Putting the success back into your social media campaign! PART 2

 

(PART 2 CONTD…)

 

Every industry is different, so try being in the required range for your industry. All this does is to help gauge your scores.

 

Ford’s Global Head of Social Media –Scott Monty also suggests using a tiered point system in place rather than looking at how many likes you have. It’s a simple yet effective strategy to use. You can measure the response to your efforts on any social media channel you use.

 

Here’s how it works (Source: Socialmediaexaminer.com)

If you’re launching a product or a service, you want to generate a buzz about it on Facebook. You post an update to your page about your launch and get a few likes on it. The next day, post a different update, get likes on it and you begin to see people engaging with the post. Shares are more valuable than likes or comments because that update is moved to another page, which increases your reach.

 

At the beginning of your campaign, translate your objective into a numeric goal. Then, use the tiered point system to weight different types of engagement according to what is valuable to you.

 

For ex: (For Facebook)  -Likes- 1 point each

Comments- 5 points each

Shares- 10 points each

During the campaign, a quick sum of values will help you determine if your efforts are paying off. You can create similar systems for any of the social media channels.

 

4. Visibilities and Brand Perception:

 

 

visibility

 (Image via www.xeus.co.uk)

Social media monitoring tools will provide you data on your brand, your products to see who’s talking about you , how, why,where from? The key to getting good scores here is to add tonnes of value for your customers. Gradually build it up and then begin to sell and then measure. Building relationships with customers is vital, and this is the best way to get there.

 

How do your numbers compare to your expectations? How have you fared with respect to your industry?

 

5. Measure traffic to your website:

Link each social media channel to your website; then track which of them send the most and the best traffic to your site. Track URL shares, click conversions, what do they do once they’re on your site?

6. Audit, Adjust, Repeat:

Review your measurement program periodically. Always include benchmarks or competitor information so that your stakeholders will understand how well you have fared.

It also helps to include visual representations of your data to describe your readings better. Editing and improving your measurement program will help you rectify errors if any. Enter new metrics, you may have missed before and alter content that is needed to help achieve your goals.

 

And. That’s it! 6 super simple steps to show your stakeholders the money! Soon enough you will be raking in results! We hope this gives you ideas on how you can simply measure your social media campaigns and do so without all the expensive tools!

But, hey, if it’s a little too much to do in too little a time, give us a call! We’d do all the hard work for you!

Let us know how you go! What do you think? Can some of the above-mentioned strategies improve the effectiveness of your campaign?

 

-Social Pandora

Putting the success back into your social media campaign!

Putting the success back into your social media campaign!

2 Part series

 PART 1

 

Putting success back into your social media campaign

(Image via http://www.switch-magazine.net)

 

By now you’ve run a campaign or two across a few social media platforms and you are noticing people take note of your brand; what you have to offer and maybe even dropped by your office! While all these are great signs of progress; you still need to measure how well that progress has been. Measuring the campaign will tell you where you’ve been successful and where you can improve.

 

At the start, you would have set goals for your campaign, the number of followers, fans you want, the levels of engagement for your campaign etc. so when you measure your results, you will have two kinds of analytics –ongoing analytics and campaign focused analytics to focus on. Measuring the success of your social media campaign is not very different from you measuring the success of your marketing efforts. You will still see where your customers are from, how many times the ad or campaign on TV and social media was clicked; what do they like, socio- economic and cultural backgrounds etc.

 

As marketers, we are all on a mission to be better than our competitors, out-think others, deliver better products and services and track our efforts.

Ongoing analytics are those that you will keep tracking over time. These are necessary to understand the trend; the peaks and pulses about your brand and that of the competition over a period of time. To do this, you need to set up brand tracking and check the results every now and then.

Campaign metrics will measure the results of your targeted marketing activities or campaigns. These can also vary from campaign to campaign and depend upon the goals you set.

To get the best possible results, you will need a combination of both

So without further ado; here’s a list of what you should be measuring

1.Measure your social media listening activities: If you aren’t listening as part of your campaign, you’re missing out on the conversations people are having about your brand. When you do listen you gain insights into your brand

How engaged are your target audience?

What customer support issues are they happy with?

What customer support need gap can be filled?

Are there any changes to your product or service you need to make?

Performance management?

 social media listening

(Image via www.leadformix.com)

Most people do not listen with the intent to understand; they listen with the intent to reply”– Stephen R.Covey

Use listening tools to understand how many people you’re helping through your campaign, are your fan followers increasing, etc. prioritize the points and use the information gathered to make changes to your business.

 

2. Measure Growths and Reach:

 

 

 

Measuring social media growth

                  (Image via http://www.marketingzen.com)

 

How healthy is your growth rate? Watch for a steady increase in the number of your fans, followers and subscribers. We also like to club growth, reach, volume, exposure under one metric- Awareness-how far is your message spreading?

3. Engagement: Are your followers interested in what you post? Do they comment? Interact? Maybe even poke, write an LOL? Well that’s great! It’s exactly what you need! It cannot get any easier really, just monitor the quick interactions to your channel- starting with how many likes, shares, +1’s, comments, retweets, mentions repins etc. Always set a target and then work your way up to measure the targets on a bi=weekly or monthly level. See how far your interactions increase, decrease or remain neutral. The idea is to keep increasing but also maintaining a good engagement level.

 

(PART 2 CONTD ..)

 

 

 

 

 

 

Are you measuring up? Performance indicators for Retail Marketing

 measure success

(Image by Shutterstock)

 

Yay’ it’s Friday!

 Did you have a good week? By good we mean busy of course! We know that it’s almost the end of the day but, we had promised a post on metrics and we’re delivering on that promise now!

Whichever industry you’re in, KPI’s are always measured. You need to understand how well you’ve performed, right? It’s no different for retailers either and having the right metrics and KPI’s are essential for having that competitive edge. If you aren’t measuring it, you’re likely to miss a few key aspects of your business and will eventually lose out on opportunities.

It can be confusing at first to know which ones to measure so to help you get started we’ve put together a list of retail KPI’s and metrics to monitor your performance.

We begin with a few suggestions by SocialBakers

Social media metrics:

  1. Fan /Follower Growth: How many new fans are you gaining during a select time frame?
  2. Engagement rate: The number of users interactions (Likes, comments, mentions, re-tweets, replies and shares)
  3. Response rate: The percentage of user posts or questions that the administrator responded to
  4. Response time: The average amount of time it takes for the administrator to respond to user posts or questions
  5. User activity: Identifying the hours and days of the week your users are engaging most frequently
  6. Shareability: The number of shares and re-tweets a post gets
  7. Interactions: The number of interactions that a page or post receives and the types of interactions (likes, comments, re-tweets, replies and shares)
  8. Direct ROI for hits on the page- After posting content on your page or twitter profile, which includes a link to the product on your online store, pull analytics off your website to see if the consumer was on your social media page before coming to your website. Measure Post engagement rate, Shareability and interactions.
  9. ROI for in-store Transaction via social promotions- After a social promotion, track the sales increase of that particular product promotion. Measure post engagement rate, Shareability and interactions.

Other Metrics:

10. Conversion rate: How many people have you converted? Divide the number of visitors by the number of customers to understand the rate of conversion

11. Stock turn rate- Most retailers own 30% of excess inventory. You can reduce it by monitoring and improving upon your stock turn. Just divide the cost of goods sold during sales period by the inventory cost over the sales period multiplied by 365 days

12. Sell Through: It is very important when looking to replenish seasonal merchandise. Divide the quantity of goods sold during the sales period by the quantity sold during sales period+ on hand quantity on inventory date.

13. Gross Margin ROI- The overall performance indicator. Divide the profits during sales period by the inventory cost over sales period and multiply that by 365

 

retail business (Image by Shutterstock)

In recent news however, a study of retailers within the internet retailers top 500 found that their web site performance improved significantly after using a system for managing software tags that were used to activate and measure online marketing campaigns.

 

Tags are snippets of code, typically JavaScript that retailers add into their website pages to track activity on the site such as when customers click links.

 

The study, conducted by Observe Point, and Lima Consulting Group, found that retailers with tag management systems compared with retailers who do not use such systems, had faster average page load times, less duplicated web pages and fewer JavaScript errors that can cause web pages to fail to load content. (Source: Internetretailers.com)

 

Using tag management system and the right metrics, analysis can be done to gain insights that will be both qualitatively and quantitatively beneficial to you as a retailer.

 

We hope you found this useful as you begin setting Metrics for your retail business.

 

There are a good many more out there, and for more tips you could check Publitas for their metric suggestions.

 

Have a good Friday!

 

If you’re relaxing or thinking of content to create, remember to wear cozy fuzzy slippers. Always helps!

 

-Social Pandora