You Can’t Manage What You Can’t Measure

Measuring your efforts in a marketing campaign?  Set your objectives by establishing business goals, standards and benchmarks.  Goals are usually focused on increasing revenue, lowering costs, and improving customer satisfaction.  Knowing your goals, the company goals, and budget will start you off in the right direction.  You should develop measurements for the desired results, and actively measure specific, quantifiable targets.  Use the SMART test for a reference while determining the value of the metrics:

SMART-1_A

The process to monitor the campaign will be a dashboard that identifies web traffic by the KPI’s.  Relevant metrics are collected by key performance indicators (KPI’s) to monitor factors that determine success.  KPI’s will vary by industry.  An online retailer, for example,  would track sales by the number of site visits, conversion rate, average product ordered, and number of transactions during a specific period. Also comparing online purchases to in-store purchases during a specific period will provide insight.

Are you selling products and services? Here are examples of measurements:

  • Number of conversions (sales, contacts, or other actions)
  • Conversion rate of contact forms or sales
  • Click through rate of Calls to Action
  • % of referral traffic from social media
  • What technology people are using to visit your site
  • Where people are entering your site
  • How visitors are interacting with your landing pages
  • Amount of traffic from unique search terms

All analytics on social media accounts can be monitored: Facebook Insights, Google Analytics, Twitter Analytics, YouTube and LinkedIn Company pages.  “Tracking and recording monthly numbers is easy. Actually wringing meaning out of those numbers is where the challenge lies”  (King, 2015).  Major areas to track are activity metrics, audience metrics, engagement metrics, referral metrics, ROI metrics.

Using metrics to make adjustments while you’re running the campaign is important, necessary tweaking will ensure you are heading in the right direction.  Is the work you’re doing making a lasting, positive impact on your organizational goals?  King (2015) recommends not to focus on engagement or follower counts, rather on the direct impact of social media on the company. Two trends to monitor in this case would be the number of visits to the website for each post created; and the number of interactions per post created.  Every post that staff create in a specific time period that post prompted visitors on different platforms to engage.  (It could be a “like, share, comment, favorite, or RT)

SMART

Overall, the plan for measuring will keep a business tracking if they are heading in the right direction to reach their goals, profitability, and customer engagement.

References:

King, D. L. (2015, January). Analytics, Goals, and Strategy for Social Media. Managing Your Library’s Social Media Channels, pp. 26-32.

Sterne, J. (2010). Social Media Metrics. Hoboken: Wiley & Sons.

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