Social Media Metrics – Choosing and Tracking what really matters

Are you Interested in building a dashboard to track key social media metrics? Are you wondering which data or metrics to include? With a little strategic planning, you can choose and track meaningful metrics that relate to business goals. In this blog, you’ll discover which metrics to track and how to organize them onto a simple dashboard.
#1: Define Social Media Marketing’s Role in Relation to Your Goals
When managing social media for your business, it’s likely you aren’t the only person defining business and marketing goals. While running a small business, you will be overseeing the whole process. Tracking these two goals is the best way to ensure customer footfalls and staying on track while being accountable.
For example, consider yourself a B2B service provider and the objective is to introduce a new product and ensure sales of $500,000 by the year end. Knowing this objective will allow you to create measurable goals. With knowledge of all existing product lines, you perform some calculations. Suppose your new product is priced at $1000, so you’ll need to sell 500 units to meet the goal. If 1 out of 5 deals close, marketing will need to provide 2500 new leads to the sales department. Social media will be a part of this marketing strategy, but if you know your audience, you can then set goals that are measurable by outlining how social media will be a contributor. With your given audience size, budget, and engagement history, you know social media will be able to contribute around 250 of those 2500 leads. Now you have obtained your target.Of course, marketing goals are a little more complex than the above example but if there is no link between sales and marketing and a way to measure either, then your marketing goals shift towards raising awareness. This is when your goals change to fan growth and engagement
#2: Social Tactics That Will Support Your Marketing Goals
Once you have defined your social media goals, you should finalize tactics that help you deliver. Continuing with the lead-gen example above, looking for tactics that drive traffic to the pages that best convert users to sales leads is the right approach. This usually includes downloading a white paper or e-book, or a page with a cost calculator or a Contact Us button. As you outline the tactics to use, to drive the right traffic to your pages, think about what you will need to measure. There will be quite a bit to do when ensuring you’re driving traffic to your site. After putting together your plan, include specific social media channels and outline the tactics for each channel. For instance, your plan may include the following tactics for Facebook,
1>Using data collected via the Facebook pixel (custom audience pixel for re-targeting website visitors) on your website
2>Creating a Facebook look-alike audience and serving this audience paid ads to drive traffic to high-quality landing pages
3>Use a testing regimen to optimize your call-to-action
4>Share content from your blog to the Facebook news feed, boosting posts that include content that links to the landing page.
5>Conducting social media tests and learning to optimize content types for more engagement.
#3: Measuring Metrics That Provide More Information On The Process of Decision-Making
This exercise decides what really matters in decision making. The reality is that you can track vast amounts of data, but figuring out what data to focus on is as important as collecting data. Look at data you can learn from and that tells you a story about how you can do better in your coming efforts. In the above lead generation example, the most important metric to track is the number of conversions on the page that come from social media sources. But you need to know more than just that. When you track impressions, clicks, users on the landing page, and conversions, you’ll start to see which parts of the process are working and the ones that are not.With this derived information, you can
-Think of ways in which you can boost your number of impressions
-Optimize your CTA if your impressions are good, but no one’s clicking
-Focus on optimizing your landing page or ensuring the landing page delivers what was promised, if people get to the landing page but don’t convert
Use these insights to make recommendations for forwarding momentum once a month and send those recommendations to a larger team. Check in quarterly to see whether those recommendations are performing. With a little planning, you can create a social media measurement plan that will focus on what matters to your business. At the beginning of the planning process, consider the variables with utmost care. Once that is done, the process naturally leads to constant improvement of your execution and strategy.

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