Part of the beauty of social media marketing is you can measure nearly everything you do. Keep in mind though, you need to know what it is you hope to get out of your time spend on social networks before you dive in. Collecting data from which no meaningful insights can be derived can lead to time wasted in what’s not-so-lovingly referred to as “analysis paralysis.”
For some, goals are as simple as driving traffic and measuring conversions. For many, however, things are far more complex. Your ROI may come in the form of cost savings from handling customer service issues on Twitter instead of over the phone. Perhaps you can track increased foot traffic from a Facebook promotion, or a collection of user-generated content from an Instagram campaign. The key is striking a balance between two kinds of data: quantitative data and qualitative data. In this post, we’ll talk about quantitative data.
Quantitative Social Media Metrics are generally numeric in nature. You can apply true scientific analysis to this kind of data. Examples of quantitative social media metrics for marketing might include the following:
An incredibly meaningful metric—perhaps one of the most important in measuring your own success and efforts in social media marketing—engagement can actually measure a host of different items. For a blog post, this could be the number of shares and comments per post. On Twitter, this could be the number of mentions, retweets, favorites, and responses. On Facebook, it can be likes and comments. Engagement tells you how well your doing in having conversations with your community and whether the content you create piques their interest.
Don’t place too much weight on this metric, as it is only a number if not tied to something more meaningful. But, it is a sign of success if your following gets into the several thousands.
Click-through rate or CTR is valuable for hoteliers looking to drive traffic back to their brand.com sites. While familiar to most Internet marketers, it can be useful for social media marketing as well.
As with any data you’re collecting, the most important things to ask yourself are “What can I do with this?” and “What are my insights?” If you can’t do anything with your data and you’re not gleaning actionable business takeaways from it, then you should question why you’re measuring it in the first place. Don’t be afraid to ask questions, dig deeper, and challenge the way things have been done in the past.