Social Media ROI Series Part 1: Social Media Statistics

Social Media ROI

Social Media Statistics

Perhaps by now you are wondering, ‘I have a social media program going, now what?’ You have every right to think so. Convincing management to permit the launch of a social media program is no mean feat. More so, when they have pumped money to keep it afloat: pay for the team and other social media related costs. You just need to prove value.

Be warned though, some will be waiting for you to fail for them to pull the rag under you. We will not let them. By identifying how to spend the money and what to expect, usually referred to as Return on Investment (ROI) they will wait, and wait. Meanwhile, you will be smiling.

Contrary to what you have been told, social media can be measured. As social media was starting out, no one knew how to measure progress. A dark cloud hang over us in as far as knowing if your program was succeeding and or failing. In appreciation to those who were courageous to march forth amidst the uncertainty, today we have ways of telling success from failure (and I use failure, loosely.)

Therefore, what will you be on the lookout for? In his book, Social Media Handbook, the author Peter Friedman, writes about five social media ROI models (which will form my blog post series). In this first post, we will look at one of the models: social media statistics.

In this ROI model, we will be on the lookout for:

• Fans
• Likes
• Engagement

Fan Metrics

Through what social@ogilvy call ‘fanning’ this is when, you get people signing up for a connection with you on social media and or liking your facebook page.

This is the metric many managers and or directors, watch out for. You launch a corporate page today and one month down the line, they expect to see 1000’s of fans on your social sites. Starting out with this expectation can be detrimental. This metric might indicate you are not doing anything, when below the surface you are paddling like crazy.

As much as we all like to get millions of fans/followers/subscribers, it is pointless to center your entire social universe on this metric.

‘Building your customer audience is important, of course, but just building these numbers in themselves yields a vanity metric.’ – Peter Friedman, CEO LiveWorld. It cannot be said better than that. You are right to get excited about the entire fanning process, but aim for something better. But take note of how you are doing in as far as this metric is concerned.

Engagement Metrics

This is where all glory lies. However, be warned, it is not easy. Like my high school Principal used to say, 'Good things are expensive.' To relate: in order to reach reputable levels of engagement you will need to really invest resources (money and time).

That said, imagine you have almost a million fans. How do you get them to comment on a post, share their opinions, and or refer your products and or services to their close relations? This is the end game we all should strive to achieve.

This metric points to the levels of commitment your audience has to your brand. Moreover, someone who shows this level of commitment is sharing and or spreading the word to others. Better yet, and this is good news for sales, they may be buying from you.

Mr. Friedman says, ‘Liking a comment is good. Sharing or re-tweeting it takes more effort and is a statement that the user thinks the comment is worth the attention of others. Commenting is the best, because that takes more energy and time and suggests the person is truly engaged, mind, and hopefully heart.’

Well, how do you tell that you are hitting this metric? By looking at retweets, likes, shares, talking abouts, and comments. For you to make their social media experience worthwhile to merit the engagement you desire, you need to curate content that they will care about. Stop being egocentric in as far as content curation and publishing is concerned. Ensure your content centers on them, and not you. I mean, they are sharing their social presence with you: and you (brands) are many. Try not to waste their time.

Social media statistics, will tell when we are doing something right. And when we are doing something wrong. In both cases, we can know whether to revise our strategies or continue doing more of what we are doing. It will suffice to have this written down under goals when starting out but make a point of emphasizing the importance of engagement, and not likes.

So next time, be on the look out for these metrics. But know the value of each.