25 ways to measure your social media ROI
Earlier in November, I had the pleasure to present to the annual Strategic Marketing Group Tahoe Tourism Technology and Marketing Workshop (phew, that’s a long title) on one of my favorite topics: Social Media Measurements and Social Media ROI.
The title of my presentation was 25 Ways to Measure and Analyze your Social Media ROI.
(This is post 1 of 3 from the presentation covering 8 social media metrics. Stay tuned for the next two.)
In reality, I could have come up with more than 25 ways, but I tried to narrow it down to what I thought may be useful for the specific audience, based on the Social Media ROI cycle they fall into, and the maturity of their social media efforts.
Many of the businesses in the Lake Tahoe and Reno area are still in the initial phases of their social media: specifically launching and engagement. Only a few Reno-Tahoe businesses are into a more mature phase of tracking their efforts online.
25 Ways to Measure and Analyze your Social Media ROI (Part 1)
1. Quantity of fans and followers – still a major metric for many marketers where 96% of marketers nationwide are keeping an eye on Facebook and Twitter fans and followers and 81% of Reno – Tahoe marketers doing the same based on the proprietary social media marketing survey for the Reno Tahoe area. Feel free to download the complete results of the survey and see how you benchmark against your peers in the area – the only social media survey for the Reno Tahoe market.
2. New/lost fans– identifying not only new fans but also lost fans may pinpoint areas of improvement. Perhaps you are running too many contests that don’t attract your customers.
Another useful benchmark will be how you gain fans and followers over time, and how your entire social reach (Facebook fans, Twitter followers, YouTube subscribers, Vimeo subscribers, etc) compares to your competitive set.
3. Quality of Fans and Followers– a more important metric than Quantity, this really shows you if you are growing a vibrant community, or just accumulating fans and followers who are not interested in what you are doing.
4. PTAT– “People Talking About This” is probably the most important Facebook metric that will reveal how people interact with your content. If you make sure your PTAT score is high, you have a higher chance of getting your updates in people’s newsfeeds.
5. Consumptions-looking at what type of content your community interacts with the most will guide you when you decide what type of media to continue to provide to them. The web is going digital, which means photos and videos are obviously gaining a lot more traction than text these days and people are paying more attention to visual elements rather than words.
6. Number of comments, likes and shares– this type of measurement goes along with your engagement and quality of audience. Keeping an eye on what type of content your community interacts with and shares is important to your content strategy.
7. Overall Engagement across all of your channels – this is much easier to do if you are using a social media management platform, rather than trying to do it by hand. There are many platforms on the market right now and their relative usefulness depends on your type of business, budget, team size and needs.
8. Reach – this metric shows you how many people you are reaching. For example: If you are on Facebook, how many people you can potentially reach through the viral nature of Facebook and social networks. It’s a useful metric of your goal is brand awareness.
You can view slides from the presentation below. Please, leave a comment and let us know your thoughts.