Social Media Measurements: Get a grip on your ROI
The Social Media bandwagon has been around for a while now, and while many companies are trying to get everywhere on the least amount of time possible they are missing a key and critical point on their new endeavors: “A way to measure it”. If your business has a local business profile page on Facebook you probably know how many people “like” or are following you which is the most basic data, but how about demographics, age, location, usage, clicks per post, time of day, reaction towards a specific subject, etc. These are questions that can be answered and would give you a real view of whether your efforts are being productive or should you focus into something different.
Sometimes people ask me, shouldn’t we all be on Facebook? My answer is a simple “No”. Business models are anamorphic to a certain extent on the social world.While most business can morph and actually attract new customers from Facebook connections, others will benefit more while focusing on Linked In model, or Digg perhaps. The real reason is that each business needs to know the audience they currently support and the audience they want to bring in, once that question is targeted then you can select where should you grow or take your next social move.
If I would have a pick on where to start I would say “Google Analytics”. The extremely powerful free tool lets you get inside and out of the scope of things with regards of your site. This is the place where people stop by and see what are you all about, if you don’t have a good Analytic process and rate how can you start developing something without knowing it’s importance?. Google Analytics allows you to see key items like Bounce Rate (whenever a user leaves your site to go somewhere else), Popular Pages (to see where are they heading and what are their likes, Time (the time your average visitor spends on your pages), and much more.
A lot of people do not know about Goals on Analytics or Conversion Rates, which enable you to really look inside the goals you have for your audience. You see how critical is this data now? Did you know you could get all of this? With this data compiled the answers would be extremely simple since you know exactly who your audience is, it’s something magical like knowing them to a certain extent on a personal and business relationship level. Look into your Google Analytics and get started.
A lot of tools are out there that allow companies to measure the effectiveness of social media in relationship to their brand, business development, etc. Tools like the “Like” button by Facebook once attached to their “Insights” and Graph platform gives you a plethora of information from Facebook users into a neat Google Analytics alike interface within Facebook itself. Mash-ups like “ShareThis” allow users to make a post or page alive and shared within thousands or maybe millions of users within hours or make “Viral”. A key bit of information from Digg today said that “Facebook accounts for 45 percent of all shared content across its network. Email followed with 34 percent and Twitter with 12 percent.
Measuring, Analyzing and Shaking things up with a smart and open social marketing mix will enable you to make the decisions you need and will also trace a route for you to follow.
Share your thoughts about what are the social experiments you are working on or are planning to get on going.