When you are constantly feeling the pressure to spend on social media but can’t see the benefit it can be a real pain. So why not pick yourself up and try to monitor what you are doing online in a more efficient manner? With a few simple tweaks you will know if it’s money well spent or well money burned…
1. Set yourself achievable goals
Make sure each campaign you put together has it’s own goals. For example, if you wish to get bums on seats at your restaurant then gear your campaign strictly towards this by adding a booking link and code to all posts in that campaign. Then record how much you have spent and how many covers you got as a result.
Simple enough right? You’d be surprised how many people don’t connect their goals with metrics.
2. Know your metrics
Social media marketers use words such as “reach” and “engagement” so often and so freely that I am pretty sure most of them don’t know if they are talking about RT’s, likes, followers, shares or views.
Is engagement a like or a share? Is reach the number of people that see a tweet or the number that could potentially see it? Get your metrics terminology on lockdown or you won’t have a clue what you’re actually measuring!
3. Set benchmarks
Strive to achieve greatness! Do you really like a certain organisations approach to social media? Use them as your benchmark. As an example, give yourself a time frame to have as many followers or as many likes on your posts as they do. Benchmarks encourage healthy metrics.
4. Conduct experiments
You need to know what is and isn’t working for you online in order to understand if your social media presence is having any kind of impact on your company. Check your sales before and after campaigns or look website website hits. When you post more does your site activity go up? If you pay to boost on Twitter do you get more engagement than if you pay to boost on Facebook? Give your strategy a chance to be the best it can be by using a little bit of trial and error along the way.
5. Fund your measurements
It is crystal clear to me that not enough people spend money on measuring their social media presence.
Paid for applications that track things such as RT’s and likes are must haves for any social media marketer. They helps us grow and improve our strategy. Other investments could be into people, research and TIME! These things don’t happen over night…
6. Can you afford to ignore it?
If you didn’t put any time or money into social media where would that leave you? With Facebook now developing its own SEO and TripAdvisor basically being the Google of food and hotels… Can you afford to not spend on social? Will you get left behind? Does your industry pick up enquiries from social media? These are all things to consider.
On the other hand, some businesses do choose to ignore social media BUT this isn’t done lightly and they tend to have a certain type of marketing model.
Sometimes we can measure the impact of social media on our business before it even happens. Think financial forecasting without the financial! We can use our past metrics to see where we are heading and utilise this for special campaigns or events we might have coming up.
8. Produce reports
Perhaps the most important thing to remember is that you have to report on what you are doing. Be it monthly, weekly or bimonthly. Track things such as most your most successful/unsuccessful tweets and posts so you can do the things that work again and the things that don’t you can drop. Show how many website visits you’ve had from social or the amount of bookings you’ve driven from a Facebook ad.
Slowly but surely through your reports you’ll start to notice small things such as people using social media less in December or that they feel more comfortable booking through your website than on Facebook. All of this is useful data.