There are many ways to measure success in a Social Media Marketing Strategy. Before measuring success, you need to know where you are standing. It is very important to measure the traffic of the web page, fans, followers, referrals, rankings, customer satisfaction scores and any other relevant information. This step is mandatory because if you do not know where you are standing now, how could you know if the strategy is successful in the future.
The best ways to measure success in social media can vary from business to business. That is why, it is important to know what your objectives are and who your target is. For example, the Ferrari page in Facebook has 5,300,000 of likes. That means that this page is active and has a huge quantity of traffic, but how many of the people that like this page is a Ferrari owner or is a possible buyer for a Ferrari. ...view middle of the document...
Once there is traffic, we can measure interaction. Interaction is the participation of consumers in the webpage, for example ratings, reviews and comments. It is a useful metric because it tells you the kind of traffic you are attracting. Sales is another key tool in social media because it allows to measure the increase or decrease in sales and more important than that, it shows you what is causing the increase in sales. For example, when a company tracks their sales, they can tell how much of the sales were referred by Facebook. Other ways to measure the success of social media are: retention, the increase in customer retention is a big factor in success because the majority of purchases are from repeat customers. This can be measured by comparing the retention rates before and after. Profit, is the goal of any company, and by comparing the changes in profit enables to measure success in a social media strategy.
Measuring social media success by category:
Website or blog: website traffic, unique visitors, total page views, subscribers, average time spent per visit, click-through rate, bounce rate, number of times a post was shared via social media, blog comments and average time you spend per post.
Email: total subscribers, open rate, bounce rate, click-through rate, unsubscribe rate, open rate by day, and conversion rate.
Facebook: total fans, total impressions, monthly active users, engagement by post category, engagement by time of day or day of week, conversion rate, fan demographics, unique page views, views and clicks.
Twitter: total followers, number of times listed, total brand mentions, are people talking positive or negative about my brand, reply ratio, profile views, number of clicks per tweet, total retweets, engagement by time of the day or day of the week, and target analysis.
YouTube: total video views, comments, video responses, and subscribers.
Fourthsquare: total check-ins, promotion results, and Fourthsquare Mayor.
LinkedIn: group member and interactions.