How do you measure your success with social media marketing? Many new companies are joined this “new” trend with much enthusiasm to reach new prospects and to engage in conversation. The only question is, how do you measure if it is successful?
A survey that was done in August 2009 by Mzinga and Babson Executive Education shows that 84% of marketers aren’t measuring ROI (return on investment) on their social media marketing campaigns. 40% of the respondents didn’t believe it could be measured. You can view a summary of the survey here: Social Media Measurement Lags Adoption.
Many companies that are measuring their success with social media in their campaigns are checking for direct results. These will usually only show improvements, but they don’t translate directly into ROI.
View below what these companies are looking fore:
- Number of Twitter followers and Retweets
- Page views
- Brand searches and mentions
- Facebook fans
- Unique visitors
- Bounce rate on blog and website
- Search ranking improvements
- Comments together with trackbacks
- Incoming links
Although these are good indicators in showing a campaign’s success, they fail to show if they are yielding ROI. Business owners and managers are looking for financial growth. ROI needs to be tied back to business metrics such as increases in sales, decreases in expenses and profitability.
To tie these metrics together you can create a graph consisting of all the the social media indicators that is showing results over time and then overlay these results with financial results.
To give you a quick example, you can measure an increase of brand mentions by week for the past year against the weekly sales on a company website. This way you might see a direct correlation to an increase in sales and company mentions. The key here is to compare the results from various social media channels to see which one is having the best impact.
Let me know how you measure social media effectiveness in your campaign.
Leave a comment below if you require more information regarding social media marketing and ways to measure it.