Social media offers a great channel for brands to launch campaigns. Especially given the number of social media users, which increases every year, you can benefit greatly by tapping its vast potential as a marketing platform.
People are actively using social media to interact with their social circles as well as brands. In fact, people are turning to social media to discover trending topics, news, products, etc. You can target a huge set of audience from different demographics through social media platforms.
To sum it up, social media lets you reach out to a huge audience, engage them and push for conversions. This is why you need to actively leverage social media platforms for your brand.
So you have set up your business page across various social media platforms. You are actively sharing content and getting a response from users in the form of followers, likes, comments, shares, mentions etc.
But, how do you know that your social media marketing efforts are successful?
To decode the answer to these questions, we have put together a step-by-step formula for you:
Identify Your Marketing Goal (s)
No matter what the size of your company is, you always have a specific goal underlying your social media marketing efforts. It could be, anything, ranging from driving traffic to your website to bringing new customers on board, getting customers to interact for feedback and so on. It is very essential for you to identify your goal.
Without a goal in sight, you are heading nowhere. Once you have identified your goal, your view becomes clearer, your priorities are clear. You take all marketing decisions wisely and smartly- campaigns, social media channels, budget, metrics etc.
Curate Content Across Different Platforms
With so many social media platforms and channels at your disposal, it is very important to curate content that you would want to share across each of these platforms. Depending upon your goal, you will have to create and decide which content will be more suitable for which social media channel.
For instance, you might want to use Instagram and Facebook live streaming features to gain feedback from your audience. To share visual content with your target audiences, one of the most effective platforms is Instagram.
By adding your company’s website link to your bio on Instagram, you will be able to lead people to your website. Every time you add something new to your website, you can share a new Instagram post with a caption that includes ‘hit the link in bio’.
Picking and choosing the right kind of content and the platform perfect for it is essential to ensure the efficiency of your social media marketing plans.
Identify important metrics and use analytics tools to track these
This is a very important step in making the most of your social media marketing strategy. Metrics in social media are the parameters along which you measure your social media performance.
Again, your goal will decide which metrics to focus on. If your goal is to drive traffic to your website, you would want to look at metrics like the click-through rates. If you want to measure your engagement, you must track metrics like comments, likes, shares etc.
Use social media analytics tools to effectively measure your social media performance across platforms. Analytics tools help you track these metrics and get insights on these.
Using appropriate social listening tools, you can monitor your outreach, engagement and even, your performance in comparison with competing businesses with the help of these analytics tools.
Without measuring your performance along these metrics, you will not be able to understand how your social media marketing and strategy are faring.
Social media marketing and analytics go hand in hand. With the help of analytics tools, you can decide which metrics are doing well and which aren’t. You can craft your content strategy based on insights from the analytics tools, which basically inform you about the audience.
Measure Your Social Media Costs
Social media marketing comes with costs incurred on various aspects. A lot goes into planning, creating and executing content on social media platforms.
Besides targeting your audience with organic content, you can also leverage social media Ads to reach out to your audiences. Expenditure on Ads, expenses incurred on getting freelance content experts ( graphic designers, SEO experts etc), influencer and guest collaborations and other expenses should also be measured as a part of measuring social media marketing efforts.
Accounting for what you’re spending as a part of your social media marketing strategy is an essential step in finding if your efforts are successful or not.
Measure Your Social Media ROI
By now you know how social media marketing helps businesses and provides a dynamic platform for fulfilling multiple goals. You have invested money, resources, time and efforts into your social media marketing plans. It is not only your performance that you have to measure, you must also measure the return on your investment.
When we are talking about the ROI, we are not only talking about the monetary aspect of it. We are talking about all the efforts- content, metric analysis and insights, along with the costs incurred in the marketing plan.
If you are putting in money and efforts to create content for a particular platform, what results did you get in return. Measure your social media ROI to know if your social media strategy is effective or not.
Has your engagement rate gone up? Did you see any rise in conversion rates?
Rearrange social media marketing plan based on ROI analysis
If, for instance, your ROI analysis gives you very little to no response to your social media efforts, it would only make sense to revamp your social media marketing strategy.
Here, reports and insights generated from social media analytics would come in handy. Your goals of social media marketing and analytics tools will help direct you what to do next.
Use social media analytics tools to identify which segment of your audience needs to be tapped, which kind of content resonates best with the audience, how to get more followers on board etc. Based on these things, you can carve out a fresh social media marketing plan.
Winding It Up
Given how social media marketing helps businesses grow and gain traction, using this channel effectively is very important for your business. If you are following a social media marketing plan without measuring their effectiveness, you are probably heading for a long ride to your goal.
To sum it up, here’s what you need to do to ensure that your social media marketing efforts are successful:
- Identify the goal underlying your marketing efforts
- Pick and curate content for different social media platforms
- Identify important metrics and track these through analytics tool to get performance and audience insights.
- Measure your overall social media marketing expenditure.
- Measure your overall ROI and identify if your social media campaigns are bringing any results and to what extent.
- Revamp your social media marketing plan basis the findings from your ROI analysis.
Identifying, tracking and optimizing metrics and weighing them against what you invested will help you determine whether your social media marketing efforts are successful or not.