This is most likely the hardest question to answer with the “new” trend in internet marketing. How do you go about measuring the success of your social media marketing campaign? You can find many individuals and businesses joining this new trend with lots of enthusiasm hoping to get the word out about their company, brand, products or services. However, are they measuring it correctly?
Many people that are measuring the success of their social media marketing campaign are making the big mistake of looking for direct results. While looking at direct results, it usually only shows improvements not translating directly into ROI (Return on Investment).
Common direct results
Here’s a couple of points that you are most likely using in measuring your campaign’s success.
- # of followers to your community online.
- # increase website visitors from social media channels.
- Brand mentions.
- % of bounce rate on your website and blog from social media channels.
- Increased position on the search engines.
- Increased number of comments.
- # of incoming links.
Where’s the financial growth?
Even though these are all good indicators in showing the progress of your campaign, they ultimately fail in showing you if they are yielding any ROI. Business managers and owners are looking for financial growth. ROI needs to be tied back directly to business metrics such as a decrease in expenses and an increase in sales. To join these metrics together you can create a simple graph consisting of all the social media indicators that is showing you results over time and then you can overlay all these results with financial statistics.
You can measure the increases of brand mentions on the website for the last couple of months against the weekly sales on your website. This can give you an idea if you had an increase in sales, did you have more brand mentions online? The ultimate key here is to compare the results from various Web 2.0 channels to see exactly which one is having the best impact on your business.