Measuring Your Impact of Social Media
Getting a business to invest into a social media campaign can be pretty difficult if you are unable to give them a firm reason why they should invest. As public relation pople you and I may know of all the communication benefits of social media for a brand, but that is not what we want to focus on . Now is the time to think like an investor, what will you get back from your investment into the campaign, will it have a positive impact on the business, is it worth the time & money?
So my PR friends, it is our mission (if you should choose to accept it) to give the social media campaign meaning and value for the business. This means highlighting and defining the relationships between sales, brand awareness, site traffic and the social media campaign. Remember, social media without strategy is meaningless.
Measurement Methods
As social media marketing grows, more and more people are wondering what is the return of it? There is unfortunately no black and white answer to this question. Most social platforms offer their own analytical information that can give one a very general idea of the reach and impressions post generate. But to give us a more indepth method to analyze the return of social media marketing, Ignite Social Media created six methods of measuring social media.
Amplification Model: This model measures the dollar value of social media activity as if it were purchased through traditional paid advertising means. This involves using analytical software to determine impressions, clicks and views and determining the cost of this reach using traditional methods
Value of Social Traffic versus Display: This model allows brand marketers to compare the cost of website traffic from social media to the cost of website traffic from display advertising. This method involves determining the total amount of new visitors, determine the cost of display advertising to achieve the same amount of new visitors and comparing that to to the cost of the social campaign and how much each visit costed.
Quality of Visitors from Social Media: While Model 2 compares the cost per visitor; this model evaluates the quality of visitors that come from social media versus those who come from other means. This model conducts an analysis of the quality of traffic based on at least four different options. Some example analysis options can be, pages per visit, time on site, bounce rate(percentage of visitors who leave after visiting on page), and goal conversion (how many people get to you “goal” page).
Revenue from Facebook Fans Model: Using published data on the propensity for fans to change purchase behavior after becoming a fan, this model provides a framework for estimating the business value from new Facebook fans. This method tracks clicks from Facebook fans and determines how many fans were likely to buy, consider and recommend the brand to others.
Revenue from Social Media Marketing: This model allows brands to calculate the estimated sales impact of their various social media marketing efforts in part by evaluating the impact on traffic to business-driving “goal” pages.
Social Promotions Sales ROI: Using data from Model 5, this final model provides a framework for measuring the return on investment from a given social promotion.
This model information was retrieved from http://bit.ly/2gqhdAJ models-for-measuring-the-roi-of-social-media-marketing/ check them out for more details on different models and answers to frequently asked questions.
- Lovinya Reid