If you are looking at social media monitoring, what’s a good place to start, and what should you measure?
Measurable outcomes, or KPIs (key performance indicators) are metrics that determine what social media marketing efforts are doing for you. And in this case, we are assuming your organization is currently using social media, whether it is being implemented effectively, or sporadically, or neither of both!
Key metrics that are commonly measured:
Sentiment: Comparing the number of positive or negative tweets, posts, or comments being reviewed.
Reach: The number of followers, subscribers, fans and other indicators to gauge the size of your community.
Engagement: Measuring retweets, comments, bounce rate, video views, click through rates, PDF downloads, and anything else that shows a user took action. Sharing, downloading information, time spent consuming information, and following through on a call to action are all included in the engagement measurement.
Competition: Measuring the mindshare your competitors have in all social media channels. The question to ask is: Where are they succeeding? And where do they connect with their customers/community?
Conversion: If your social media is connected to sales/action/subscriber funnels, how many fans/users/followers converted to a customer or subscriber? This is also known as the conversion rate, one of the most important (and often overlooked) aspects of any social media marketing campaign.
Intent: What the comment, post, or tweet signals about the user’s intent to buy or convert.