How To Count Success Of Social Media Marketing In Business
There are many factors of business depends on how you market it not only publicly and globally but also socially on various social medias. Counting on the success of your marketing results is what makes marketing a science rather than superstition and it bit expensive aspect of any business with the help of which it get explored across world wide. How much profit you are earning from your marketing is the main concern for every marketer which is followed in social media marketing too. Here are some measurement parameters to count success of social media marketing in your business, so that you can easily handle this concern of marketing for your business growth.
Also Read: Boosting Your Business Via Social Media Marketing In 2017
Click Rate
Click rates are basically specifies your viewers. List of eyewitnesses for your posts, blogs, news feeds and other business related content would be declared by this click rates. Though clicks do not explicitly focus on revenue generation but it help you understand how and why your followers engaged with you and what’s making them click on different links. You can check out click rate by using free analytical tools or CTR (i.e. Click Through Rate) formula : Click/Impression = CTR.
Conversion Goal
Conversion goal specify the measurement of the business building impact of your social media marketing efforts. It reveals how many people took the next step to enter your lead generation funnel and joined your marketing database. To keep this goal at best you have to use your website as the hub of your social media content always link back to content of your website in your social networking post. Include following constituents on your content link that offer content upsell and lead generation:
- Webinar Registration,
- Registrations for Content Downloads,
- Phone-in Leads,
- Online Sales.
These metrics will keep you updated regarding your conversion goals help you out to measure them.
Content : Response+Review+Share
While uploading or exploring any content on your website in the form of blogs, posts, advertisements, updates etc. make sure to keep track records of people’s response, their reviews and shares on it. It help in your social media marketing to maintain your brand and clicks rate higher.
Posting Time Optimization & Engagements
While posting any content on website the time zone should be considerable for posting to fetch more traffic and to collect the click rates. You can not predict easily what will be the reaction of your customers or viewer on your content if you fail to notice the content quality on your website before it get posted, so beware of it. Knowing when your audience is most likely to engage with your content is important. Social media marketing for your business would get much easier to count for a success by posting time optimization and engagements.
ROI Benchmark
Returns of investment of your business can improve with the help of social media marketing. Set your desired benchmark for it and how much you can achieve it from social media marketing platform, just note it down and keep up the track. There are sites dedicated to measure the ROI by using social media marketing tools such as
- Kissmetrics Analytics,
- Customer Lifetime Value Calculator,
- RJMetrics’ Cloud BI,
- Cyfe
- Google Analytics.
Brand Metrics
Brand association through social media campaigns can help drive clicks on paid search ads and responses to other forms of advertising. Social media marketing would be favorable for brand awareness, brand recall, propensity to buy etc. where expensive TV ads are measured in the same way for brand metrics. But as compare to it social media marketing is much more cost effective and reliable. This is not the only way you can make much more for your brand metrics, you can add up the focus keys in your content that you can share or post on social medias like Facebook, Twitter, Digg, Dzone, Reddit, Slideshare etc.
Bounce Rate
In Analytic tool such as Google Analytics or other free tools we can see this option of bounce rate that shows you what percentage of visitors leave your website in the blink of an eye without exploring further on website. This rates should be as low as possible because the more time someone spend on your site, the more likely they are to convert and perform meaningful action.
Track A Traffic
You can find out your referral traffic data on Google Analytics-Under Acquisition in the left navigation. Acquisition data tells you what kind of traffic you are getting from social media marketing content and efforts to your website and how that traffic performs once it arrives. You can use this data to improve your calls to action and campaigns.
Retention Rate
Retention can be hard to measure if your buy cycle is long or your business revolves around particularly on time only sales. E-commerce platforms, conventional businesses and subscription based services can measure customer retention by calculating what percentage of customers return to your business website to buy again. You can calculate customer retention rate through social media marketing as follows:
There are three pieces of information you need to calculate customer retention:
- Number of customer at the end of a period (E)
- Number of new customers acquired during that period (N)
- Number of customers at the start of that period (S)
Customer Retention Rate = ((E-N)/S)*100
To calculate the percentage, you have to divide that number by the total number of customers at the start and multiply by 100.
Keep Eye On Current Market
Last but not least, do not forget when you have to research on market though you are performing it publically, person to person or via social media marketing, you should be aware of the current trends in marketing. So that you can ace the marketing results for your business growth. This is the must factor to count on while performing the social media marketing task.
Conclusion
Social media marketing is the best way to fetch and attract the targeted audience and customers by using its strategies. And you can check out your fruitful output through various social media marketing tools as mentioned in this article, because monitoring your brand’s online performance is important but keeping close eye on your audience metrics is even more crucial.
