How to Track and Analyze Your Social Media Strategy
Social media is always evolving, and so should your social media strategy.
In order to generate new leads and a higher return on your investment, it’s so important that you track and analyze your social media strategy, so you can optimize future marketing efforts.
When creating a social media strategy for your brand, it’s important that you first choose your goals. This will vary from company to company, but popular goals for social media include things like completed contact forms, online purchases, email subscribers, link clicks, newsletter sign-ups, video views, comments per post, coupons downloaded, and this list goes on.
Once you have established your social media goals, decide what social media metrics you will use to track and analyze the success of your marketing tactics.
Oftentimes, marketers will measure a brand’s leads and conversions by looking at social media engagement (retweets, repins, likes, comments and reach), in addition to website page views (the number of people who visit your website) and unique page views (page views generated by the same user in a session).
Using tools like Facebook Insights and Google Analytics you can track these metrics and get a better idea of how your social media campaigns are performing.
Once you have all of your metrics and data in place, you can calculate the monetary value of your marketing efforts.
To do this, first calculate your total expenses such as cost to create content, marketing time, tools, and paid advertising costs, then find the total cost of your social media campaigns.
Once you can isolate the social media impact, like purchase frequency, size of purchase, lifetime customer value and customer advocacy, you can determine the success of your campaigns and optimize your efforts going forward.
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