Social Media Marketing Action Plan – 7 Key Metrics to Track
How does Social Media Marketing Work?
With the boom of platforms like Facebook, Twitter and Instagram, social media has changed not only how we connect, but also how companies can influence consumer behaviour, from promoting content that drives involvement in the extraction of geographical, demographic and personal information. information that makes messages resonate with users.
Social Media Marketing Action Plan: The more focused your Social Media Marketing strategy is, the more effective it will be.
Hootsuite, a leading provider of social media management software, recommends the following roadmap for building an SMM campaign with an execution framework and performance metrics:
~ Align SMM goals with clear business objectives
~ Know your target audience (age, location, income, job title, industry, interests)
~ Make a competitive analysis of your competition (successes and failures)
~ Check your current SMM (successes and failures)
~ Create a schedule for delivering SMM content
~ Create the best content
~ Monitor performance and adjust SMM strategy as needed
Customer Relationship Management (CRM): Compared to traditional marketing, social media marketing has several distinct advantages. SMM has two interaction types that enable targeted customer relationship management (CRM) tools: both customer-to-customer what company- to customer. In other words, while traditional marketing tracks customer value primarily by capturing buying activity, SMM can follow customer value both directly (through purchases) and indirectly (through product referrals).
Shareable Content: Businesses can also turn SMM’s advanced interconnectivity into the creation of “sticky” content, the marketing term for engaging content that engages customers, at first sight, entices them to buy products, and compels them to share the content. This type of word-of-mouth not only reaches an otherwise inaccessible audience but also carries an implicit endorsement from someone the recipient knows and trusts, making the creation of shareable content one of the key ways social media marketing drives growth.
Earned Media: Social media marketing (SMM) is also the most efficient way for a business to reap the benefits of another type of earned media (a term for brand exposure through a method other than paid advertising): customer-generated product reviews and recommendations.
Viral Marketing: Another SMM strategy that relies on the audience to generate the message is viral marketing, a sales technique that attempts to initiate the rapid spread of word-of-mouth about products. Once a marketing message is shared with the general public well beyond its original target audience, it is considered viral, a very easy and inexpensive way to increase sales.
Customer Segmentation: Because customer segmentation is far more sophisticated in social media marketing (SMM) than traditional marketing channels, businesses can ensure they target their marketing resources at their exact audiences. Monitoring statistics
According to Sprout Social, the most important social media marketing (SMM) metrics to track are customer-centric: engagement (likes, comments, shares, clicks); impressions (how often a post appears); reach/virality (how many unique views an SMM message has); share of voice (how far a brand reaches in the online sphere); referrals (how a user arrives at a site); and conversions (when a user purchases a site). However, another very important metric is focused on the business: response rate/time (how often and how fast the business responds to customer messages).
When a business is trying to determine which metrics to track in the sea of data that social media generates, the rule of thumb is always to align each business goal with a relevant metric. If your business goal is to increase conversions from an SMM campaign by 15% within three months, use a social media analytics tool that measures the effectiveness of your campaign against that specific goal.