Utilizing social media in this day and age is almost a given. In 2009-2010, 73% of the world’s population used the internet in some form or another. That number is expected to grow exponentially. It is imperative that companies have a social media footprint is this computer focused age. But how do you measure and track the success of your social media programs? Let’s look at a small list of ways to track this explosive phenomenon and impact your company’s bottom line… profit.
- Cost savings. This is self explanatory. The price of marketing and advertising is very high. How do you reduce that business expense? Utilize social media. Fees are generally lower than an average print ad and they give your resources to measure the success of the ad.
- Search Engine Optimization. This particular factor cannot be over emphasized. You should see significant increases in your SEO and rankings as more and more people visit your sites. Important factors to keep in mind are keywords, linkage from Twitter or Youtube, tweets, sharing and conversion.
- Lead Generation. Social media is a good source for lead generation. In fact social media usage can create a funnel for leads. Sites like LinkedIn and Facebook give you insights and metrics to see what posts or tweets are successful within your community.
- Customer Engagement. This is such an important part of social media marketing. You want people to talk about your business or your product. How to measure customer engagement? Use the metrics provided by your social network. Metrics can measure the number of followers or likes you have received during a certain time-frame as well as the number of comments per post, customer ratings, or the number of retweets you had. Fostering customer engagement goes a long way to product development.
- Traffic and Conversation can be found worldwide with social media. You can produce the best looking print ad available, but if no one sees it, it’s worthless. Your website is your most important business factor in the cyber world; your social media activities should drive people to this priceless asset
- Customer Retention is also a very good way to increase awareness. Use coupons or promo codes to help retain customer loyalty. This is a good way to create repeat customers
- Employee/Contractor sentiment is another way to measure likeability. Companies are looking to hire the brightest and most tech savvy minds today. These potential employees understand social media inside and out. Find out from new employees why they want to work for you. On the flip side find out why exiting employees are leaving. Utilizing exit interview information could provide you with invaluable insight as to how to improve your business.
- Branding; the whole purpose of branding is to make sure people know your name.
- Sales & Profits; the bottom line of all business. What good is having a business if you cannot see the actual profit from it? No one wants to own a business that is losing money. Being able to convert sales to profits is the ultimate goal.
- Public Outreach. Social media melds the worlds of marketing, customer service and public relations. It’s no longer about how big your ad is in the newspaper, it’s about how many likes you get.
These are just a few of the many ideas out there to measure your social media marketing plan. You don’t have to use all these ideas, just be sure to find the right balance for your company and get busy measuring!