analytics tie-ins, influencer evaluations and more, Talkwalker is a contender in the competitive space of metrics monitoring tool.

Shortstack is focused on promotions and contests. If you’ve ever featured a promotion, coupon or referral program, this is the analytical tool to help you drill down on the metrics of your success.

When you’ve chosen which platform to use, create a schedule to check your metrics. Rather than stressing out every day over how one Tweet is progressing, create a time and day of the week on which to take a look and evaluate your progress. Keeping to a schedule will help you make an informed assessment about changing your tactics or building on current success rates.

Sometimes you’ll need to be online and checking the activity every day. If you’re promoting a new product for a limited time only, or if your customers need assistance due to an unpredicted problem with your product, you’ll want pay attention to your metrics daily. Using a centralized metrics measuring tool makes this task simple. Just check in on your mentions and shares each hour and see where your attention is needed most. If your Twitter feed is the most active, then focus your replies there. If your Instagram comments are getting lots of additional chatter, spend some time responding and monitoring sentiment on that platform.

All of these third party tools will help you not only track your targeted marketing strategy roll-outs, but keep an eye on your ongoing presence as a whole. If your customers are suddenly asking questions or talking about something that didn’t occur to your marketing team, this could help put out any fires before they get out of hand. Social media metrics helps you not only measure success, but be aware of any pitfalls along the way.


“If you’re not paying for the product, you are the product.”

This popular phrase has evolved from it’s 1970s roots as a conceptual art-piece by Richard Serra and Carlota Fay Schoolman, challenging the world of television advertising. It has been adopted by the internet age as warning against free social media that gathers data from it’s users, Facebook being the biggest culprit.

In terms of small business marketing via social media, when utilizing the free, or often times referred to as organic, options, you are at the mercy of whatever internal choices that platform makes for itself. This can create more hoops and uncertainty to reach your target goals.

Facebook started out as the leader of the pack when it came to social media marketing. With the rise of different platforms and younger generations shifting their focus, Facebook is now seen as another tool in your toolkit, but not necessarily the most important one. Treat Facebook as a potential avenue, one of many roads to success.

When it comes to a serious promotion or outreach strategy, paying for visibility on social media can be considered a wise budgetary expense. Before you start putting money toward investing in every paid promotion offered, consider organic first.

With the ultimate goal of engagement leading to acquisition and conversion into repeat customers, organic reach can create a sense of trust with your audience from the start. Organic reach uses the free tools available on social network platforms that offer engagement and ability to converse and share information. It does not, however, target audiences or appear at the top of a feed. By using third party tools such as Hootsuite, you can schedule when to publish organic posts.

Bear in mind that the amount of internet ‘noise’ can be overwhelming and thus finding your audience organically without any paid outreach will be a big job. Social media companies are starting to focus on who pays them for advertising, and featuring those customers.

The decline in Facebook’s organic reach has been noted since 2014 with EdgeRank’s published study noting a 60% drop off within two years. Social@Ogilvy suggested that a page with 500,000 likes might only gain 2% organic reach.

SocialFlow said in 2016 that an even further 52% decline in organic reach occurred.
With numbers like these, it’s hard to ignore paid advertising as a viable option.

Since your goal of engagement should lead to conversion and acquisition of new and returning customers, paid outreach in conjunction with organic is a must. If you’re not spending some of your budget on social media, you cannot rely on receiving the desired impact of your efforts.

Paid outreach has the benefit of targeting demographics that are interested in your products and services. You can specify geographic region, ages and interests to make the most of your specific promotions and communications.

For example, if you are selling tickets to your New York City Off-Broadway one-woman show, you’ll want to focus on people in that geographic region who are interested in things such as performance, theatre, nightlife, and who may be older than 21 years of age. With paid outreach, you can enter these specifications.

Building an audience with paid outreach maximizes your time and energy for social media advertising.

To help you on your way to social marketing success that will be easy to follow and measure, consider marketing guru Avinash Kaushik’s ground-breaking ‘See, Think, Do, Care’ method.

Social media requires a different tactic than traditional advertising ways of ‘awareness, consideration, purchase and loyalty’. Customers in the 21st century view products in a completely different manner than before. Consider this new framework as a ladder to successful outreach be it paid or organic:

SEE

This is your targeted demographic in a general sense, those that are interested in the topic and related topics of your goods and services. Knowing who this audience is helps you to create content that will be of interest to them.

THINK

The next step is the creation of content and conversation starters that makes it easy for the audience to make a purchasing decision. For example, product comparison lists, how-to videos and more.

DO

Add actionable items to your marketing strategy. Calls to action such as easy-to-click promotions, coupon codes, customer care chat and add-to-cart buttons can be included in your social media paid promotions in addition to being on your website.

CARE

Follow up on the enthusiasm of a promotion, even if the offer is for a finite period of time. By continuing to organically engage with your audience on social media, you increase the amount of trust and the potential for repeat customers with word-of-mouth sharing potential.

This new strategy for online marketing is easy to follow, more personable than ever before, and of course easy to track in your social metrics toolkit.

While measuring your social media metrics, you’ll constantly be asking yourself about ROI, return on investment. How you measure this success ultimately depends on the brand objectives you set for yourself. If it’s awareness, engagement or sales, monitoring your presence will give you the answers you need to either stay the course, or pivot to a new strategy.

By learning how to use metrics monitoring tools you’ll save time and money by being able to clearly track if all your efforts are working the way you intended. Instead of a guessing game, metrics help you see your strategy in action in terms of critical thinking and assessment. Keep clear objectives in mind and track your performance metrics diligently and you’ll be on your way to using social media successfully to build up your business’ online footprint.

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