Social media is evolving at an incredible pace. Most of us have no idea how to participate optimally in this unique channel. The impact on the data side of the ecosystem is that massive amounts of data is being generated and much of what goes for measurement in "social media tools" is profoundly sub optimal. There are a few key metrics that help us track our campaign performance.
1.Conversation Rate = # of Audience Comments (or Replies) Per Post
A high conversation rate requires a deeper understanding of who your audience is, what your brand attributes are, what you are good at, what value you can add to your followers and the ecosystem you participate in.
2. Amplification = # of Retweets Per Tweet = # of Shares Per Post
The rate at which your followers take your content and share it through their network.
3. Applause Rate = # of Favorite Clicks Per Post
You get a much deeper understanding of what your audience likes so much that it will +1 your content (or contribution) and allow for that to be then shown to others in their social graph.
We can track how much traffic came from Facebook, Twitter, and YouTube etc, as well as how much revenue that traffic generated using Analytics providers. eg Google Analytics. This provides us with KPIs like Visits, Revenue, Economic Value. Knowing this framework is very important as it helps us to evaluate, how our business is doing across various social media platforms.
Tracking the economic value of micro and macro conversions
We need to do is segment out your traffic into people who visited the pricing page and purchased and the below mentioned metrics indicates that. It is very important to track these as they help us analyze which platform is driving the maximum traffic.
Figure 1: Key indicator metrics
Using indicator metrics like this to optimize will let you know a lot quicker if a channel or campaign is driving the right quality of visitor. It'll help you make better optimization decisions to improve your ROI.
Measuring word-of-mouth coefficient and dark social
It's important to separate out brand search users specifically from other types of SEO for the analysis
Word of mouth coefficient, new brand search users, that is when someone is a new visitor to your website, but they're searching for your brand terms. So they've landed on the homepage and they've come through Google organic. It is how much direct traffic we get as a function of your returning users
Direct visitors are people who came to your website. Hadn't been to the website before but they came through direct non meaning that they were part of the dark social traffic.
Number of returning users, the number of returning visitors was highly predictive of new direct users. The more returning users you get the more referrals you get and therefore the more direct traffic you get from social media.
If you can predict how much traffic you're going to get from dark social in the future, based on the number of returning users, then you can project that forward and it really helps you figure out what your ROI is going to be and where your ROI has been coming from historically.
Marketing Mix Modelling
Marketing mix modeling is a technique developed in the 1980s to match spikes and dips in sales to marketing spend. It works particularly well for measuring the attribution of channels like TV and social media, where sales happen through repeated exposure to your brand, rather than via a direct click on an ad. How much to spend on advertising, and then whether it was a week of promotion or not. Because higher sales are noticed when one runs. The model then tries to predict the sales revenue that we are going to hit.
Figure 2: Example of typical social media mix model
Arbitraging from earned media to owned media
Influencers and brands have seen their valuable audiences taken away from them overnight. With algorithm changes or editorial decisions.
If you rely on the platform to reach them, you don't own them, and they could be taken away from you if you don't play by the rules, or if the rules change. That's the difference between earned and owned media. So the key becomes moving your earned media across to owned media. So, when you're getting impressions, followers, comments, how many of them can you convert into email addresses, home addresses, or phone numbers? When they do get to the website, can you convert more of them into an email address, or a purchase or any other own property? One tactic for doing this is putting the link in the bio. Once they get to your website, you need to offer them something of value in return for an email address or phone number. So for example, can you offer them a checklist, or a white paper, or can you offer you a service for free? This works really well for social media traffic, in particular, because it tends to be top of funnel and much lower intent.
Doing topic and Influencer research
Deciding what topics to focus on and finding who influences opinion on those topics can be difficult. There are many tools out there both free and paid. Let's just focus on one - BuzzSumo. BuzzSumo has a free trial and is easy to use. So when you search for a topic you would search for whatever topic you're interested for eg: cryptocurrency. The articles are ranked based on their total engagement. It also gives you an analysis of the content types that you are aiming to rank also we can see the engagement by content types.
Automating social media campaigns
Suggestion would be "buffer/meetedger", they recycle the old content with variation, add time and day to optimise reaching larger audiences. Also "Sharethis" helps you share your campaigns for larger reach
The 4-1-1 Rule for Lead Nurturing
This rule lets you engage in the conversation, build awareness, and keep in touch with your followers without coming across as pushy or too "me" focused. This rule says that for every six posts you create on your social media channels, four posts should entertain or educate, one post should be a “soft sell” and one post should be a “hard sell.”
1.Four Entertaining/Educational Posts
Entertaining or educational posts are easy to craft if you curate your social media. Keep an eye on what other industry experts are posting and share their posts. You can also find and share content from other websites, like relevant YouTube videos or articles from your favorite consumer magazine.
2. One Soft Sell Post
Soft sell posts help form a connection between your brand and your customers. In these posts, you plant the seeds that shoppers should buy from you. Since you’re not applying pressure for an immediate sale, soft-selling posts are often seen favorably by shoppers.
3. One Hard Sell Post
Hard sell posts focus should convince a customer to make a purchase in the near future. These posts often include detailed product information and usually create a sense of urgency.
Also check tactics for different platforms and observe what's working for other ambitious accounts and then test and learn what works for you. Also set for a mastermind group or a slack to work with people who can help you learn along. Also. with research trial and error social media ROI can be understood with great depth
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