Social media’s secret to business success is not a secret to anyone. If you want to increase sales, enhance your online visibility, improve customer retention, find new customers, and build up your brand, you need to create a proper social media strategy for your business. Part of this strategy has to be understanding what’s happening with your social media – who is clicking, liking, following and so on. You need to keep an eye on metrics.
But when there are so many different metrics out there, how can you pick those that actually matter to your business? You don’t want to waste time monitoring data that doesn’t make any difference and which won’t help you improve your social media use.
In this short guide to social media metrics, we’ll show just which metrics to choose and track for meaningful social media monitoring.
Align your social media goals with your business goals
You need to start by understanding your business goals. Your social media isn’t there to serve any other purpose than help you improve your ability to obtain those business goals. Therefore, the social media metrics you need to focus on are directly related to your business goals. If a metric doesn’t tell you how well you are doing in terms of business goals, it isn’t really worth tracking.
For example, consider you are a B2B business and you are launching a new product. Your goal is to attract $500,000 worth of sales within the year. Your product is priced at $500 and this means you must sell 1,000 units to reach the goal. If you consider that only one in five leads can create a sale, you will need the marketing to provide you 5,000 new leads in order to meet the goal.
Now, social media is probably not your sole marketing platform. However, you know what type of audience you have so you can set goals to see how well your social media will contribute. For example, you can figure from previous metrics of audience size, your budget, and engagement levels that you can make around 600 of those new leads. This is now a tangible goal for your social media to track.
Pick the right tactics to support your goals
Once you have the social media goal sorted, you can start planning for the goals. If your objective is to gain leads, you could focus on finding those tactics that have previously helped you convert users into leads. It might be that you need to share a white paper or e-book on social media, do guest blogging or continue to link directly to your contact information.
At this point, it’s also important to look at each social media channel separately. Your strategies for gaining leads on Twitter might look different to those on Facebook.
Start measuring metrics that enhance your decision-making
Now, it gets to the hard part. You need to turn your attention to measuring the right metrics. You essentially must find the data that enhances your decision-making in terms of the goals. If the data doesn’t help nor hinder your decision-making, it probably isn’t worth tracking.
For example, in the example of generating leads, one of the most crucial metrics to keep in mind is the conversion from your social media to your website. In general, you should start by tracking things like impressions, clicks, users on the landing page, and conversions in order to start noticing which improve your decision-making and which don’t.
Have a simple dashboard for tracking metrics
You should create a simple dashboard to track your metrics. This doesn’t have to be anything fancy – you can do it in Excel or use Google spreadsheet. The idea is to create a tracking system for weekly, monthly and quarterly metrics to get a full picture. You need to also highlight the interesting metrics, outline insight and even add any recommendations that might help improve the use of them. Now, you can also find dashboard tools that can help you visualize these metrics. For example, Google Data Studio connects with a number of different data sources and creating a visual dashboard with it is really easy.
Now, there are tons of other software options you should consider when it comes to tracking social media metrics. If you’re a small business owner, buying software is not always easy because of the cost involved. You can use OZCodes.com.au to find deals on social media and internet services and ensure this aspect of tracking metrics is covered.
Overall, in terms of finding the right metrics, it really boils down to the essence of your business. What are you looking to achieve as a business? Always make sure you align your overall goals with those of social media goals. Then you just need to ensure the metrics you follow actually help you draw better strategies to achieve those goals.