Social media is a huge part of our life these days. So I won’t insult your business nous that you know if you aren’t engaging and capitalizing social media then you will be left far behind the curve. But with so much happening on social media it can be overwhelming to know what tangible benefits you can get out of these various social media platforms rather than just pure fun.
There’s no question that a social media campaign can solidify your brand. Many have written about it from A to Z so I won’t here. You have to understand the benefits to your brand of every follower, tweet, like, and share to build social and economic value to your business.
Blogger and digital marketing specialist Avinash Kaushik suggests that business managers should not approach the social media “to only drive business outcomes.” Facebook, Twitter, Google Plus, LinkedIn, etc. are unique social media platforms where stale marketing strategies no longer apply. In fact, he has come up with four social media KPIs that will help gauge the success of a media campaign in relation to your brand’s social engagement.
Let us review Avinash Kaushik’s social media metrics: Conversation, Amplification, Applause, and Economic Value.
Feedback is King
Conversation Rate = # of Audience Comments (or Replies) Per Post
Conversation Rate translates to every comment or reply you get out of the buzz you create in the social media. You can get a conversation rate in almost all social media platforms, as feedback is basically the main thing that holds connectivity together in the social business.
But how do you raise this up? Avinash says that a high conversation rate “requires a deeper understanding” of your audience, brand attributes, what you are good at, value you can add to your followers, and the social media ecosystem. To get a high conversation rate, you should be more “human” in your social media management by being proactive to reply, answer questions, or acknowledge suggestions from your audience. Interaction is key, conversation is king. When conversing, always remember to be polite, whilst a bit of appropriate humour and controversy at the right time in the right amount can be very effective at making things go viral.
Pay It Forward
Twitter Amplification = # of Retweets Per Tweet
Facebook, Google Plus Amplification = Amplification = # of Shares Per Post
Blog, YouTube Amplification = # of Share Clicks Per Post (or Video)
Amplification rate is the domino effect of your social media campaign, or how your content becomes viral online through the number of re-tweets, shares, or share clicks not only of your first-hand contacts but also your contacts’ contacts, and the list goes on and on. Do you notice that Facebook puts an often shared content at the top of your newsfeed? That is because the brand has reached a high amplification rate; even if the original uploader is not your contact yet, his content penetrated your feed.
As you get higher amplification, it gets more attention even to bloggers, digital influencers, website owners, and online writers or authors that you may get more chances to be cited/linked eventually.
Toot or Boot
Twitter Applause Rate = # of Favorite Clicks Per Post
Facebook Applause Rate = # of Likes Per Post
Google Plus Applause Rate = # of +1s Per Post
Blog, YouTube Applause Rate = # of +1s and Likes Per Post (or video)
The applause rate is the metric that can get the man of a few words hooked. He need not say much, he would just hit ‘like’ on a Facebook post, ‘favorite’ a tweet, or click +1s and like per post in blogs or YouTube. This is how your branding gets validated, and the gratification is usually instant.
Measuring the applause rate gives you an idea what piqued your audience’s interest. Consider this as your serving of the humility pie; your brand’s standing in the social media ecosystem. A high applause rate can be a lure for potential clients and business partners, if done correctly.
Economic Value = Sum of Short and Long Term Revenue and Cost Savings
Of course, a business manager would not turn to social media platforms without money in mind. The crux of all these social media KPIs is how they all translate into profit at the end of the day.
To measure the economic value of your campaigns, some micro and macro conversions need to be set up using your Analytics. See Avinash’s explanation of the conversion rate here:
This is an example of a conversion rate to get the economic value of your social media campaign through Google Analytics.
The Per Visit Goal Value is economic value delivered by visitors from social media channels across macro and micro conversions for each channel. You will see that popular social media platforms like Facebook and Twitter do not return enough revenue like StumbleUpon does at $1.43 per visit. This conversion rate thus tells you when it is time to rewire your social media management and strategy if you want to generate more income and revenue.
Share of the Pie
So where do you see your business in this intricate social media jungle?
Businesses are now social, and many business managers have taken the plunge because everybody is doing it, especially their competitors. But you do not want to be the unbelieving swimmer who attempts to dive in the pool in darkness, only to find out it is empty. In short, you should have a goal when you take your business to social media by focusing on these social media KPIs that determine value to your business, thus making a return of investment.