10 Social Media ROI Metrics Your Company Should Monitor with Send Social Media
So your company is on Facebook and Twitter and you are sending out posts and Tweets like there is no tomorrow. What are you getting for the effort? Do you know? If you don’t know, then you are burning productivity like my first car burned oil. Measuring social media ROI is just as important as any other area of your business. Some business owners are still unsure as to what they are measuring, however. That’s why we here at Send Social Media are giving you the gift of information with this post. Here are 10 Social Media ROI Metrics your Company Should Monitor:
You should be tracking click-throughs to your site from social media sites, as well as your “likes”, follows, etc. Also try to be aware of and track any referrals that are sent your way from your existing social media contacts.
How much time are your “friends” spending on your Facebook page or using your Facebook app? (you do have one don’t you?) This “stickiness” factor should be improving over time, not staying stagnant or declining.
When folks click through from a social media site to your website, are they leaving again right away or do they hang out and see what you have going on there? If they aren’t spending time on your site once they get there, you need to evaluate whether or not your site has relevant, fresh content. The social sites can help get people to your site, but it needs to be a fun or interesting place to be, or they will get out of there like they just walked into the wrong restroom.
Network and Membership Size
For this you want to count the people that actively engage. There are lots of people who will like, follow, friend, or whatever your social presence and then they never mess with it again. You want to know how many are actually reading your posts, commenting, sharing, etc. This number should be growing, as well as the number of new people joining the fun.
This is very similar to the previous metric, but it is about the ratio of active to inactive network members instead of just the growth numbers. This ratio should also ideally tilt more and more into the active side as you go along to consider your activity a success.
This is big. Business wise this is the most important metric here. You ultimately want to convert your network members into sales, subscriptions, or anything else that can be monetized in one way or another. You are a business, right? Track this very closely and then work on increasing the other metrics with the goal of pushing them into this one.
Tracking your mentions on different social sites is one of the best ways to see how pervasive your brand is on the scene. This includes the good and the bad mentions. The good will tell you what you are doing right and how well you are doing it. The bad mentions tell you where you need to improve.
Hand in hand with other metrics, it is important to track how many times your content and links are being shared, if you are getting evangelized by your promoters, and how often they do these things.
The Viral Factor
Extended networks also need to be monitored. In other words, when one of your network members shares a link or post from you to one of their friends that is not on your network, are they resharing it with their friends, and so on. The further you can reach, the better.
You need a blog. It keeps the web-crawling robots tracking your site and keeps you in thee search results. You also need to have a comments section after each post. You need to reply to comments. Then you need to track these comments, shares of the blog posts, etc. You also need to make sure that you have buttons by the posts that people can click on to share them on the social sites.
Tracking your social media engagement is just as important as actually being on the social sites. Don’t waste time on the sites if you aren’t going to measure the results. Of course, choosing to abstain from Facebook, Twitter, and the others is as good as hanging out the “closed ” sign for good.