implement strategies to track the effectiveness of social media
This is the last of five thoughts addressing tends in marketing that all marketers need to understand, and many will need to embrace sooner rather than later.
Research completed in the United States in 2018 found that 51% of SMEs say they rely on social media to grow their businesses.
Despite this, 60% say they lack the capacity to track the effectiveness of their social media strategy.
Another study found that 65% of SMEs believe their social media advertising is effective.
Despite this, 39% say they lack the capacity to accurately track the effectiveness of their social media advertising.
In other words, there seems to be general agreement about the importance of social media and the importance of social media advertising. All indications are that both will continue to grow in popularity. The issue seems to be, however, that many SMEs do not understand how to track the effectiveness of either social media advertising or social media in general.
Metrics for tracking the success of social media include monitoring:
- Audience growth rates
- Reactions to posts
- Click rates
In addressing the many facets of these metrics, both quantitative and qualitative aspects must be considered. Unfortunately, any assessment involves a high level of subjectivity.
Metrics for tracking the success of social media advertising include monitoring:
- Click rates
- Responses to calls to action
- Online purchases
These metrics are readily accessible, but, unfortunately, they do not tell the whole story. They provide only a limited insight into the effectiveness of this form of advertising.
To improve the accountability of social media advertising and social media in general:
- Fully understand the customer journey and the role of SM within it
- Look deeper into who is viewing and how they respond
- Ensure that the data you collect is of high quality
- Adjust and optimise your campaign, measuring the impact of changes
In 2018, implement strategies to track the effectiveness of social media
Every year – put the facts ahead of intuition and guesswork.
Sources of core statistics – McKinsey Analytics, Hubspot, Statistica, Forbes, Venture Harbour, Debumi, IFP and Ironpaper Insights.
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