While the majority of companies have put in place some type of social media marketing strategy, few know how to accurately measure their return on investment (ROI). There are actually several key performance indicators (KPI) that your business can start using today to help determine how successful your social media efforts are, and you will be happy to hear that many of them are free.
ClickZ walks through several key performance indicators that will prove to be extremely beneficial to your business:
- Social Connections: While many social media experts claim that this metric is your least valuable one; most marketers of small-to-medium sized businesses tend to dwell on this number. The truth be told is that unless your business has an enormous budget for earning thousands or even millions of fans, focusing on growing this category adds little value.
- Social Page Views: Knowing at any point in time how many people have viewed your Facebook page is valuable information, and perhaps more meaningful than knowing the number of views that your business's website is getting.
- Video/SlideShare Views: Making yourself aware of the number of times that people have tuned into your YouTube video or viewed your SlideShare presentation can help you to measure the success of your content and gauge whether it's engaging your target audience or not gaining much traction.
- Engagement Rate: As you can imagine, this key performance indicator is a critical one. The engagement rate basically measures the number of "likes" and comments that your business has received and divides it by a total fan count. Not only can it help you to determine the type of content that your target audience finds most appealing, but it can make you aware of the best times of day to post content. Facebook's EdgeRank takes a good hard look at this metric and factors it in to how it will rank your business on its newsfeed.
- Talking About This. Next to the number of fans that your Facebook page has is the number of people that are talking about your brand. Basically, this metric tracks the number of people that are talking about your brand and/or your posts on their Facebook page.
- Facebook Reach: This Facebook metric measures how far your brand's reach is extending on Facebook by dividing it out by organic, viral, and paid. While this might not be the most accurate metric that your business looks at, it can still help you to determine how your business is performing over prior periods.
- Re-tweet Rates: This metric is just as obvious as it sounds. It tracks the engagement rate of your tweets and if people feel that it is valuable enough to re-tweet.
- Social Clicks: If you use Bitly as a URL shortener, you can take advantage of its API (application programming interface) to see how many clicks your business is getting and which categories are driving the most clicks. This key performance indicator is valuable because even if you share a link in a status update that is not for your website, you can still find out how many clicks you are generating even if they are not to your own website.
While there are several other key performance indicators that would be valuable for your business to know, these basic metrics mentioned above can help you to determine if your social media marketing strategy is working.
Which key performance indicators does your business rely heavily upon to measure its social media success?
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