Are you struggling to find measurements that are meaningful to your organization? Do you feel like you’re searching for a needle in a haystack of metrics?
Here are 8 useful metrics that you may not be measuring, but should be.
#1: Conversion Rates
Everyone wants to measure the volume of leads generated to get to the bottom-line ROI of social media efforts. But don’t forget about the value of the conversion rate! While the volume may not be there yet, the propensity to convert may be staring you right in the face.
You’ll need to have a mechanism in place to know when a lead comes from social media. Most people use the combination of a URL shortener and some form of a “cookie” to attach a campaign to a lead. Hootsuite has integrated Google Analytics into their URL shortener for a seamless transition to success metrics in analytics, while some companies are using proprietary shorteners and others are still trying to figure out how to do it.
One of the most important steps in understanding where your lead came from is to know when someone clicks on a social media link and then converts. The most reliable way to do this is to place a “cookie” on the user’s machine with the campaign name for the social media channel that generated the click. Then use your campaign reporting to track the number of leads and conversions you’ve generated.
The number will likely be fairly low in the beginning but by looking at conversions divided by leads, you can get your conversion rate for social media leads. Compare this against other marketing channels to see if it’s higher or lower.
- Unicorns, Leprechauns and other Social Media Measurement Myths Busted up on SlideShare
- Additional Resources for How to Measure Social Media Return on Investment for the Complex Sale
- How to Measure Social Media’s Impact on Customer Retention
- Social Media Measurement at Inbound Marketing Summit
- Social Media Measurement Interview with Amber Naslund