Another Entrepreneurship Project of the  Whitman School of Management at Syracuse University

How to Measure the Effectiveness of Your Social Media Efforts

Today marks the final post in our series about free tools and platforms
that can help your business to grow and gain visibility. Now that we have addressed these various social media platforms and how to effectively use them for business, it’s time to discuss how to evaluate how effective your social media efforts have been in reaching new followers and potentially bolstering your company’s revenue.

Because your social media presence is ongoing, it’s important to distinguish between ongoing analytics and campaign-focused metrics. Ongoing analytics allow you to periodically check the traffic on your social media platform and evaluate the overall impact on your fans/readers, while campaign-focused metrics would be used to measure a specific campaign that you implemented during a specific period of time. Platforms like Facebook have a built-in app that automatically tracks your fan page metrics, gathering information about number of new likes, if people are talking about it, and more.

In a blog posted by KISSmetrics.com, there are five easy steps to track and measure your social media campaigns:

1.       Determining Goals

Because no one has time to evaluate every tweet and link on a social media page, it is important to think about the specific purpose that you can to achieve with the social media channels you’re using — do you want people to read, share, click, reply, purchase or engage?

2.       Creating Metrics

The metrics you will use to measure the goals you set will depend on what goal you want to evaluate — for example, if you want to drive traffic to your website, you should track URL shares and clicks to evaluate if people are reading social media and clicking to your site. If you would rather track fans and advocates, you should track those contributing (posting, sharing, tweeting) and what reach they have to an external community. You will need to use different metrics and tools of measurement for each different goal you identify.

3.       Measuring

Once you identify what metrics you want to track, you’ll need to find tools to capture this information. Some social media sites have dashboards and apps that offer tracking for certain metrics (for example, Facebook tracks new likes and conversations about your fan pages on its Insights page). If a site doesn’t allow you to capture the information you’re looking to measure, you may have to use a third party tool to collect data.

4.       Monitoring & Reporting

Set a schedule for reporting and checking metrics – for some, you may choose monthly reports while others focusing on a new campaign may want to track more frequently, such as weekly. Evaluate the data and numbers and compare to goals – did the match, exceed or disappoint your initial predictions?

5.       Adjusting & Repeating

After evaluating your initial progress by capturing metrics based on specific project goals, you may want to adjust some of your social media posts/content based on the results. If you choose to make changes or try a new campaign, determine new metrics and measure again.

Remember that it takes time to build a true and effective social media presence, so if you’ve just started your effort, you’ll want to wait a few weeks/months to make an evaluation. When targeting followers with a short-term campaign or new marketing technique, you should set goals and measurements specific to that time frame. Make adjustments and determine what works best for you and your goals!

We hoped you enjoyed the social media blog series! WISE wants to hear from you — let us know about your favorite ways/tools to measure your social media efforts.

Until next time… stay WISE!

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