How do you best report on social media activities?
What should you measure when it comes to social media marketing?
With the ever-increasing complexity of social media marketing, online markeing agencies and campaign managers face a difficult challenge in analysing and reporting on SMM activity. As with most online channels, there are a plethora of different metrics and monitoring platforms to choose from. So how do you make sense of it all? More importantly, how do you communicate that to your clients or stakeholders? As always, the reigning guru of web analytics, Avinash Kaushik, has the answer to our questions.
Avinash brings to the table a framework with which to measure your success in leveraging social media channels. In a recent post at his web analytics blog, the guru points out that we may all be looking at the wrong things when it comes to monitoring social media marketing effectiveness.
How do you currently measure social media performance?
Number of fans? Nope.
Number of followers? Wrong.
Following to follower ratio? Babow.
The action is not there. The action is what happens after you blast out via a social media channel. Where we want to be focusing our attention is around the effect our messages are having on our audience. How did they react? Did they share it? Did they buy or submit an enquiry? Did they engage you in conversation?
How do you find out how well you are doing social media? Measure your effects, the Avinash way.
1. Converation rate = # of Audience Comments (or Replies) Per Post. How well are you getting through and connecting with your target audience?
2. Amplification rate is the rate at which your followers share your content via their networks.
On Twitter: Amplification = # of Retweets Per Tweet
On Facebook, Google Plus: Amplification = # of Shares Per Post
On a blog, YouTube: Amplification = # of Share Clicks Per Post (or Video)
3. Applause Rate. What is your audience liking and appreciating?
Applause Rate = # of Favorite Clicks Per Post
Applause Rate = # of Likes Per Post
On Google Plus:
Applause Rate = # of +1s Per Post
On a Blog, YouTube:
Applause Rate = # of +1s and Likes Per Post (or video)
4. Economic Value: Sum of Short and Long Term Revenue and Cost Savings
I hope that this post has whetted your appetite to learn more about how you can get more from your social media marketing effort monitoring. Have you learned something that you can apply straight away? Are you hungry for more? Check out the more extensive and complete post on Avinash’s blog here.