Best Practices for Measuring Your Brand’s Social Media Efforts
Organizations are increasingly implementing some sort of social media strategy to meet the consumer on their level. But like any other marketing initiative, the results must be measured to determine the strategy going forward. Marketers need to monitor social media to understand and anticipate consumers’ desires, purchasing behaviors and attitudes towards a brand with the goal of increasing return on investment.
Brands are rightfully recognizing social media’s suitability and consumers’ proclivity for two-way communication. Brands aren't using social media as an outlet, but as a two-way channel. Social media provides an avenue for brands to answer questions, connect with brand advocates, respond to criticism and engage with consumers on an individual level.
Due to the sheer volume of conversations taking place via social media, the challenge is to accurately monitor and assess the conversations relevant to your brand. Looking beyond volume and directly at the value judgments consumers are making about your organization and its products or services requires a human component.
Social media campaigns are a journey. Here are a few best practices to help you out along the way:
What you measure depends on the objectives of the campaign. To determine those objectives, you need to ask yourself the following: What do I hope to achieve with social media?
After nailing down the objectives, you’ll be able to determine what to monitor and which metrics are the most important. For instance, a company that’s looking to increase brand favorability among a certain demographic will want to pay close attention to the sentiment of conversations within that demographic. A company that wants to generate awareness of a particular line of products will be more concerned with the volume of conversations taking place around specific keywords.
It’s also important to consider how you want to benchmark the results of a campaign. For a more complete view of your marketplace, benchmark against the known results of your competitors in addition to your past results.