Marketing is hard, guys. From ideation to execution, marketing campaigns can be quite the beast to grasp in terms of measuring performance. A while ago, we walked you through 4 Key Metrics to Measure the Success of a Marketing Campaign, but since, there have been numerous leaps in technology, affecting what we measure in terms of social media engagement– and the social media analytics we use to measure it.
While there’s a range of metrics at your disposal- here are a few that your campaign ultimately relies on.
Cost Per Lead
How much are leads costing you? By being able to calculate your cost per lead, you can better identify how to allocate your marketing spend. While there can be a few ways to further calculate this (breaking it down by initiative, or other applicable scenarios) the general way would be what I’ve outlined below. This formula helps you determine how much every lead costs you so that you better understand where to target your efforts. A good or bad CPL depends on your company, budget, and industry standard.
How to: Marketing Spend/ Total New Leads= CPL
Landing Page Conversion Rates
Tracking the conversion rates on your landing pages sets you up for success and optimization of conversions. Most people track conversion rates by dividing the number of conversions by the total amount of visitors. I always suggest that instead of looking at all visitors, you should pay attention to unique visitors instead to get a clear idea of conversion rates. This gives you a better idea of how people are making decisions about your product. People may return to your landing page a few times before converting, and counting all of those visits could skew your data.
How to: Unique Visitors/Conversion = Landing Page Conversion Rate
Social Media Traffic and Conversion Rates
Can you believe how many companies are still having trouble tying ROI to Social Media? It’s not as hard as it seems, all you need is a little bit of context and organization. First, you have to figure out which goal(s) you want to track (making an online purchase, spending time on a web page, or positive sentiment towards your company). Once you have an idea of what you’d like to track, you need to assign a monetary value to it. You can figure this out using historical social analytics data, such as the customer lifetime value (LTV) or by making educated guesses and adjusting from there. A few more social media analytics you might want to look at could include:
- The number of lead conversions generated via each social channel– Which channels are the most successful at having people follow through on a proposed action?
- The number of customer conversions generated through social media channel– How many of your leads that connected on social media actually became customers?
- Percentage of traffic associated with social media channels – How much of your website traffic, in general, comes from social media?
- Mindshare & Sentiment – When people think about your industry, do you even cross their mind? If so, what’s their impression of your company? Knowing how people are talking about you amongst each other on social media could have a significant impact on the types of business decisions that your team makes. Often enough, this is forgotten until there’s a crisis that grabs the attention of the C-Suite. Luckily, there are tools at your disposal to not only help you find out how people feel about your company but to proactively understand how that stacks up to both direct and indirect competitors.
While there are many more social media analytics that you can track to show value in one way or another, one thing that all of these have in common is tying your efforts to revenue. The crux of it is this- marketers aren’t just getting by on grand ideas and pretty words. The champions stand out because they have an understanding of social media analytics and are able to provide tangible value to a company.
Do you have access to the social analytics that your job relies on? Are you prepared to attribute your efforts to ROI? We all have work to do, but you can start by requesting a demo below.