15 April 2019

Five Social Media Stats Your Brand Should Not Live Without

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Social media has certainly proved beneficial to both individuals and businesses over the last two decades. Once a messaging and communication experiment, social media that later evolved into platforms which have become a huge part of our everyday lives.

For businesses, social media has created a way to send a brand’s messaging to the right people at the right time and hope your brand sticks out to them enough to be interested. About 90% of marketers claimed that social media generated immense exposure for their company, and that’s only one of its many advantages. Social networks are now a substantial part of every marketing strategy, and the benefits of using social media are so great that anyone not implementing this cost-effective resource is missing out on a phenomenal marketing opportunity.

It is easy to see that social media marketing (SMM) is a key element for success in marketing and many marketers realize the potential for business growth using the platform. However, some of these professionals (Brands/Marketers) are unsure of which tactics to apply and are uncertain about their effectiveness. According to Social Media Examiner, about 96% of marketers and brands are currently participating in social media marketing, but 85% of participants are not sure which stats they should measure and how to optimize for better social media ROI.

First, let us address what you use social media for (Pros and Cons) and then, we will discuss how to identify stats which you should look out for.

There are a lot of benefits to be gained from using social media for business. While it is a low-cost option with a large audience, it is quite easy to get sidetracked from your objectives when using social media in your business.

PROS OF SOCIAL MEDIA

When used effectively, social media can have all the benefits of word of mouth; only, it is on a larger scale.

  • It can also help you reach a high number of potential customers.
  • Compared to other marketing channels, social media marketing has a reduced marketing cost.
  • It can increase sales and traffic to your website
  • It can help improve your search engine rank
  • It creates an avenue for greater customer engagement
  • It provides greater access to international markets
  • It creates an opportunity to conduct market research about your customers
  • It improves networking opportunities with customers and other businesses

CONS OF SOCIAL MEDIA

Some social media platforms may not be properly suited to every business. If you are unprepared or you launch your social media presence without proper planning, you could waste valuable time and money.

Here are some of the possible disadvantages:

  • Not having a clear marketing or social media strategy may result in reduced benefits for your business
  • Additional dedicated resources may be needed to manage your online presence
  • It is immediate and therefore, needs daily monitoring
  • If you do not actively manage your social media presence, you may not enjoy any benefits.
  • A huge risk of unwanted or inappropriate behavior including bullying and harassment exists
  • Greater exposure online has the potential to attract risks – this can include negative feedback, information leak and hacking.

SOCIAL MEDIA MEASUREMENT

As social media is becoming a central part of digital marketing, it is becoming increasingly important to allocate more of your budget into developing sound social media strategies while demonstrating their ROI.

Globally, companies are expanding their investments in social media, aiming to turn it into a major revenue driver. What does this mean for social media managers, brands and marketers? There is rising pressure to prove they are using their budget more efficiently and can effectively report on their social media ROI.

There are many misconceptions in the market about how social media ROI is calculated. ROI measurement is the most accurate way of proving that social media is working and that it is in line with the brands and marketing goal. Additionally, analyzing revenue can help a brand to make more informed decisions and facilitate its transformation into a more tactical brand.

So, you have set-up a Facebook, Twitter & Instagram account, and even a LinkedIn page. You respond to customers questions and feedback, follow fans, post important news and reward loyal fans. Beyond these, what are you doing to track and monitor these social media interactions?

If you are using social media, then you should be measuring your activities. This is the only way to benchmark your success. Optimizations can only happen after historical data has been analyzed.

Let’s get to it.

AWARENESS

This can be measured in volume, reach, exposure and amplification. How far is your message spreading? How much of your target audience are your social media messages visible to? Is there a monthly increase in the amount of people your messages reach?

Awareness can be measured on all social media platforms. Some social media platforms measure in impressions while some measure in reach and others both. Impressions are the amounts of times a brand’s content is seen by the target audience while reach is the amount of people that viewed the brand’s content. There is also an interesting metric to analyze here, “Frequency” – this is the amount of times a target audience views your content. i.e.

Reach * Frequency = Impressions

If 1,000 of your target audience views your content 3 times i.e. approximately 3,000 Impressions.

NB: Video Views – Can also be measured as reach or view of a brand’s video content by the target audience.

Organic Measurement:

  • Impressions (Social media post & Brand profile visits)
  • Reach (Social media posts & brand profile reach)
  • Video views (Social media posts)

Paid Measurement:

  • CPM – Measured on paid social as cost per 1000 views i.e. Cost when 1,000 users views your content.
  • CPR – Measured on paid social as cost per reach i.e. Cost to reach a target audience for a brand.
  • CPV – Measure on paid social as cost per video view by a target audience i.e. the cost you pay for a target audience to watch at least 5Sec of your Video Ad.

ENGAGEMENT

This can be measured around retweets, comments, replies and participants. In general, engagement is every “Audience to brand” interaction. How is your content resonating with your audience? How often are they participating? In what forms are they participating?

Engagement can be measured on all Social media platforms. When measured it will show “if” the target audience are interacting with the brand. Different platforms have different engagement metrics:

Twitter: Retweet, Reply, Favorite, DM, Follows, Hashtag clicks, Mentions.

Facebook: Followers, Likes, Comments, Shares, Clicks, Reach, Video views, Website clicks.

Instagram: DMs, IG Story poll answers, Comments, Followers, Clicks, Profile visit, Hashtag clicks.

Organic Measurement:

  • Impressions (Social media post & Brand profile visits)
  • Reach (Social media posts & brand profile reach)
  • Video views (Social media posts)
  • Website visit
  • Profile visit

Paid Measurement:

  • CPM – Measured on paid social as cost per 1000 views i.e. Cost when 1,000 users views your content.
  • CPR – Measured on paid social as cost per reach i.e. Cost to reach a target audience for a brand.
  • CPV – Measure on paid social as cost per video view by a target audience i.e. the cost you pay for a target audience to watch at least 5Sec of your Video Ad.

DRIVE TRAFFIC

A social media objective could be driving traffic to your website for conversion. This could be done either through always-on content deployment or a strategy offer on your website. A strategy offer is a website link share with your social media content. It will answer questions like – How what amount of social media audience visits my websites? Which of my social media platforms converts my visitors to customers? How many returning visitors do I have from my social media?

These and more are questions measuring website traffic on social media can help answer.

Organic Measurement:

  • Website visit
  • Link clicks
  • Website Conversion

Paid Measurement:

  • CPC– Measured on paid social as cost per click i.e. Cost your pay when a user clicks on a website link in your social media content.
  • CPC (Landing Page Views) – Measured on paid social as the cost you pay per user who views your landing page from a website click.

ADVOCATES AND FANS

A major benefit a well-planned social media marketing will give is help a brand create “brand advocates” – people (Users, Customers) who will share the brand’s voice or message positively in their own language to their own audience. This is the most effective unpaid and earned media that could help with brand recognition and advocacy and also facilitate consideration from prospective or similar audience.

Brand favoritism can be achieved from increased advocacy by a brand’s audience. It is an important metric to measure to know and understand which, where or what type of audience helps spread the brand’s message.

Organic Measurement:

  • Shares
  • Engagement
  • Mentions
  • Returning Visits
  • Tags and use of hashtags
  • Reviews & Feedback

SHARE OF VOICE

If your goal is measurement of Share of Voice, then track your brand’s volume relative to your closest competitors. How much of the overall conversations around your industry or products category is about your brand? How many experts mention your brand in their opinion editorials?

This measures the brands authority in the brands industry. It can the measured on social media, both organically and paid.

Measurement:

  • Mentions
  • Referrals
  • Experts affiliations
  • Engagements (Hastags)

SUMMARY

The daily usage by the target audience can be used by a brand to acquire, engage and build an army of loyal customers. Whatever your Social media objectives are, they can be measured and optimized. Measurement will help your brand optimize your social media strategy to improve, increase and achieved a brand’s social media goal.





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