Metrics to Measure Commercial Value of Social Media Campaigns
A company’s social media objectives are going to determine the type of metrics used to measure the success or failure of each campaign. For every objective set by the company, a method to measure results will be required in order to determine whether there has been a positive ROI or an increase in operational/sales results.
From a commercial perspective, having metrics available gives you the opportunity to showcase the impact of social media successes. Metrics which are reported regularly will keep you aware of the companies’ social/online profile and brand health. Social Media is a cost effective and efficient method in reaching a target market regularly and strategically. Reporting metrics allows scope to broaden social media activity and budget by demonstrating the value and impact of digital campaigns.
Digital metrics are often split into the following categories and marketing teams will be expected to report on each of the following: Engagement, Awareness, Share of Voice, Referrals and Conversions and customer care.
What are the core objectives you should expect to achieve with social media?
- Warmer responses to bid/tender applications. Your target market to recognise the company and already know who you are when you submit an application and enter discussions, to increase your chancing of winning the contract.
- Attract top talent. You want to work with the very best talent in the industry and need more people to know who you are, what you stand for, and why you’re great company to work for.
- Maintain contact and relationships with existing customers. Staying sociable with existing customers is important for future business, and social media can help you do achieve these results.
- Build up rapport and have introductory conversations with new potential customers.
Marketing teams will report on the core objectives above by using the following metrics.
“Warmer responses to bid/tender applications. Your target market to recognise the company and already know who you are when you submit an application and enter discussions, to increase your chancing of winning the contract.”
Brand awareness would be measured to demonstrate the success or failure of this objective.
Awareness measures both impressions and reach of all posts. Impressions is how many times your posts will show up on an individual’s timeline and reach is the potential amount of unique people your post could reach.
Although awareness should not be looked at alone, it is still an important metric to report on. Often you find that engagement and awareness will be reported on together, to ensure the post was interesting enough for your audience to interact with.
However, as you are building your audience and looking to receive warmer responses, awareness metrics give you the knowledge that your brand would have been seen by your target market.
“Attract top talent. You want to work with the very best talent in the industry and need more people to know who you are, what you stand for, and why your great company to work for.”
Engagement rates of each campaign would be measured to demonstrate the success or failure of this campaign.
Measuring engagement is one of the largest metrics in social media, this encompasses all likes, shares, retweets, follows and account mentions your brand is receiving. This metric will tell you if you are posting the right content, the attract the right audience to your brand and ‘pulling them in’ and making them want to be a part of who you are.
Why is this relevant for top talent?
If you want to attract the best talent in the industry, they are likely going to be working for a competitor or within the industry beforehand. Once they find you, they will watch how you work, understand what you stand for and how you treat existing employees. By having a consistent attractive online presence, they will eventually find the perfect role for them and apply to work for you.
“Maintain contact and relationships with existing customers. Staying sociable with existing customers is important for future business, and social media can help you do achieve these results.”
Customer care encompasses many metrics and would measure the effectiveness of the marketing team and how they communicate the information back to operations and sales.
Customer care metrics would often include response rate and response time to messages, posts and reviews posted by clients/customers online. These metrics track how fast the social team are responding to customers and ensure it meets the expectations of the business.
“Build up rapport and have introductory conversations with new potential customers.”
To measure rapport building and new business the marketing team would report on metrics such as referrals, conversions, and engagement.
Measuring engagement in this instance will track the number of comments or follows on a page, that may have converted into a direct message conversion or referral to another source such as an email or phone number.
Introductory conversations from social media will start with an engagement on the companies’ page or post but may lead to a click through to a landing page or website, where an enquiry or sale is made. In web analytics, referrals will break down how a user landed on your website. Then contributing to a successful lead or conversion and intimately to the sales targets.
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