Monday, February 7, 2011

How to Measure Social Media Marketing | Analytics

Do you have a way to measure results from your social media marketing and activities?

Do you have something you like using or can recommend? Here is another tool from Social Report and you can try it free for 30 days.

Pierre Rattini, Social Media Marketing Consultant
Mobile Text Marketing
Local Directory Listings
Amplify’d from

Measuring your Social Message Impact

As we all tweet, tag, post, connect, follow and like - we all wonder if our message is reaching anyone out there. There are all sorts of metrics that people are using - from virality to engagement, from influence to chatter. Closed nature of the data behind all social networks isn't helping much either. They are probably saving all of their data till they can resell it to us in one form or another :) Good for them. In the meantime, we need to figure this stuff out. 
Most marketers share a very similar goal  - for people to take action. Action can be purchasing of a product, voting in a poll, commenting on a topic, etc. In most general terms - actions are typically hosted on a website (a checkout page, a poll). Good old link and website tracking to the rescue! 
One of the shortcomings of all link shortneners is that they stop short of telling us what happened after someone clicks the link and offer little capability to define "campaigns", a set of links related to a marketing initiative. Closing this gap is easy though. 
Here is an example of what an ideal social campaign should be able to do (let's face it, every tweet, every post is a campaign, this is what it is all about):
  • Post your message to your networks. Let's say a twitter feed, facebook page, and a linkedin. For example a typical Social Report message:

    Step by step social campaign management with Social Report
  • This message will appear on all 3 targeted networks (extra features such as more precise scheduling, reoccurrence and timing are also quite valuable)
  • As folks click on the link from each network we are now able to precisely tell you where your clicks are coming from:
    Twitter: 25 clicks
    Facebook page: 130 clicks
    LinkedIn: 5 clicks

  • First conclusion - it appears that fans of our Facebook page tend to be more receptive to our message. This is a great first step! It would be even more useful however to find out how many of these people subscribe to our service once they read about our campaign management.
  • We will go ahead and place a small conversion script on our check out page

    <script src=""></script><script>client.init('1');</script>
    <noscript><img src="" /></noscript><script src=""></script>
    <noscript><img src="" /></noscript>

  • Now we are able to correlated the response with the action (subscription) and improve our marketing data as follows:

    Twitter: 25 clicks and 20 conversions.
    Facebook page: 130 clicks and 1 conversion.
    LinkedIn: 5 clicks and 0 conversions.
  • Wow! This is intriguing! Even though we got 130 clicks (responses) from our Facebook fan page - it is the twitter that brought us the most customers! 
  • Second conclusion: Twitter - a lot of substance, Facebook - a lot of noise.

  • Seems like we have done it all at this point. Yet, one more step can make this process more complete. How can we put a dollar value on what we've just done. Let's define few parameters:

    COST PER DAY (how much is our marketing initiative costing us per day?) = $1,000
    COST PER CONVERSION (perhaps merchant processing fees) - $5
    VALUE OF CONVERSION (in our case an average subscription is about  $20/mo) = $200

    Using the numbers from the example below (we ran this campaign for just one day):

    21 conversion * ($200 - $5) - 1 day * $1,000 (cost per day) = $3,095

    Woohoo! Things are looking good!

  • Third conclusion: through our 1 day of marketing we have increased our revenue by $3,095 per year.
Find out more about campaign management with Social Report here

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