A Practical Guide for Monetizing Social Media, Part 3 - Tracking and Measurement
This is the final installment of my three-part series on strategies for monetizing social media. This week I'll cover what's critical for any direct marketer — tracking and measurement.
Part 1, which appeared in the Sept. 17 edition of eM+C Weekly, discussed how to understand and identify your potential brand influencers. Part 2, which appeared in the Sept. 24 edition of eM+C Weekly, addressed how you can best motivate said influencers to build your brand.
Measuring social media
As with any effective digital marketing channel, social marketing programs must be tracked. Without specific metrics and success criteria, organizations will cut funding to social marketing programs. But, what are the key performance indicators (KPIs) that marketers should leverage?
In working with our clients, my firm has developed the following KPIs to help track success in the social programs that we develop.
Contact reach. Knowing how many contacts email recipients have in their online address books can tell you a lot about the size of their networks. Even though social media sharing tools won't provide you with actual email addresses, some will provide the number of addresses, which can be valuable for assessing their influencer potential.
Social conversion. Since companies present opportunities for influencers to share content, track conversion from the social experience — whether it be a sale or a subscription. If sharing opportunities are presented to consumers within emails, banner ads or corporate websites, understand which social experiences drive the most engagement.
Consider this the social marketing version of a clickthrough rate. Brands must apply different social motivators to sharing opportunities and determine which are the most effective in getting their customer bases to share content. Tracking social conversions is critical to getting the most eyeballs on your social program, growing the funnel of first-generation sharing and the overall impact on the business.