By Garrett Stanczak
In my previous two posts, I discussed that a company can talk to and make a connection with prosumers and engage with its regular consumers to increase its online presence and customer loyalty. But how does a company know if this is working? What does one do to discover if what they’re efforts are having the intended effect? How does a company’s CCO know whether or not to adjust their strategy?
Luke Chitwood of thenextweb.com has identified five social media metrics that every business should track, of which we will examine the first three. These metrics are “audience growth rate”, which measures how much your followers on social media have grown by over time; “average engagement rate” which “compares your posts’ engagement with your overall follower base” (2013); and “visitor frequency rate” which includes using tools such as Google Analytics to determine how many visitors to your site were referred by social media, and also who is a new or returning customer.
If I were the CCO of a large corporation, not only would I want to use social media to give my company as large a presence as possible, but I would keep a careful eye on those pages, with special focus on the three metrics above. I would use the built in tools and settings that most social media tools have to keep track of how many followers those pages achieved, paying special attention to dates of significant drops or spikes in followers to see what the company did on or around those days to earn such a reaction. I would also look at posts we have made to determine which percentage of our followers viewed it (again, most social media sites have built in ways to track this) and find out what types of posts garnered the biggest reactions from followers. Finally, I would make use of a tool like the above mentioned Google Analytics to “analyze visitor traffic and paint a complete picture of [my] audience and their needs”.
Using this information, I would then adjust my strategy of social media posts to ensure I get the maximum amount of engagement per post, maximize gains in followers, and ensure that each post links back to the company’s website in some way.
5 social media metrics that your business should be tracking by Luke Chitwood, 2013
Google Analytics product information page