Three vital metrics for measuring your social media efforts
It’s important for your brand to have a social media presence. You want to meet your customers where they are while also nurturing connections with prospects. When it comes to monitoring and measuring these social media efforts, however, many brands fail to look at the metrics that matter most…
Your website analytics are a crucial tool when it comes to measuring activity that has a direct impact on your business goals. Through multi-channel attribution modeling, you can see which type of social content acted as a conversion referral. Such examples include First Interaction, Last Interaction, Last Non-Direct Click, Linear Interaction, Time Decay, and Position-Based conversion paths. When choosing the right model, you want to ensure you’re being consistent with a baseline application, using a benchmark comparison, and staying diligent in your use of campaign tracking parameters.
2. Share of voice
Before you begin analyzing share of voice, you first need to start by identifying your brand’s top three competitors. This can be done via market research and examining your brand audience with a social listening tool. Once you establish your list of competitors, you can calculate a benchmark percentage, allowing you to identify and measure monthly or weekly fluctuations from your campaign performances.
No matter how much creative thought you put into your social posts—and how much engagement it receives—your efforts are meaningless if you can’t tie them back to revenue. The ability to measure the impact of your social media efforts on a cost-per-acquisition basis enables you to continually optimize your marketing initiatives and demonstrate the ROI of your work to any stakeholder. In order to do this, you will need to get in-depth with your tracking parameters, build a CRM database, and set out a clear and mutually-agreed-upon formula such as CPA = Cost of Creative Efforts/(Impressions X CTR X CR).