How do you measure the success of your social media campaigns?

Social media marketing actually encompasses a broad range of tactics, goals and strategies. Let’s look at the metrics as a function of what social media can do for you…

1) Establish a Presence

Do you have a presence everywhere your customers hang out on the web? How do you measure this quantitatively? Make a list and check it off.

2) Build Awareness and Drive Traffic.

This is directly measurable through your website analytics. Look at the source of the new traffic.

3) Capture Names and Build Lists

Well it just so happens that you can measure this directly from social media. Your basic metric is the quantity of new connections, followers, fans & subscribers (email and RSS).

4) Build Relationships and Trust

Ok, this is where social media can really shine. And, it is the most difficult to measure. Some suggestions for metrics are the number of interactions with your customers. How active are they in communicating with you? How many comments on your blog post? How many referrals to your site? How many retweets? Are you adding value? The number of inbound links to your site and any improvement in your search engine rankings (as compared to your competition) will also show the quality of the relationships you are building.

5) Conversion to Sale

When you make a special sales offer, you can use your web analytics to track conversions. But often conversions come through time with the increased relationship. It is often not one outlet that led to the sale but a series of exposures over time. Still, you can use web site analytics to trace the source of the sale. You can use surveys (how did you hear about us?). The metric is the increase in sales and revenues. Look at the dollar value of the new customers and its source (from analytics).

6) Upsell or Re-sell

How well are you getting additional sales from your existing clients? Measure this based on where the existing customer came from when they clicked through to make a purchase.

To get to ROI, you’ll need to know your sales income (by referring source) and your expenses (time/money spent on social media, opportunity loss, outsourcing costs, etc.). Again, social media is about building relationships, so the ROI should be increasing over time as you build those relationships. That’s another metric to look at. Look at results as a function of time, not just individual campaign. You should see an improvement over time of the cost of sale.

A survey is a means of collecting quantitative information about a group. It can be used to collect opinions or quantitative data. Surveys can be used in several ways.

Tips:

• Ask questions of your customers to engage them and start a dialog.
• Gather information on what your customers want.
• Identify the demographic you want to be talking with.
• Quantify feedback from your customers.
• Collect the opinion of your customer.

Resources: Surveys

• Zoomerang – The Leader in Online Surveys with Over 1 Million Satisfied Customers. Quickly and easily create online surveys to get the insights you need. You can build a survey in minutes with free access to over 100 professionally-designed online survey templates. Then, analyze and share your results by creating customized charts, posting them to your blog or website or just exporting your data to Excel, PowerPoint or a PDF.
• SurveyMonkey – Using just your web browser, create your survey with our intuitive survey editor.  Select from over a dozen types of questions (multiple choice, rating scales, drop-down menus, and more…).  Powerful options allow you to require answers to any question, control the flow with custom skip logic, and even randomize answer choices to eliminate bias.
• QuestionPro – QuestionPro is web based software for creating and distributing surveys. It consists of an intuitive wizard interface for creating survey questions, tools for distributing your survey via email or your website, and tools for analyzing and viewing your results. You simply build your survey and email it to a list of potential respondents. QuestionPro will take care collecting and recording the responses. Results are available in real time.
• PollDaddy – With your free account from PollDaddy you can create online surveys and polls for your website, blog and social network. Find out what your visitors are thinking today. Create your surveys and polls using our custom templates or create your own. Use our in-depth reporting engine to aggregate, print and export your results.
• Snap Surveys – With 27 years survey experience and thousands of users, Snap Surveys can supply survey software and research services for your specific market sector. Snap 9 is our user-friendly survey software for market research. Snap provides the tools you need to get your research done. Professional IT and research services for survey management and data processing from our in-house SurveyShop division.