Why should you and how can you measure the impact of social media?
Measuring the impact you have on social media is important. Why? Because then you can know how well you are doing, what you can improve on and how you are keeping your audience entertained. The better the measurement the more you will be able to get the consumer interested in the brand hopefully turn them from a fan of your page, to a customer. However, there are other reasons and they are far more important.
Social media is becoming a big contender in advertising, it is encouraging and interacting customers in such a way we can find out about their emotions and feelings towards a product and also see how they are talking about this product to others.
Another reason for measuring the impact of social media is the conversation. The conversation can carry on after an event for days. This means you could potentially have people talking about your product none stop for a few weeks. A good example of this would be TV programmes. Despite the ratings, the conversation would carry on after the show had finished and could even trend on twitter, and thus creating an influx of traffic on the channels on demand services.
Another good reason is to see if you are doing things right. If you are constantly posting updates to consumers but your rate of fans or followers are the same, or even dropping then you are clearly doing something wrong. But if measured correctly you can easily and quickly find out what posts are doing OK, and the ones that aren’t really working for your audience. This will also help you work on the companies brand, and personality by creating something that everyone wants to engage in.
How do we track our performance and impact?
This image shows the return on investment formula, it shows Exposure (who see’s your business, how many times it’s been viewed and how many followers), your influence, your engagement (in terms of social media this can be Facebook status sharing to likes, retweets, direct messages and comments. Basically any social interaction that people have had with the brand) to the action of the customer, which means the final goal is brand awareness and a purchase from the consumer.
But how can we track them?
There are many ways in which your effectiveness on social media can be tracked. On Facebook you can use a feature on your brand page called Facebook Insights. Here you will be able to find out the all of the interactions you make, plus other things such as likes.
That however, is not the only way. You can track data through many websites such as Google Analytics for the best search engine results, Twitter API for how effective your Tweets are and how many retweets, mentions and direct messages you obtain. And finally, Sproutsocial which manages how your brand talks, recommends and finds the best time for you to Tweet your brand and also looks into cross channel publishing, to make working your brand page a lot easier.