Social media is still relatively new, and marketers are trying to understand how these channels can be leveraged to drive results.
Now that marketers are engaging social media, the next question is how to measure its success. Most companies measure their success based on how many followers or “likes” they have. However, there are better ways to measure ROI.
As with any marketing tactic, social media must be measured based on how it advances the company’s marketing goals. These goals can be things like increased sales, brand awareness or customer engagement.
Here are some ways you can measure the effectiveness of your social media program:
Fan engagement. Look at engagement metrics, such as the number of shares, retweets, forwards, comments and other interactions. What is the sentiment of these interactions? Are interactions growing over time.
Branded content. Are followers reading your branded content? How much time do they spend with it, are they downloading it and sharing it?
Track sales. Use data analytics to determine how prospects are coming to your company. Look at prospect behavior before they enter the sales funnel. Did they download a white paper, attend a webinar, interact on social media channels?
How do you track the success of your social media program?