2 Shares

SOCIAL MEDIA METRICS AND ROI

Social Media ROI Contents

We know there’s a lot to take in here!

Click on these links to navigate your way to the social media metrics info you need most:

  1. Introduction to Social Media Metrics and ROI
  2. How to Measure Social Media Metrics
  3. Qualitative Data
  4. Quantative Data

Happy measuring!

Learn More About Social Media Metrics:

How to Set Key Social Media Goals

Decide on achievable social media goals which make a positive impact on your business.

Measure Metrics that Matter to YOU

Don’t waste time analysing statistics that mean nothing, get your head around the good stuff!

Learn Which Data Sets Matter to You

Do you want qualitative or quantative results to measure against your investment? This guide tells you the difference.

FREE BONUS: Download a Free PDF guide to social media, including secret time saving tools and a plan to setup your account like a pro!

INTRODUCTION TO SOCIAL MEDIA METRICS AND ROI

Measuring Social Media Success

One of the great things about social media is that you can actually measure success – but only if you know what to measure and why!

You want to ensure that collected data means something to your organisation so that you’re not spending time de-riddling data that has no use.

For this reason you need to decide, from the outset, exactly how much resource you’re going to pour into your social media campaigns and what goals you want to achieve as a result of that. At the end of the day, you want to achieve great return on your investment (ROI) – so make sure you’re investing resources into social media campaigns in the first place.

Deciding on Social Media Goals

Why should you be using social media? What are you going to gain by being active on social channels? What are your goals?

These might seem like daunting questions, but they really don’t have to be. Social media goals can be as simple or complex as you like, but in our experience it’s actually better to keep them simple. For example, common social media goals include:

  • Driving more traffic to the website/blog
  • Measuring conversions from social media through to your website’s end goal
  • Saving customer service phone line costs

By having clear goals like this you’ll be more able to measure your success.

HOW TO MEASURE SOCIAL MEDIA ROI

What Data Are You Measuring?

Get to know your data types!

There are two types of data sets – quantitative and qualitative – and both come with their perks and limitations. You do need to remember that they are different though, and mean different things for your business. Check out how to tell them apart below.

What is Quantitative Data?

Think of quantitative data as measuring a quantity – we’re talking about numbers here. Quantitative data can be used in scientific analysis, the results can be repeated and you can talk in actual statistics when relaying results.

For example, you can measure increases or decreases in Facebook likes, Twitter followers or your circles on Google+ as well as other factors.

When referring to social media, quantative data is often used to measure levels of engagement.

What is Qualitative Data?

Qualitative data has nothing to do with numbers – it’s all about observations. The results are usually gathered from small samples, then used as a basis for further numeric quantitative experiments.

Out of the two data sets this is the more controversial, as it’s hard to see completely true results. Most managers couldn’t justify whole strategies based on observation, which is why it is often backed up by quantitative tests later on. However, you can gain valuable insights from observation.

Quantitative Data Examples

Followers/Likes

This is one of the most obvious quantitative social media metrics – as you can physically see numbers going up and down. This should only ever be part of your social media metric analysis though – an increase in likes doesn’t always mean you’re creating great relationships.

Engagement

Engagement, on the other hand, is a more useful indicator of whether you’re creating these meaningful relationships. This could be how many comments or shares your latest post has attracted – showing users found your content interesting.

Activity at Various Times

Are you sharing content when your audience is most active? Monitor engagements on your social networks at various times to see when you’re most engaging them.

Click-Through Rate/Conversions

This is one of the most popular quantitative results, because we’d all like more website traffic. Seeing how social media results in conversions for your business is a pretty obvious sign of ROI.

Qualitative Data Examples

Influence

Many online tools will show you ‘influencer scores’ that enable you to see how well you’re engaging with ‘influencers’ on your social networks. Of course it’s great if influencers are sharing your content and getting it seen, but do bear in mind that there isn’t exactly a universal standard for what makes an influencer most influential!

Trend/Conversation Drives

Is your conversation topic trending? Are people talking about you? That’s what social media is about, to some extent, after all. Take a look at topics, conversations and concerns surrounding your brand – that’s an incredible insight – and then act on this information.

Sentiment

Are the conversations around your brand positive, negative or fairly neutral? How about the conversations surrounding your latest brand? This can be a really handy insight, and there are tools out there to help you realise it, but make sure you find out exactly how these tools are getting you results.

If you enjoyed this post, please share!

2 Shares