Content creation is, without a doubt, a big deal but analytics is even more critical.
The first step in understanding the returns from social media marketing, you need to understand how to connect the right data points. But that is not always straightforward. You require the right set of online tools to accomplish this across all your social media platforms.
Without the right metrics, it's nearly impossible to identify what to optimize for future campaigns to drive maximum returns for your business. Further, ROI is reasonably how your employer/client judges your social media marketing efforts - which makes it more crucial to measure it accurately.
Social Media Analysis - What are the success metrics?
Maybe a few years ago, social media success metrics were limited to simple monitoring, and primary KPIs (Key Performance Indicators) were the number of followers, reach, etc.
But today, social media has become a competitive platform for brands. It plays a horizontal role in the customer lifecycle, which requires a far more detailed analysis.
As you pen down your social media strategy, it is essential to determine how you will evaluate its success. Just as you would set measurable success metrics for other marketing campaigns, you need to ensure that you have a deliberate measurement strategy for your social media marketing efforts.
Early-stage content is mostly entertaining or informative. It helps build brand awareness and increase visibility.
Usually, social media platforms have in-built analysis dashboards that help you understand soft metrics that are highly relevant for early-stage marketing.
If you are focusing on giving your brand a voice and establishing authority, here are the metrics you should track -
Followers: A large social media following helps you establish yourself as a thought leader or your brand as an industry expert. Track these numbers and its growth consistently for some time to align them with your long term objectives.
Engagement: A highly engaged small network is far more valuable than a disengaged profile with a huge following. Track metrics like clicks, likes, shares, comments, and time spent on your posts to evaluate engagement on your social profiles.
Reach/Impressions: Measure the number of people who have seen your posts. Since your goal is brand awareness, the higher the impressions, the closer you are to achieving your goal.
Although these metrics are exclusively to measure the outcomes of an awareness stage strategy these aren’t the absolute metrics.
To showcase the overall impact of social media marketing on your business, you need hard metrics like conversion and returns. In this stage, there are two metrics that you should track -
New leads: Track the number of people that the campaign brought to your database. It is useful for calculating how many leads your future campaigns can generate.
Existing: When your campaigns convert existing names, your marketing automation platform tracks how they converted (e.g., downloaded an ebook), which adds to the lead score.
For your paid social media campaigns, you'll want to track:Cost per lead: B2B marketers typically measure the cost per lead through their paid social campaigns, while B2C marketers may track the cost per acquisition.
Mid-stage marketing efforts are focused on engaging the audience to drive them towards interacting with your brand.
The previously collected data on your campaign conversions will be crucial to evaluating your mid and late-stage metrics.
At this stage, you'll need a marketing automation platform to help power your potential customers through their journey and your pipeline. You'll need to track the following metrics:
Marketing qualified leads: Interested prospects that are more likely to convert compared to other leads captured.
Sales qualified leads: Leads that have been qualified by the sales team as good leads.
Opportunity: If the sales team analyzes that there is a definite sales opportunity with a prospect, they'll become an official opportunity in your system. The conversion of an SQL to an opportunity highly depends on your brand's interaction with the prospect and the prospect's satisfaction with your brand.Pipeline: This indicates how many leads were directed to your database from the marketing campaign. For instance, a useful metric for a successful campaign could be the one that generates pipeline at least three times the cost.
Late-stage metrics focus on the revenue generated from social media marketing.
Opportunities won: Indicates the number of closed-won deals through social media campaigns.
Revenue won: Refers to the monetary amount that your campaigns brought in.
Customer lifetime value: Represents the total value of your relationship with a customer, across the entire customer lifecycle.
As customers engagement with brand increases, marketers need to make the most of the information they've gathered by targeting them with a narrower focus. In the early stages, you'll want to focus on a wider approach that can reach many prospects. But once you have their attention, you can take advantage of their needs with powerful marketing and real solutions.
Today, being active on social media isn't enough. You need to engage your audience and build a strong network to stay relevant and ahead of your competitors.
A compelling social media strategy is essential for every business that wants to build an online presence and grow their business. Through tracking different metrics you can accurately analyze your social media efforts performance and thus create a sustainable social media plan.
Also, check out how to track your video performances here.