5 Tips to Measure Social Media Marketing Performance
Social Media is becoming one of the most important online marketing tactic. More and more companies jump into social network marketing field to promote their brand or product, and they brought huge amount of marketing dollar in as well. Since all marketing investment need to be evaluated returns, the question comes up: how to measure the performance of social media marketing?
I would like to share some tips about social media marketing performance measuring:
1. Impression. It’s not as easy as banner Ad to figure how many times of your page have been impressed, but you can still consider below points as performance evaluating:
- How many Social Networking platform you registered accounts?
- How many connections/followers you have?
- How many groups you joined as member?
- How many discussions you participated?
2. Traffic. One major purpose of social media marketing is to drive traffic to website, it’s all free and can be tracked clearly. If you are selling advertise on your website as well, use CPM (Cost per Mil) to calculate the ROI of social media performance.
3. Shares. People on social network platform do love to share their ideas and links with friends. They submit website links & content to major platforms, when they think either interesting or informative. It’s been called ‘word of mouth online’. So consider below 2 points on social media marketing shares:
- How many of your website / pages have been submit to digg, StumbleUpon, etc..?
- How many of your company name or product name has been mentioned over twitter, facebook, Linkedin?
4. Contacts acquisition. Acquire new contacts is one of most important thing for online marketing. The normal way is like: ‘subscription box’, ‘ask opt-in in online survey’ or ‘list buy’, and you can also leverage social media marketing to acquire new contacts. People come to social network platform is intend to make friends, so be friends with them, influence them in each update, convert them as your client. How many contacts you acquired from social platform is critical factor to measure social media marketing performance.
5. Revenue contribution. Check how much revenue the social media contribute is the most direct way to evaluate social media marketing performance. Embed tracking code for all the social network post links (hide them by short URL service, like TinyURL if you want). If you sell products online, it’s not hard to track how much social media contribute.
How’s your Social Media Marketing performance so far?