A lack of quality data might hinder any marketing efforts. Without tracking your progress, you have no idea if you’re making good choices or employing effective methods.
This is true for the vast majority of advertising methods and is especially accurate for social networks.
We need to demonstrate your worth as a marketer on a regular basis. Your organisation needs you as much as they need a salesperson or business analyst, so prove it.
Here is your chance to prove your abilities to the world.
To assist you, we consulted with Valerie Hamilton, a Klipfolio expert, to learn the best social media indicators to demonstrate ROI (ROI).
Next, we’ll dissect each of these measures to demonstrate their value.
For what reasons is return on investment in social media so crucial?
It’s likely that your company has already begun utilising social media. Tweets, picture updates, and customer service queries are all things you likely do, regardless of whether or not you have a dedicated social media strategy.
That’s how you ought to feel, by the way. Customers for any industry may be found on social media. In other words, there’s not much of a way around it if you want to communicate with them.
The issue is that not every social media marketing approach is created equal. As a result, you must have a method to monitor your development, sort out the successes from the failures, and calculate your return on investment.
You’re just making assumptions without this.
So, it is crucial to begin monitoring relevant KPIs for social media. You may calculate the return on investment (ROI) of your marketing efforts using these tools, allowing you to make more informed choices moving forward.
Top indicators for social media success
Before we get started, I just want to mention something quickly. Not every one of these indicators may be crucial to your situation, but they’re all fascinating nonetheless. The first step in making the most of social media is to define your goals.
Some possible targets for you are:
- Getting people to visit your website
- Inducing talk about your product amongst the public
- Finding new people to join your network of supporters
- Generating prospects and closing deals
Moreover, you can be working towards something quite different. You need to know this in order to evaluate the success of your brand’s social media campaigns.
Social media followers
In the eyes of many marketers, this is meaningless vanity data. It’s not as crucial to have a large number of followers as it is to have engaged followers.
It may be true. Yet, your number of followers is relevant if expanding your network and audience are among your objectives. More so if you’re trying to promote your business across many social media platforms.
If one of these accounts is new, it makes logical that you don’t have many followers yet. But what if you’ve laboured to establish audiences on Twitter, YouTube, and LinkedIn over the previous six months?
If you find that your YouTube channel is receiving considerably more views than your LinkedIn page, you may shift your focus there. This might be an indication that your LinkedIn profile is stagnating and that you should delete it.
Increase in Number of Followers
Another method to approach the follower count is to look at growth. Here you may see if your popularity is on the rise (and how quickly), or if, tragically, your fans are starting to drift away.
If the rate at which your number of followers is expanding is important to you, then that figure should be prioritised. Justify your time and energy spent by demonstrating steady improvement over a period of months.
Again, you may pick select rapidly expanding profiles to focus on. For example, if you’ve already invested time into Pinterest but the site’s growth rate has stalled, there’s little use in continuing to do so.
Perhaps it’s time to disconnect in this scenario.
Counting new fans and followers is a breeze, which is great news. A basic, monthly-updated spreadsheet will do the trick well. Alternatively, there are lots of social networking tools to employ, so you scarcely have to lift a finger.
Mentions on Social Networking Sites
Valerie elucidated the value of tracking mentions as a means of gauging brand recognition and discovering who is actually discussing your business or product online.
Carefully tracking mentions shows you:
The interest level of your audience in the material you’ve provided.
Dates and periods optimal for posting on social media
Whether or not consumers like using your wares
Of course, you can’t only count your own mentions. By tracking competitors’ social media mentions, you can measure your own performance against theirs. If your objective is to cut into their market share – or even to acquire some of their consumers – monitoring their remarks is a necessary.
It’s also an excellent choice for introducing new products. Valerie described how, after the launch of a new Klipfolio product, she regularly monitors mentions to assess the success of the company’s marketing efforts.
It’s an effective method of measuring the results of your marketing efforts rather than blindly on with them.
Sentiment analysis is a helpful technique to rapidly determine what people think about your business online. Each tweet, Facebook post, or forum mention is assigned a favourable, negative, or neutral sentiment:
Tracking customer complaints is crucial for many companies. Everyone hopes that their firm is well-liked and well-known, yet unfavourable remarks might appear at any time. Because of this, it is useful to keep records.
If you’re getting a lot of bad feedback and you’re not addressing it on social media, it will only grow.
Positivist tweets can also be a source of luck. Make an effort to get in touch with satisfied clients and promoters of your business to keep them spreading the word.
This is also fantastic for introducing new products. The name of a new product can be tracked to determine if it is well-received or if adjustments need to be made.