So, you spend hours on social media to reach out, but don’t know whether is that successful or not? How many times you tried measuring success of your campaign and failed to measure properly? If that is your case, don’t worry as you are not alone. In a survey of 750 marketing professionals, 88% said, they do not feel successfully measuring the effectiveness of their social media marketing campaigns. Other 52% said, dealing with social media ROI is their biggest headache. You can read more stats here.
Here’s a million dollar question; “How to measure your success and improve the performance of social media campaigns?” In the following, I am sharing some sound ideas and tools that can help you measure the success of campaign and also improve the results.
#1: Set Your Goals:
There are numerous ways to measure success of your campaign. You can measure ROI through lead generation, clicks, likes, revenue, contest participation, customer acquisition and conversion as it depends upon the nature of goals. Hence, it is imperative that you select practical and SMART goals before tracking the return on investment. You must think beyond revenue as some experts have taken customers’ participation, interaction, and more important than immediate money. Other than setting a written goal, use Google Analytics to check traffic from social media, leads and conversion rate etc.
#2: Select the Right Platform:
It is very important to ensure complete alignment between your goals and selected marketing platform. Your target audience is based on multiple networks but audience on Twitter will be different from Facebook, Pinterest or Instagram. Spend time on finding out where your core audience is and where they spend most of their time. In this regards, demographical searches are very helpful. For example, you are releasing a new productivity app; your target audience will be different than that of a gaming app. Therefore, if you carefully choose the audience, the chances of success soar high. Hence, selection of right medium/groups/platforms with your most passionate audience turns vital.
#3: Strategize with All P’s in Mind:
Marketing is all about right planning and execution of P’s (Product, Price, Place, Promotion, People, Processes, Physical Evidence). However, when you turn to social media, another P has to be taken in mind and that is ‘psychology’. When your marketing plan studies consumer behavior, specifies target audience, carefully selects the location, and adopts the most effective tools, success is the sure destination.
Let me give you an example; you are a publishing house and going to release a new book on Kindle; “Landing Page Best Practices“. Who’ll be your target audience? Where will you promote that? What are the strategic options of driving traffic to its landing page? How will you price this digital edition, against the printed edition of the same? If you are able to clearly answer these, your marketing plan is OK.
#4: Track Progress:
You need to track every activity and its result, to determine the financial and opportunity cost of taking up that initiative. In consultation with digital marketing manager, a time frame for the tracking time needs to be determined. Just like you measure your email marketing campaigns in our Bridge Statz tool, you’ll need some apps for social management. Some basic apps like HootSuite can provide you basic reporting to help you analyze the campaigns. In addition, social network’s insight page and Google Analytics delivers a comprehensive analytical support. Even Facebook has its own dedicated ROI measurement tool called as ‘conversion management’. A combination of these apps and suggestions can yield very encouraging results.
#5: Conduct Strategy Audit:
This may seem a bit ‘too formal’ but yes, has its significance. By strategy audit, I mean analysis of ‘success rate’ and ‘utilization of resources’. A marketing manager sets benchmark for performance analysis and tries achieving those. A monthly analysis of the tools being utilized helps in improving performance. On the basis of findings, organizations can improve their track record, save resources, and enhance productivity/efficiency of the processes.
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