If you manage a social media budget you quickly realize providing accurate measurements to show ROI isn’t always easily done, especially if you’re just beginning to build your brand. Logically, you begin tracking your new likes, followers & +1’s. It only seems obvious that it’s a great way to measure your success, right? Not only do you have to build this audience, you have to keep this audience, and that can be even more difficult. It’s really easy to feel anxious and think to yourself, “Is anything I’m doing working?”
You can spend many complicated hours deciding what metrics will work for you, and depending on your company’s goals, you may need the complicated formulas. But, for a simple approach there are a few basics that must be part of any measurement process and these are what we’ll talk about today.
1. Volume is the “size of the conversation” about your brand or campaign. This is a great indicator of interest, and requires more than just counting tweets and wall posts. Measure the number of messages about your brand and people talking about your brand. Are there days or times when people are talking more about your brand? This is information you can use to focus more of your posts during these times. Did you seem to lose several after a specific post or tweet? Maybe after examining that content you’d find there are certain topics not interesting or too controversial for your audience.
2. Reach is the measure of potential audience size or how many friends or followers you have. Although this is an important number to watch, it misses a lot of important information in assessing your social media effectiveness. You may have 500 friends, but if you’re only reaching 100, you may want to rethink when your posting.
3. Engagement shows if and how people are engaged with your brand and participating in the conversation. This is when you look at our content and decide if you are “interesting” enough to keep your audience. If people aren’t engaged with our brand by likes, comments, shares or replies eventually your brand won’t show up in their Facebook news feed at all. Pay attention to what content generates interest and be sure to keep those types of topics in your posts.
4. Share of Voice: To really understand how you’re doing with your social media, you have to know how your conversations compare to your competitors. Visit their pages and watch what they and their audience are discussing.
Being consistent is essential to effective social media measurement. Measure monthly by the same formulas and tools. Tracking your numbers over a period of time and pay attention to how they change.