Photo: respres (via Flickr)
Lots of businesses are confused about how to measure the ROI of their social media campaigns.According to a recent article in Social Times, a survey conducted by Marketing Sherpa revealed that the most commonly measured metrics are : “visitors and sources of traffic,” “network size (followers, fans, members),” and “quantity of commentary about brand or product.”
That’s not enough.
Measuring social ROI is nowhere near an exact science, but there are definitely ways you can get a close estimate. Social Times suggests the 10 most important metrics you should be tracking to get the best picture of how well your social campaigns are working, including:
- “Engagement duration.” Measuring how long visitors from your social media (SM) sites are spending on your website and which pages they’re visiting can be just as important as measuring your traffic.
- “Bounce rate.” If visitors coming from SM sites aren’t sticking around for long, “[maybe] your landing page needs better, more relevant copy, [or perhaps] the information they’re seeking isn’t easily found.”
- “Virality.” You should keep an eye on whether your followers are re-tweeting you or linking to your content, then if their networks are picking it up as well — and, finally, the amount of time it’s taking for all of this to happen.
- “Conversions.” You want social media followers to convert into tangibles that can be directly or indirectly monetized (i.e. sales or subscriptions), so monitor how many are doing so and chart them over time.
- “Brand mentions in social media.” Great, people are talking about you! Just make sure you keep close track of the number of mentions, both good AND bad.
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