How to Measure Social Media
September 24, 2013 Leave a comment
Is it important to measure social media ROI? More importantly, can social media efforts be measured in any way With the help of Google Analytics and the San Francisco start-up Klout, measuring the effect of social media on website traffic and brand awareness is easier than even before.
The main purpose of social media campaigns is to not only drive traffic to your website, but to gain conversions. It is important to understand the direct relationship between online media and sales. Luckily, Google has made it very easy to track this through Google Analytics – giving the user a holistic view of where his or her digital brand stands in the world wide web.
How it’s done:
Define KPIs (Key Performance Indicators): Whether it is time spent on the website, downloads, purchases, etc., it is crucial that KPIs are set up so that you have a basis for comparison. Google Analytics Social Reports measures the impact of your campaigns in comparison to each benchmark, giving you an easy-to-read report.
Analyze Data: Google Analytics uses data to reveal social sources, highlighting which social networks drive the most traffic, result in conversions and in turn deliver the highest quality visitors. With this precious information, you can determine which networks are giving you the biggest ROI and which networks still need content development.
Leverage Data: Drive content marketing through Google Analytics’ various tools. Content Reports provide comparison charts, highlighting which content is leading to conversions on what network. Next, The Social Value Graph allows you to compare your social media campaign to other sources: search, direct or other referrals. Lastly, The Pages Report identifies which content has gone the most viral. This is extremely useful, allowing you to see what content is deemed “shareable” by your followers.
Take Advantage of Your Social Relationships: Your audience will make you work for your conversion. It takes a while to gain trust – overtime you must provide incentives and offers for them to fully commit. Google Analytics makes it easy, differentiating between an immediate conversion or one from a returning visitor.
Social media is an extremely efficient advertising medium, allowing you to boost brand awareness while investing minimal financial resources. Regardless to whether or not a product was purchased online, the fact that the audience was exposed to the brand can greatly influence off-line sales.
Klout, the “standard for influence”, allows you to easily measure your brand recognition online.
How it works:
Klout examines your influence across your social network. It generates an analysis derived from your social media sites (Twitter, Facebook, YouTube, etc.), measuring the size of your network, the content that you contribute, as well as how many people interact with that content.
Klout then puts this data together and creates a “Klout score”. This number ranges between 10 to 100 and is a reflection of your brand’s social influence. You could have 5,000 Facebook friends, but if no one is liking or sharing your content, then you will be given a low score.
Learning to measure your social media strategy is crucial to creating an effective online campaign. By utilizing these techniques, you will be able to better understand how your target audience interacts with the content you share online, making it easier to create relevant quality in the future and create conversions down the road.