Is social media marketing helping my business?
How do I know if I am getting a return on our social media marketing?
My first question before I can answer these questions is…
Do you have a Social Media Marketing Strategy in place?
If the answer in NO… then you need to implement a strategy…
Develop Your Social Media Strategy for your business by checking out “7 Steps to Developing a Social Media Strategy“.
However, for those of you who have laid out and implemented a strategy for your social media communities, we will discuss how to measure the success of your social media strategy that you have in place.
First, lets cover why you are using social media marketing to engage your potential customers… The main reason even looked at social media marketing is because it is cheap (in dollar & cents) and can be directly related to a fundamental of business – “making money”.
Social media marketing in some cases doesn’t work for financial purposes but it can be a valuable tool in growing your non-financial measures of engagement with your community.
Most people that use social media marketing in their day to day conversations know that Social media can not be all about selling stuff.
Social Media can:
- create cost savings from a customer service perspective
- allow for research and getting competitive analytics to see how competitors are doing in the market verses how you are perceived
- develop lead generation tactics that lead to sales opportunities
One crutch for setting up the right measurements of your social media marketing, is that you must understand the goals that you have set forth in your social media strategy. Understanding your goals, enables you to put in place the correct measurements that will deliver the insights to help you reach your goals.
Remember, each metric has its own specific business process and ROI metric.
If your goals include Financial Measures then you would want to see:
- Sales (Overall)
- Sales from New Customers
- Increased Sales from current customers
(See why increased sales from current customers can be a direct correlation to your clients engagement score)
If your goals include Non-Financial Measures, you would want to see:
(even though it says non-financial they can indirectly relate to financial measures)
- Non-financial conversions (signing up for your email newsletter, downloading an ebook, whitepaper, etc…)
These are just a few of the measurements that you can use to begin measuring your successes with Social Media Marketing and hopefully, your newly implemented Social Media Marketing Strategy.
Let us know if you have any other measurements that you use when measuring your success on social media marketing.