Marketers are being inundated with social media metrics, but there is little consensus on what one should be measuring, let alone how these measures inform marketing strategy. there are 7 key social media metrics to help marketers measuring the effective of digital marketing.
At the core of an integrated marketing communications program are the communications objectives. These are specific, measurable tasks that can be achieved using advertising and other forms of communication. Metrics are employed to (1) establish baselines for communications objectives and (2) track progress towards achieving each objective. Since the selection of metrics depends on the objectives, we must first identify a set of potential social media objectives before discussing social media metrics. There are two types of social media objectives: short-term and long-term.
the following sections describe the 3 short-term and 4 long-term objectives.
Short-term objectives are (1) gaining consideration, (2) stimulating trial, and (3) encouraging repurchase.
Gaining consideration: Consumers are increasingly turning to social media for product and service recommendations. By monitoring and responding to requests for advice, marketers can help ensure the consideration of their products and services.
Stimulating trial: Marketers have long used consumer-oriented sales promotions to stimulate trial of products and services. For example, Starbucks frequently announces discounts on new coffee drinks on Facebook and Twitter to encourage followers to try the new beverages.
Encouraging repurchase: Online sales promotions are effective at encouraging repeat purchases. Amazon.com, for example, routinely provides limitedterm discount codes to followers on Facebook and Twitter. Social media also serve as a convenient channel for encouraging followers to sign up for loyalty programs and for communicating loyalty program promotions.
Long-term objectives are (1) improving customer satisfaction, (2) creating awareness, (3) building relationships, and (4) fostering community.
Improving customer satisfaction: First, customers may contact a company directly via social media to express dissatisfaction with a product or service. If the company deals with such complaints promptly and effectively, dissatisfied customers will be less likely to communicate their dissatisfaction to others. Second, customers may post messages about unsatisfactory experiences to social media. Third, a company can enhance customer satisfaction by providing product support via social media. Finally, by monitoring social media for posts from recent customers, companies can reassure these customers that they made a good choice and thereby reduce cognitive dissonance.
Creating awareness: One of the primary functions of social media is content sharing. As such, social media is highly effective at propagating messages, particularly when people find the messages entertaining, surprising, and/or humorous. When a message is shared widely within a relatively short period of time, it is said to have “gone viral”. This leads to a rapid increase in awareness of both the message and the message’s creator.
Social media can help create awareness for any business, it is especially valuable for startups and small businesses like Orabrush that cannot afford the mass media buys traditionally used to increase awareness.
Building relationships: Brands seek to build relationships with customers to promote brand loyalty and positive word-of-mouth. Marketers now routinely stimulate interactions with consumers on social media by posting interesting and relevant content, such as news, articles, photos, videos, and even games.
Fostering community: Brand communities may be organized by the company that owns the brand or they may form autonomously. Here a brand’s customers interact not only with the brand but also with one another. Although online brand communities have traditionally been hosted on discussion forums, many have moved to social media due to the lower overhead and the fact that consumers are already active on social media.
The above reason is the metrics to measure the success of social media strategy, also these are the reason why you must use social media today!