10 Sep 3 Social Metrics You Should Be Using But Aren’t
Social Media has evolved significantly over the past few years. Not only for you and I posting our updates to Facebook, Instagram, Snapchat, or [insert your favorite platform here], but for businesses and social connections as well.
Despite years of ongoing upgrades to social analytics, proving measurable value to those working at an executive level has always been a challenge; just look at the numbers:
We know there’s value there, but are we proving it? We sure are trying. With over 57 reported metrics (according to Forrester) we wanted to bring three to your attention (and no, they’re not listed):
- Social Value Modeling
- Cost per Engagement (CPE)
- Lower Funnel Activities (LFAs)
Tying a value to social media has always been tricky, but it can be done. Typically, social media is in the earlier part of the funnel as an assisted interaction. One method to showing social value is the social media equivalency model. The model uses three components:
Then, you multiply the totals to their costs (CPM or CPC):
Here, we’re allocating a value to social media by giving results an equivalent value. For example, we generated 1M impressions on social media, which would have cost $2,300 on banner ads. Most importantly, it ties a valuation to metrics that executives are typically used to seeing for display networks or other media buying. Learn more about the social media equivalency model.
Looking at the cost per engagement may not be the most applicable metric for everyone. In order to prove content efficiency, you need to be boosting content on Facebook or Promoted Posts on Twitter with regularity. I’ve illustrated two example CPEs below that reflect ongoing trending improvements.
When you consider the cost per engagement on boosted media, you garner significantly more impressions and engagements within the first 24-hours. Over time you can improve your content, benchmarks, and boosting strategy. As a result, CPE becomes more efficient through an OrganishTM approach. You’re then able to compare current spends and CPE versus previous to prove cost savings. Tie this into Social Value Modeling, and you’ve got a winning pair.
Lower Funnel Activities
In the same vein that you measure conversions from display ads, click-through advertising, or other media, measuring conversion from social media can be a crucial metric for most businesses. A lower funnel activity (LFA) can change for any business.
Not all businesses have the luxury to track direct conversions and LFAs. Without LFAs, placing a value on website actions indicating purchase intent and indicative click-throughs is important.
If you’re in B2B, you may be looking for email sign ups. If you’re in retail or e-commerce it may be a direct purchase. No matter your industry, your social presences will inevitably fall the path to purchase. Check out Google’s Path to Purchase and find out where social plays a part. Use that part of the purchase to drive your LFAs.
As you move into your end of year planning and wrapping up the current year, consider your annual KPIs and how you can measure success moving forward. Using a social value model, Lower-Funnel Activity or boosting efficiency, you can accurately showcase social media marketing efforts and prove value to an executive team.
What are your KPIs and how are you measuring your social success? Tell us in the comments.
Authors Note: This article is intended for high-volume, large-scale B2B or B2C brands. If you have a smaller social presence, this article may still help but some of the metrics may not be applicable.