What makes a marketing campaign successful is how closely you are watching it. No marketing campaign is good campaign unless you have the metrics to analyze the performance of your strategy. What if you are spending your money on a campaign that's actually not attracting any visitors? Worse yet, what if you are not spending enough money on a campaign that is actually receiving great response from your target audience? How would you know that your target audience has liked and endorsed a particular marketing campaign you started? That's where the metrics appears. This is exactly how the big social media marketing companies deliver great results.
Here are the top 5 metrics to measure your social media marketing performance:
Bounce Rate against Click through Rate
It is natural for any company to start measuring the performance of its social media marketing based on how many clicks it is getting on a particular post shared on social networking platforms. Of course, the more clicks you get the better response it is. However, it does not show you the real picture. You have to see how many people out of those who clicked have left your website right from page one. If they are bouncing off your first page and not viewing any other content, you need to find a way to optimize your website content or make your landing page more relevant to your social media post.
Volume of Following
This is when you look at the total number of people who are following your content. They can be your connections, friends, followers, fans etc. depending on the term that applies to the respective social networking platform. In terms of your blog or YouTube channel, your performance metric is the number of subscribers you have. How many of your subscribers view your content on a regular basis is something that will come later into the equation. Your first goal should be to increase the number of subscribers as much as you can.
This is probably the best metric to see how well your social media marketing campaigns are performing. Mention refers to someone on some social networking website talking about your company, brand, product, service etc. by mentioning its name. Now, the important thing here is not to count the number of mentions but the number of good mentions against bad mentions. You want to reduce the number bad mentions and increase the number good ones. There are several tools to keep an eye on the number of mentions of your business on social networking websites.
Share of Social Media Traffic
When you look at the number of visitors coming to your website from your social media marketing posts, you don't get any useful information. The more useful part of the information is to know how much of that traffic is converting. After that, you will have to compare this conversion against the conversion rate of traffic coming from other sources e.g. search engine optimization. You have to analyze what percentage of the total converted traffic has come from your social media campaigns. If that percentage is still meager compared to organic search percentage, you need to do some more work.
Conversion Rate of Comments/Replies
One more important thing in measuring your social media marketing performance is by looking at the comments and replies on your posts. The most important thing here is to see what percentage of viewers have left comments out of the total number of subscribers. Therefore, the order would be to look at your number of subscribers first, then the number of views and lastly the number of replies. Maintain the good ratios and ramp up your campaigns if you see them dropping.