Build In Value Blog

Social Media’s Golden Rule

Measure Twice Watch the Company Grow Big!

By Rand Manasse

We have all heard of the Carpenters’ Golden Rule to “Measure twice, cut once”.  Did you ever wonder why carpenters have that rule?  Is it because carpenters like going through the extra work effort?  Or do they have to do it twice to get it right?  Could it be that carpenters are not capable of remembering what they measured?  Of course the answer is NO to all of these questions. 

The reason they measure twice then cut once is to ensure that they achieve their goal of creating the perfect chair, table or widget.  They measure twice and cut once so the item they cut out of wood will fit together with the other pieces and then create their master piece. 

Measuring the success of a Social Media campaign is analogous to the carpenter measuring twice and cutting once.  For a Social Media campaign we measure twice and watch the company grow.  Measurement of a social media campaign validates the five basic questions raised when designing the strategic marketing plan for the campaign.  In my previous article I presented the process required to develop a corporate social market awareness plan.  The highlight of that the process is that it is not much different than any other marketing effort you follow to market your business.

The design of a social market campaign starts by answering five basic questions:

1.     Who is my audience?

2.     How do I create a social awareness strategy?

3.     Which social media sites and tactics will make my strategy most effective?

4.     How do I measure its effectiveness?

5.     How will I know if I was successful? 

This article will round out the process by concentrating on all aspects of measuring the effectiveness of your social marketing awareness from what to measure to interpreting the measurements and finally how will I know if I am successful.

What do I measure?

To understand if we are successful we need to figure out what to measure.  Measurements vary depending upon the goals and the goals determine the means to measure the level of success.

Some examples might help! 

If your social media campaign is designed to add new clients to your email newsletter list,  then the best measurement is simple :Track the size and growth rate of the email list in your internal ERP system. 

If your social media campaign is to drive traffic to your retail stores a more elaborate measurement method is required to track the increased sales.  Using Hootsuite with its tiny url’s and customized url’s can track coupons that are redeemed and used in the store.

When measuring make sure that you are clear on the goals for all of your social media campaigns.  Define how you will be successful before you start.  And monitor the success (or failure) which will allow you to adjust the campaigns effectiveness thereby controlling your costs.

Measurement Methods   

Measurement can be as simple (and cost effective) as tracking information that you already maintain internally. Your ERP system is chock full of useful information and for the correct campaign that might be all you need.  If the information is not on hand then using an external resources will be the solution.  Whatever process fits your needs best be sure you that record the results monthly in a database that you can report from.

Measuring Brand Recognition

Klout is a service that measures your brand recognition and influence in the online world by looking at your various profiles from across the web to assess your social media influence. Then it comes up with a “Klout” score as a reflection of your brand’s social influence.  The score is based on your activity across many social networks.  The score ranges between 10 (low) to 100 (High).  Digging deeper into your KLOUT score can provide further analysis, including:

·       True Reach: How many people you influence (the width of your influence)

·       Amplification: How much you influence people (the depth of your influence)

·       Network Impact: How influential your audience is (the impact of your influencers)

Measure your Klout scores over time to assess your progress as you campaign unfolds.

To measure the effectiveness of your PR and branding efforts, record your Klout Score, True Reach, Amplification and Network Impact on a spreadsheet each month. Then, over time, your changes in scores will allow you to understand which efforts your social media campaign is having on improving your score.

Measuring Website Traffic

Google Analytics makes this process very simple for any website owner.

To understand traffic, use Google Analytics Social Reports, which show site data generated directly from over 400 social sites.

·       Open your Google Analytics account.

·       Select the Traffic Sources tab.

·       From the Social drop down menu, select the Overview page.

·       Record Visits via Social Referral into your spreadsheet.

 

Listening To Your Market

Twitter, like most social media tools, is designed to be a two Way Street allowing you the ability to listen to what others are saying about your business directly or indirectly how your product fits into your community.  Listening is an art form rarely perfected.  Most businesses do not take advantage of the feedback they can ascertain from their clients by listening into the social media chatter on Twitter or Facebook.  Social media offers an unfiltered discussion of your company, its products or the industry in general: Try listening!  Use Twitters search tools to listen to your market.  Simply, use the search field to enter your companies name and you will see tweets that reference your company generated by others.  Further filter the results by Top tweets or select All.  You can then select to follow those you find interesting.  Engage some in a dialogue and use their feedback to improve your company!

As always, please leave me a comment and let me know what you think. If you need help in building value into your business, contact me on my direct line at 914.666.0830 or rmanasse@referencesystems.com.

To your success!

Rand 

 

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