A little overwhelmed with all the social media metrics being thrown around lately? Me too. Having a more traditional slant than most digital marketers today, I really like having something concrete on which to hang my metrics hat. That said, I am willing to stretch and grow as it relates to measuring digital and social media metrics.
As I have said in the past, I am all about ROI when it comes to metrics…specifically, a ROI based on profit, not just revenue. In the social world, the “tail” for the sales cycle is much longer, so measuring other things while you are on the path to a sale is key.
So what should you be measuring with respect to your digital and social media marketing spend? It depends on your business, but here are three of my favorite interim measurements that you should be watching:
- Engagement Score (ES): Evaluating your engagement score is a bit more involved than some of the other measurements I am suggesting, but it can be done even by a novice. The key is to determine what should go into your engagement score. Specifically, you need to spend time thinking about what an engaged prospect or customer looks like for your business and craft a measurement that fits these criteria. I would also use a weighted score when crafting the score so that I give more weight to some criteria than others. But hey, that’s just me.
- Brand Perception Lift: Finally, back to market research! Another great way to tell if your social media and digital marketing efforts are working is through consistently measuring your brand perception (and awareness) among your current and prospect customers. This will give you an idea of the lift you are getting from the resources you are putting into your online marketing efforts.
- Leads Generated: As I said before, it will take time for your digital efforts to bear fruit. However, your efforts should be getting prospective customers into the pipeline and further and further down the purchase funnel. If your efforts aren’t getting people converted from a prospect to a real lead, then you should re-evaluate your digital/social media marketing resource allocation.
The two main “old school” measurements of online marketing I use are:
- Qualified Reach or Qualified Visits—in traditional advertising, we have long used the word reach to describe the amount of people that should be viewing our advertising. But, past that, we can’t really tell if the message got through the clutter or if the “reached” person actually did anything as a result of our ad. In the digital age, we have evolved to measuring qualified reach, which is a metric that combines the number of individuals reached by the online advertising/marketing with the number of users that have performed a desired interaction.
- Clickthrough rates: In the digital world, this is the “tried and true” method. This gives you a one-to-one measurement for dollars spent and prospects generated. The only problem with this metric is that it doesn’t measure intent to purchase or even interest necessarily. So it is important to measure, but it can’t be the only thing you measure.
So what are U.S. Marketers using to measure interactive marketing performance? According to a study recently conducted by Chief Marketer (reported through eMarketer), its: clickthroughs (59%), traffic to websites (53%), lead generation (43%) and page views (38%). Where did my beloved ROI fall? It was all the way down at 6th place with just 32% saying it was a measure they used to evaluate interactive marketing efforts. Oh, and brand lift? It is measured by just one-in-four (25%).
Measuring the success of your traditional and digital marketing efforts can be long and arduous…but worth it. How are you measuring your success?