Most companies know that Social Media is a critical addition to their marketing campaign these days. Do you know how to measure the success of your Social Campaign? Below are four easy ways to quantify what you're doing right and ways that you can improve your Social Media campaign to build revenue and results for your company.
You may have heard of Social Media engagement, but what exactly is it and how is it measured? Engagement rate is the total number of comments, likes, and shares per social post. Engagement shows how you are communicating with your audience and how they are responding. This is a great indication to see how your audience receives the messages you post. The more comments, likes, and shares you receive, the more you know your content is interesting, relevant, and appreciated. If you aren’t receiving any engagement, it’s time to reevaluate your content and figure out who your audience truly is and what kind of content they want. You can also compare different posts to learn what content was successful and what was not. Evaluate the humor, images, questions etc. to move forward with what works to drive a deeper engagement with your audience.
Every social platform offers an individual way of reporting your audience engagement. On Facebook look for your “insights” as it will show you post by post the engagement that each received. On Twitter, look for your “analytics” as it will do the same. Look, learn, and adapt to make your engagement deeper with your audience.
Amplification is defined as, “the process of making louder” or “increase in signal magnitude.” You want your content to be viewed by as many online users as you can. You therefore need your content to be amplified. What does that mean from a Social Media standpoint? Get your content shared! The more shares you receive, the more people will view your content. According to Nielsen, 92% of consumes trust the recommendations of their friends. If they see a friend share your content, they are very likely to trust your brand.
Affinity rate is defined by the positive clicks you receive from your content. Marketing strategies have changed significantly over the years. Marketers will get on Social Media and begin shouting at their audience. Buy this! Visit our site! Go here! But if those posts aren’t receiving positive responses (likes or favorites) then you know your content is not appreciated, highly valued, or relevant to your audience. You then know, it’s time to change your strategy.
Economic value of a social campaign is calculated by adding the revenue generated by the campaign plus any cost savings. Revenue can be calculated by the amount of users who go to your website due to a successful and intriguing post or tweet. It could also be a more long-term relationship such as getting someone to sign up for your newsletter, which in turn could lead to a conversion later down the road. Cost savings is considered the amount of money your business saved by having a dynamic Social Media campaign in place of costly marketing channels such as commercials or billboards.
To properly make this calculation, measure the actual revenue from macro conversions (people buying on your website, or through a sales rep.) Then, calculate the economic value of your micro conversions (downloads, newsletter subscriptions, and video views, etc.) Find your cost savings by taking the delta of what you are spending on your other channels now versus what you would have spent without social. Add these together and you’ll have the economic value of your social channel.
Now you can approach your executive team and say: here is the engagement rate, the amplification rate, and the affinity rate. All of this has been helping us create deeper, richer conversations with our audience. Not only are we making social media a marketing asset, but it also generates economic value each and every day.
By focusing on these 4 metrics, you can have a better understanding of what your social campaign is doing for you how you can adjust to keep it successful! Good luck!