If you’re not using social media to promote or advertise your company, you’re missing out on an effective advertising strategy. Social media is an excellent way to communicate with your customers, attract new customers and ultimately increase your sales. But even if you recognize the importance of Facebook, Twitter, LinkedIn and Google Plus, you might have difficulty measuring the success of your social media campaigns.
Well, you’re not alone. However, measuring or monitoring social media results is much easier than you may think.
In fact, determining success involves monitoring three crucial elements.
1. How Far is Your Social Media Reach?
One of the first things you need to consider when monitoring social media results is your reach – or, in other words -- how many people have been impacted by your message? There are several ways to use social media. You can post links to blog posts or articles on your pages, or use platforms like Facebook or Twitter to announce products, promotions or other deals. But if people don’t see or hear your posts, your efforts won’t make a difference.
When measuring your reach on social media, there are several things to take into consideration. For example, you need to monitor the number of connections you receive. With regard to Twitter, it’s all about followers. And if you have a Facebook business page, how many likes do you have on this page?
Some businesses have a blog or a YouTube channel. If this applies to you, how many visitors do you receive? It’s important that you monitor these numbers on a daily or weekly basis. This is an excellent way to determine whether your social media campaigns are effective. It takes time to build a following – so you shouldn’t expect your following to go from 0 to 10,000 in one day. But if your numbers are steadily increasing, you’re on the right track.
2. Do People Interact with Your Message?
Not only do you want to reach people, you want to interact with fans or followers. Consider this: how many people interact with your message?
For example, if you post something on Twitter or Facebook, do you receive comments? Are people liking your posts or sharing your posts? If you post an update and nobody or very few people engage in conversation, there’s a good chance that the majority aren’t interested in what you have to say, and you’ll need to tweak the discussions or provide more interesting topics. But if you’re posting and immediately getting comments and multiple shares — which ultimately increases the number of followers to these pages -- your social media efforts are working.
3. What is Your Conversion Rate?
At the end of the day, the success of your social media efforts depend largely on conversions. You want to turn followers or fans into customers, which increases your income. But to do this, the messages you post must stimulate people to action. Therefore, the final key in monitoring social media results is assessing or evaluating conversion rates. How many visitors to your site or page made a purchase? How many people purchased e-books or signed up for webinars? How many people filled out an inquiry form, or signed up for newsletters?
Tracking conversions is one of the best ways to monitor social media results. And fortunately, there are many tools available to help with this, such as Google Analytics. If you integrate this tracking tool into your website, you can monitor site activity. Also, you can include campaign tracking for each of your social media posts. This is an effective way to monitor online activity, and there are also tracking tools to measure whether social media posts resulted in additional downloads, registrations, online purchases, etc. Ask your website developer or your SEO company to integrate tracking software into your websites.
A good, effective social media campaign is a cost-effective way to promote your company and increase revenue. But to benefit the most from social media, it’s important that you recognise ways to monitor success. This way, you’ll know whether a campaign is working or needs improving.