Measure What Matters
Research shows that only 15% of marketers are able to prove that their social media activities have quantitative impact on the achievement of marketing objectives. Too often marketers are showering themselves in vanity metrics; obsessed with retweets, likes and so on. Don’t get me wrong, that is important, but if you are unable to make a clear correlation between engagement and impact, your efforts are likely to be in vain. Read on to hear about my 3 top tips for measuring what matters when it comes to social media…
It sounds simple, almost obvious doesn’t it? “Measure what matters”. As simple as these three words sound, so many brands fail to accurately measure what matters to them. Now before you grab your pitchforks, I don’t make this sweeping statement lightly. Leading SEO giant, Moz, found that only 15% of marketers are able to prove that their social media activities have clear, quantitative impact on helping their business achieve their overall marketing objectives.
These findings simply aren’t acceptable. Measuring your social media ROI is no longer optional. I don’t know about you, but I personally am sick of social media being seen as the little sister of digital marketing. Social has matured into a serious player and it is about time that businesses started taking note.
But it is difficult to change people’s mind set when marketers themselves don’t even appear to be taking social seriously. In short, social must start paying its way.
Benchmark yourself. Where are you now? Once you have this knowledge you are then able to set targets for where you would like to be and curate a strategy which aids in the achievements of the new goals.
No.2 Tangible Objectives
Construct a clear marketing strategy with a defined set of tangible objectives. The key word here is tangible. Concrete, solid results which evidence clear cause and effect. How are you going to objectively evidence that your Instagram post that got 200 likes provided a direct contribution to the bottom line?
Agreed, it can be challenging to convert qualitative, behavioural measures into financial outcomes. But just because it is a little more difficult than you first thought, it doesn’t mean you should shower yourself in vanity metrics to make yourself feel better. If it doesn’t measure what you are trying to achieve then what is the point? You are only cheating yourself.
No.3 Conversion Based Goals
Here at Reckless we recommend the use of conversion based goals. This allows for understanding about how your social media is impacting on the customer journey. For example, gaining data around how many plays a product demo is receiving, or how many visitors are completing your online enquiry form.
Conversion based goals are a fundamental component when it comes to tracking online behaviour. For example, you would never run a PPC campaign and never check to see which ads were converting. As I type this I think back to all those PPC accounts I have inherited that have simply been set up and left to run… Anyway you get my point! Without this data is it near impossible to understand and evaluate the effectiveness of your social campaigns.
Armed with this knowledge you are able to enjoy efficiency gains; better allocating resource, time and most importantly, money. Because let’s be honest, money talks. If you are able to demonstrate real financial gains, real ROI, people (hopefully including marketers!) are more likely to take social seriously.
If you would like to hear more from me you should tune into my upcoming free webinar “Social For The Antisocial” on Wednesday 5th October at 12.30pm. Like I say, it is free and you never know, you might learn a thing or two!