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Social Media Measurement With The Latest Web Tools

Aug 1st, 2012 | By | Category: Buzz, eMarketing News

As a marketer who has successfully measured social media ROI, I can tell you it isn’t as easy as everyone thinks, but it is possible. — Nichole Kelly

Measuring social media is now an expectation that marketers need to deliver on.

Many marketers have found that the reality of measuring social proving to be extremely difficult, but an ability to measure have risen dramatically. But for some marketers can be overcome. The following page results outline some core measurement strategies that will transform your conversation about social media measurement.

Too Many Tools & Misalignment of Needs
We witnessed a massive rush to market as social software companies created products they thought would solve the measurement conundrum. Marketers were trying to understand how the metrics in their social media listening platform connected to the metrics in their social media engagement platform and how that would connect to the metrics in their social media reporting platform.

Aligning Social Measurement with Executive Needs

Metrics that Matter to Marketers
The new social media metrics do have a purpose and deliver value to the conversation. Metrics such as likes/followers, retweets, comments, mentions, and @replies show us how our social media strategy is progressing and whether or not we are building a community that is engaged. While this is directional for us, it’s important that we recognize they aren’t important to the average executive.
Metrics that Matter to Executives
There are three key metrics that determine how the company is doing: sales (units sold), revenue and cost. This is important and worth repeating…executive look at sales, revenue and cost every day. To put social media into the context of what executives care about you need to connect it to their three core metrics.

Transforming your Dialogue with Executives
The three metrics you need to provide and answer; Sales, Revenue and Cost for social media measurement. Unfortunately, just because you have the info won’t mean that social media is delivering a positive ROI. Achieving positive results requires integration with some familiar online analytics packages like Google Analytics and the combinations of the most popular social media platforms.

Understanding What Needs To Be Measured

In order to measure sales, revenue and cost in a meaningful way, you have to understand what you are trying to accomplish with social media. There are three primary goals with any marketing activity:

  • Brand awareness
    CPI, CPC, CPE (Cost Per Engagement) and CPSV (Cost Per Site Visit)
  • Customer retention
    Customer Retention Rates, Average Units Per Purchase, Average Revenue Per Purchase, Average Transactions Per Customer, and Lifetime Value of a Customer
  • Lead generation
    Cost Per Lead, Cost Per Subscriber, Cost Per Sale, Average Revenue Per Sale, Average Units Per Sale, and Conversion Rate of Leads

Each of these goals comes with a unique set of metrics that tie to sales, revenue and cost.

Some of the benefits of social media measurement latest Web tools

  • How-To Integrate Google Analytics
  • How-To Add Google Analytics to your website
  • How-To Add Goal Tracking and Campaigns to Google Analytics
  • How-To Shorten URLs and Append Campaigns
  • Creating a Custom Social Analytics Overview Report

The ability to align social measurement with the same metrics you use to measure your other marketing channels will give you a common language understood by all in the organization. You’ll be able to empower transforming your message to executives and deliver the results they are looking for.

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