Each company, its executives and its customers believe that social media is limited to likes, followers, retweets and many other proofs of popularity. If you feel the same, then you must be knowing the reason behind this. If you do not know the reason then go further! Numbers are the easiest way to judge the growth and progress of something. Similarly, social media sites also use numbers to show the customers the reality of the brands. The numbers portray what is actually happening with the brand.
Although these numbers are just the metrics to track the performance of a brand on social media. But still, there are various brands that are not getting their real value from social media? Are you the one? If yes, then you must be missing some of the great opportunities.
Go ahead to find out what is being missed by you!
Out of all social media metrics, social ROI is the difficult one to track. As it is a difficult task to assign someone a value when he just only visits the website and to do not convert into the potential buyer. Thus, top SEO experts say that the real value of social media doesn’t come on your own property. It happens on the accounts of other users. It comes from your customer’s natural mentions.
Now, think of how you are going to track that?
Here’s the answer! In order to know social media’s real value, you have to measure it using various tools and metrics. To begin with, measuring the value of social media, likes and follows is a great tool. Yet, there are a lot more to look for.
- How are businesses and customers are interacting on social?
Before entering into the social media marketing area, make sure you possess efficient knowledge regarding how people uses social media to follow businesses and how the companies are making best of it. In a recent study by top SEO experts, it was found that people follow businesses on social media for:
- Promotions and discounts (75%)
- Information related to latest products (65%)
- Customer service (50%)
The aforesaid stats helps you to realise how important social media is. Not only this, but there is a lot more which will really help you get some value out of your social media. To know this, you have to be focused on the things your customers are looking for. Some other important statistic to look forward to are:
- 62% of consumers are influenced by social media reviews in making their buying decisions
- 70% of people consider looking to Facebook when purchasing products
- 55% considers Pinterest
The stats are not rigid, they are flexible. They change with time. Well, these stats here prove that social media possess good value to an extent but it depends upon how people and businesses are using it.
- Social Analytics
There are a lot of elements to track for social media campaigns. The elements include; how well each post is performing, if the website is getting traffic or not, or whether the followers are sharing your content or not. At last, the social analytics comes up resulting into numbers again. This is not where all this ends. There is a lot more these numbers can show and you can also derive some important elements that may not be stated by numbers.
- Social Momentum
Social momentum is something, that is a great indicator of the success of your content marketing efforts. When you analyse the happenings of your content around social media channels, you’ll then be able to evaluate what is working and what isn’t. As soon as you come to know about what elements of your website are more attractive to your audience you can change your focus and start working on the factors that are working effectively for your website.
- Social ROI
Finding out the exact social ROI can be of great challenge. If you figure out a lot of value is really happening outside your brand page, but there is simply neither way to evaluate exact numbers on how often someone either talks about your brand or recommends it. It has always been a challenging task to measure word of mouth. You can evaluate this by asking customers how do they found you, or find a correlation between the sudden increase in conversions and sales after implementing the new social campaign.
- Focus on business goals, not social goals!
At last, the value can be evaluated by what you really want to achieve as a business inspite of being a social media practitioner. You have to focus on your business goals rather than social goals. Although, growing the number of likes and followers is important, but your social efforts are those that have a business purpose behind it. For example, getting more customers.