Social Media are becoming more and more important as a tool for individuals and brands to build a stronger online presence, raise awareness, nurture relationships and increase sales.
Obviously these are objectives that vary from brand to brand but it got me thinking, how can someone measure and evaluate the impact of their social media activity on their brand?
A recent study found only 15% of brands are able to quantify the impact of social media on their activities. So which metrics will help you evaluate the social media impact on your brand?
Avinash Kaushik is suggesting among others, three main metrics:
- Conversation rate, in other words how much conversation your brand stirs on social media.
- Amplification rate, how much your message is being shared and what is its reach.
- Applause rate which is how much minimal interaction (favorites, likes and +1s) your content receives on social media.
These groups of metrics point to social media exposure which translates to brand awareness, brand influence, engagement and leads or sales.
Brand awareness is about measuring how recognizable your brand is which can be measured by looking into all the engagement metrics that refer to any type of user interaction with your content, such as shares, likes, retweets, mentions or +1s.
Estimating your potential social media exposure starts with the size of your audience on every social media platform and the number of people who actually share your message.
If I want to look into my Twitter exposure for the past week for example, I would first look into the total number of retweets my account has received over this period of time. Assuming that the average Twitter account has approximately 208 followers and my account has received 80 tweets then I can estimate that a minimum of 16,640 people were potentially exposed to my content.
Of course, in calculations like these there are different factors to take into consideration, such as when certain content was posted.
Another way to measure the impact of social media on brand awareness is the volume of conversation related to your brand. This is something that you can easily do for Twitter as it is the most public of Social Media platform. A Twitter tracker with a query such as “brand name” or “@brandname” would help me get an overview of the volume of tweets about my brand and spot any influencers and recurring topics.
Alternatively, your Twitter mentions are always an indication of people mention you for.
There are essentially three ways to define social media influence. On the one hand, influential accounts are either accounts that are extremely relevant to their audience and are thought leaders in their niched without necessarily having a massive audience. On the other hand, one could say that influential accounts are the ones that have a big audience which would also mean a larger social media exposure. And then, there are accounts that have both the audience and the authority.
Tools like Klout are able to provide you with a score that reflects your influence on Social Media, however your influence also depends on your audience growth and whether or not your are gaining followers that are relevant to you and engage with your content, at what rate your message is amplified and the relationships you’ve built with your community and influencers in your field.
Leads and Sales
Leads and sales as a metric of the impact of Social Media on your brand clearly depends on the goals that you have set. For example, if you are using social media platforms as a tool to get more people to sign up for your newsletter or for more people to download you app, then tracking leads or sales as a result of your social media activity is a must.
In this case, Google Analytics is your absolute BFF when it comes to measuring whether you’re actually reaching your goals, the traffic that social media account for as well as any leads or conversions.
Now over to you! Do you find it easy to measure the impact of Social Media on your brand? Leave us a comment right below.