How marketers benefit from social media marketing?
Based on the Social Media Marketing Report 2012, generating more business exposure is the number-one benefit of social median marketing, followed by increasing traffic and providing marketplace insights. There are other obvious benefits, such as improving sales, grew business partnerships, reducing marketing expenses, improving search rankings as well as acquiring loyal fans.
While, the top question that marketers want answered is how do I measure and track the return of my investment in social media marketing. Are there any effective tools and are there any benchmarks in the industry?
Before picking up a tool, the most important thing to establish is what you are actually going to measure based on the social media channel you put efforts on. You should have clearly defined objectives and business goal.
Finding the measurable outcomes is the critical step. You need some key performance indicators, which are agreed-upon metrics that can help you determine whether your social median strategy is successful.
Based on the report, the top 5 social media tools are Facebook, Twitter, Linkedin, Blogs, and You Tube. The first indicator to measure the impact of your social media is the number, which give you a general idea of the size of the community you are reaching, such as the number of your followers, fans, and subscribers,
Are they active? Active fans are the group of people who have the actual power to boom your business, by retweeting your latest information, commenting on your post, and inviting their friends to follow your business. Engagement of your followers is another effective indicator to measure how social media impact your target people’s behavior. Besides the number of retweets, comments, clicks, “like”s on each of your post, engagement indicator also includes average time on your site, video views, downloads.
Positive or negative? Rather than just focus on the quantity, quality of the followers’ motion engagement is another critical issue. Positive comments would add value to your promotion, while negative comments definitely will hurt the reputation of your business. What’s worse, be careful of the speed of bad news spread.
Besides these direct indicators, there are other indirect indicators to measure the effectiveness of your social media marketing.
- Competitive data, which include the information shared of your business across other websites or the number of your competitors’ mention of your brand.
- Referring source: How do you know about us? Friends, news, or social media website. Collecting the feedback of referring source is also nice measurement.