Social Media us huge because that is where your audience is. Facebook is at 600million+, Twitter at 200million+ and Linkedin at 100million+. Obviously there is some overlap.
So how do your measure the effectiveness of money you are spending in various social media marketing activities.
1. First look at the activity metrics. The number of pageviews, number of Facebook fans and twitter followers etc. This is important to know and gives some direction but should not be end all and be all of your social media marketing efforts.
2. Engagement. How many likes your updates are generating, number of comments you are getting; what is the time spent on your website and the number of retweets and number @replies you are getting on twitter. If you have a brand page with 20,000 fans than 2000 likes will signify good engagement but not enough to the revenue generated through this effort. That is why we need to move to next stage.
3. Business Metrics. It measures the impact of digital marketing on critical business outcomes: your KPIs (key performance indicators), or ROI (return on investment). This metrics can include direct sales from a digital channel (an online store – standalone or on Facebook), leads generated via Slideshare or through email marketing.
If you need to know how your digital marketing efforts are paying off, you need to move through these 3 stages of measurement. How are you measuring your digital marketing ROI?