The numbers that actually matter in social media marketing
Social media marketing is more than flaunting big following and here are important numbers social strategists look at in order to produce actual results for brands and businesses.
Number of following is static. It only gives you a snapshot of what’s happening. A more important metric is the Audience Growth Rate which gives you an idea how dynamic you perform. The key insight this metric implies is how fast or how slow the brand isgrowing. High growth rate suggests that it will take a shorter time for the brand to reach the target audience size. But more than that, it gives the idea on how the brand gains numbers provided a span of time. With this, marketing initiatives can be directly attributed with growtn. And then from there, initiatives can be evaluated— are they working or not.If not, then it only means that marketing strategies should be revamped in order to adapt with the dynamics of the growth.
We know brands are gaining numbers. Great! so what now? Before getting any further, you should be able to pinpoint where your customers are. The idea is if the customer is not in the page, then they are elsewhere. Quite obvious, yes, but the trick in finding the audience is by looking at where the customers are coming from. Google Analytics allows marketers to see referrals from other sites. The more important metric to look at is the corresponding return frequency.While new visitors will prove positive growth (New visitors vs Audience Growth Rate), it is important to know whether or not audience are returning to the page. The higher return frequency gets, the stronger it implies that the brand is having a deep bond with its audience.
Engagement rates answer the question on whether or not brands and businesses have the right kind of audience. These gives the idea on whether your current audience respond to the content and initiatives. When social media marketers look at shares, likes, comments, etc., they handle them with a caveat that these metrics can only go as far as your number of followers. The more important take away here is that with these metrics, strategists can identify a class within from the silent audience where they could focus most of their social media efforts. By knowing who the audience are, we can guess who the current or possible customers are.
Are you earning from your social media initiatives? According to a study conducted by Adobe, the biggest source of frustration is in correlating ROI to social media initiatives. There are tools that we can use in order to assess this but the general idea is that marketing activity must be correlated with sales activity. Knowing how much social media contributes to tptal sales should make some good projections for the coming months. Social media strategists rely on those projections in order to evaluate whether or not social media initiatives are productive and counterproductive.
You see, there is more to social media marketing than growing the number of followers. It is important for practitioners to make sense out of the data they have. Information overload is the easiest state one could get at in this crazy world of rapid information exchange. While I do not blame people from getting too overwhelmed with big numbers, the thing is that we must go beyond the trivialities. Stop flaunting the size of your posse and start focusing on the more important numbers.
What are your thoughts?
Featured image from onesocialmedia.com
- Truth and Lies of Social Media ROI (huffingtonpost.com)
- 4 Big Don’ts For Your Social Media Marketing Strategy (tailwindapp.com)
- How Do I Get Started With Social Media Marketing? (business2community.com)