What metrics should I be looking at?
One of the most popular questions I get asked is “So how do I know if social media is working for me?”. The obvious answer is in the increased sales and customers coming your way, but there are other metrics that can help you understand what’s working and what’s not, and how to use them to change up your strategy.
Now a small word of warning to point out here, you do not want end up in analysis paralysis, that is, with so much data that you have no idea what it is telling you, or how to even know what to stick with or change. So, try and use a maximum of 2 to 3 key metrics that are the most relevant to you and measure those at regular intervals (either fortnightly or monthly, which ever you can resource).
Additionally, you will use different metrics based on what your objectives are, and where you are in the marketing funnel.
Let’s look at what data you can use, depending on where you are in your online marketing.
Metrics for awareness
Here, you’ll be using social media channels to grow awareness of your brand, and let prospective clients know that you are available to help them. We also call this the ‘know me’ phase.
Examples of metrics you can use to see how your awareness is increasing:
- Increase (or decrease) in Facebook fans, Twitter followers or Youtube subscribers
- How much traffic you drive to your website from your social media content
- Video views on your Facebook or Youtube videos
Metrics for engagement
Once you start to gain a following, you’ll be looking to engage with them to create a relationship and warmth towards your brand. This is also known as the ‘like me’ phase.
Examples of metrics you can use to see how your engagement is increasing:
- Likes, share and comments on your Facebook posts
- Retweets and replies to your tweets
- Comments on and sharing of your blog content
Metrics for conversion
This, as the name indicates, is where your marketing efforts converts to financial opportunities in the form of sales, whether its repeat business or brand-new customers to you business. This represents dollars in the bank, and an easy way to measure your return on investment (ROI).
But, there are other conversion points you can be measuring. For example, if you are running a campaign where you are building your email database, having someone fill out a form and give you an email address (or even a phone number) is also a conversion.
Define what conversion means for you within a specific circumstance and then measure that.
Over to you
Now that you know what to measure, how will you know if your marketing is adding value to your business?