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How to Draw Meaningful Conclusions from Social Media Metrics
Stephen Monaco, guest post / Convince&Convert / September 15, 2013
The wealth of information available to social media marketing practitioners is staggering. Companies typically track “likes” and retweets, but they can also track things they rarely focus on: the qualified leads coming from social, a company’s share of a conversation, and even the amount of revenue generated from an individual social marketing initiative.
While this scope of measurement is possible, companies don’t often prioritize the measurements that truly reflect their success (or lack thereof). It’s important to focus on the KPIs that matter to your company in the correct context to optimize your social spending.
Put Fans and Followers in Context
A common misconception is that a high number of followers equates to social media success. Although “likes” and follows are where prospective customers begin their journey, these numbers aren’t meaningful as standalone snapshots.
All companies want more followers, but increases don’t mean much if fans aren’t converting and eventually becoming customers. Motivating followers to purchase is the goal. Examine the “path to purchase” to determine where conversions are sluggish, and modify messaging, offers, and calls to action as necessary.
Common Social Media Mistakes
Many have heard about infamous tweets that dismantled brands’ images in a matter of minutes; however, the more common social media missteps are more subtle — and much more fixable.
- Skimping on Strategy: Too many companies skip over social strategy and go straight to implementing specific tactics, without considering how those tactics will benefit overarching business goals. Without a strategy in mind, the information you gather on key performance indicators won’t be of much help.
- Not Utilizing Data: If your company isn’t using social media monitoring/listening software, you need data to serve as a benchmark for measuring success. If you don’t have a benchmark for your company’s KPIs, it’s impossible to know whether your efforts are improving or stagnating — or how a bump in specific metrics reflects overall business success. The data you need exists, typically in a CRM database or collected via social media monitoring software. Rather than letting that information sit idly, put it to good use to learn and understand — understanding consumer sentiment is vital as you move forward with social media marketing campaigns.