This series is based on the wonderful teachings found in Sexy Little Numbers by Dimitri Maex
This week we wanted to dive deeper into analyzing and measuring your efforts when it comes to utilizing Social Media Marketing for your business. After the Content Calendar Series post on Metrics one of our fellow Social Media Marketers asked if we could give some insight on the analysis side of things. So we took the time and did some homework, looking for the best insights on the subject.
***Side Comment: There is a lot of information on the internet, but very rarely do we feel that it provides real insights. So as great as the internet is, we believe some of the best insight and advice you will ever get can come from a book. Take the time to visit your local library, many Social Media Marketing books are quick and easy reads that are just chock full of great advice!
In our Content Calendar Series, Part 2 we discussed setting up metrics to measure your success. At this point, you know that you need to be calculated with your efforts while remaining flexible in what may come. But when faced with all the data you’re able to collect, things can start the get fuzzy. For many business owners it can feel like numbers overload. Fact of the matter is the answers to the questions you have are there but you have to know which ones to focus on to avoid the overwhelm. And as we write this post we too begin to realize this will have to be another series. For, in order for us to give you the insight you need in an easily digestible manner, we will need to break it up for you in order to go in depth.
What’s your KPI? How do you measure your business’ success outside of social media?
Do not overlook the significance of identifying what indicates success for your business. Many make the mistake of not taking the time to sit with themselves or their staff to define what the key indicators are. Only from there can you start to set clear objectives that you would like to achieve with a campaign or your overall social media presence. Be sure to prioritize these objectives; success requires a level of planning and effort…. Don’t skimp on the planning! Big brands can spend up to weeks with an entire team planning just one social media post. Don’t just assume you’re going to wing it and then knock one out of the ball park! It could take you months to harvest the fruits of your social media labor.
Skip this part and you’ll soon learn that everyone has a their own definition of success for the company. Which, for you, will only equated to wasted time, effort, and money! Once you’ve agreed upon the objectives, review each one to insure it has a metric (a standard of measurement), a benchmark (rates your performance among the competition), and a time frame. Those that don’t, rework to fit the criteria. Without these three elements your objectives are merely desires.
You want your objectives to be SMART:
SMART objectives are your Key Performance Indicators. Establishing and implementing these measures, requires you to take things a step further with Action Learning Indicators. These indicators tell the story behind what drives certain KPI’s. See, it’s not enough to just measure your KPI, you also have to understand what factors will cause a metric to go up or down. For example, say you’re currently running a marketing campaign to drive ticket sales for an event. You may say we’re going to run a 4 week campaign with the objective of selling 100 tickets, and based on past event ticket sales you may begin the campaign confident that you’ll achieve this objective quickly or driven to hit a new target. Either way there are a ton of action learning indicators that you could associate with this objective such as from what platform or ad did the sale come from, what time of day was the purchase made, where is the customer from… Which ties back to your understanding of your audiences’ online intended actions.
Now you have what you need to begin getting down to the good stuff… Tracking how well you’re actually doing!
This is where the data comes into play. Like many small businesses, chances are that the data is spread out all over the place, but you can export reports from the various platform ad managers and your Google Analytics into Excel. Sourcing the data is only half the battle, we also have to create a plan to measure the performance of our efforts.
Back to metrics, there are three basic types that you need to be looking at:
- Input: The investment, typically money, you make in obtaining a specific outcome. Look at how the money is being spent, it’s not enough to set a budget and allocate funds. You have to take it a step further, it’s not always easy to account for every penny’s effectiveness but you can look at the results yielded and determine where to focus your attentions. Wouldn’t it help to know what ads work best on which platforms or discover where to divert funds from.
- Output: In terms of social media, it’s all about the engagement. What is your audience’s immediate response to your campaign? Understanding how people interact with your content gives you the ability to tailor it and improve your audience’s overall experience with it!
- Outcome: Did you or did you not achieve your goal? When accessing the effectiveness of a campaign there are a few questions to consider:
- How many people know about your services, products or brand?
- How many people like your services, products or brand?
- How many people would think about buy from you?
- How many new customers have you attracted?
- How many are loyal to your brand? Loyalty should be based on your own definition, specific to your brand.
Do the work now and you will begin to find what works best for your brand. To be continued…
As always we love hearing from you so please be sure to leave your comments below or email us at PurelySocialinfo@gmail.com