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Find Out if Social Media is Having an Impact on Your Brand.

by Zia A., posted 4 months ago
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According to a study from eMarketer, as of the start of 2018, nearly 9 in 10 businesses across the U.S. are using social media to market their business. It seems that Facebook, Twitter, YouTube, Instagram, LinkedIn, and the like aren’t going anywhere any time soon. Good news for social media managers. (Hello job security!) But still, there remains the challenge of proving social media ROI.

52% of social media marketers cite determining ROI as one of their most challenging tasks. How do you know if social media is having an effect on your brand? Well lucky for you, brave digital warrior, you’ve come to the right place. In this post we’ll help you learn just how you can measure and evaluate the impact of all your hard work and show that social media is indeed the key to building a stronger online presence, raising awareness, nurturing relationships and increasing sales.

What are the metrics you should be measuring?

If you believe marketing entrepreneur Avinash Kaushik (and we do – the man has over 180,000 followers on Twitter and Medium has named him “one of the most recognisable voices in the world of analytics and digital marketing”), there are four main metrics that will help you measure social media ROI:

social media ROI

Doesn’t this look like a man who can teach us a thing or two about social media ROI?

Metric #1: Conversation rate

i.e. how much conversation your posts generate, measured by Kaushik’s handy formula:

Conversation Rate = # of Audience Comments (or Replies) Per Post

Increase your conversation rate by having meaningful conversations with your audience and posting relevant information.

 

Metric #2: Amplification rate

i.e. the rate at which your followers share your content with their own networks, measured by:

Twitter: Amplification = # of Retweets Per Tweet

Facebook, Google Plus: Amplification = # of Shares Per Post

Blog, YouTube: Amplification = # of Share Clicks Per Post (or Video)

Measure what types of content result in the greatest amplification, then post more of that type of content. Easy as pie.

 

Metric #3: Applause rate

i.e. how many favourites, likes and +1s your content receives on social media, measured by:

Twitter: Applause Rate = # of Favourite Clicks Per Post

Facebook: Applause Rate = # of Likes Per Post

Google Plus: Applause Rate = # of +1s Per Post

Blog, YouTube: Applause Rate = # of +1s and Likes Per Post (or video)

 

Metric #4: Economic value

i.e. the quantifiable economic value created via social media, measured by:

Economic Value = Sum of Short and Long Term Revenue and Cost Savings

This is what will win you the eternal love and gratification (and, most importantly, budget!) of your company’s senior execs. But, remember, that the sole objective of social media marketing can’t be to drive business outcomes. If so, you’ll shoot yourself in the foot before you’ve even begun.

social media ROI

Kaushik’s post is worth an in-depth look and provides great insights for measuring that top orange block.

 

What does it all mean?

This group of metrics points to a process where social media impacts your business like this:

Social Media –leads to > Brand Awareness –leads to> Brand Influence –leads to> Engagement / Leads / Sales

Let’s examine each stage.

Brand Awareness

Brand awareness measures how recognizable your brand is. Has your brand achieved Taylor Swift level fame? Or is your brand more B-list supporting cast? How can you tell? Count the paparazzi outside your door. JK! Take a look at all the engagement metrics that demonstrate user interaction with your content, things like shares, likes, retweets, mentions or +1s.

For example, measure the volume of conversation related to your brand. You can do this pretty easily on Twitter with the help of a Twitter tracker. Set a query like “brand name” or “@brandname” and get an instant overview of the volume of tweets about your brand and how many people know you exist.

via GIPHY

Brand Influence

Brand influence can be deceptive. You don’t have to be a giant to be influential (just ask the mosquito who keeps you up at night). Of course there are accounts with massive followings, considered to be the authority in their industry, but there are also niche accounts that may not have huge numbers, but who are extremely relevant to their audience and are still considered thought leaders in their field.

Use tools like Klout to give you a numerical score that reflects how influential you are on social media. But remember your influence also depends on your audience growth and whether or not you’re gaining active followers who engage with your content. Take every stat with a grain of salt.

via GIPHY

Engagement / Leads / Sales 

Ultimately, engagement, leads and sales are the most concrete metric of the impact social media is having on your brand, and will relate back to your goals. Social media works best when it’s focused (think a laser, not a shotgun) so make your goals narrow and specific. Here are some examples of good goals:

  • Get more people to sign up for your newsletter, X number of new subscribers by Y date.
  • Get more people to download your app, A number of downloads by B date.

Google Analytics will be your BFF when it comes to measuring whether or not you’re reaching the goals you’ve set, so bone up.

via GIPHY

 

In the end, what gets measured, gets done. The more you can show that social media is having an impact on the bottom line, the more indispensable you’ll make yourself. (And to think, mom and dad thought this social media thing was just a fad.)

 

What’s your biggest challenge as a social media manager? How do you measure your ROI? What other topics would you like to see on our blog? Let us know in the comments below and check out Twitter Counter for great tools and tips that will make social media marketing a snap. Sign up for a free trial at TwitterCounter.com

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