The Five Social Media Metrics that Really Matter
Editor's Note: This post was originally created by Lithium before Spredfast and Lithium merged and became Khoros.
Look for metrics that foster long-term engagement, not just Facebook metrics such as how many “likes” your page has, or Twitter metrics like how many “followers” on your Twitter profile.
Only a small fraction of those who like your page will ever return. In fact, Lithium research shows only 2 percent of users return to a brand’s Facebook page.
By tracking the following social media metrics, you will deepen customer relationships and work smarter while also improving the performance of your social programs.
1. To exceed customer expectations, track response times.
Customers have high expectations for a quick response: 53 percent who expect a brand to respond to their Tweet demand that reply comes in less than an hour. That figure skyrockets to 72 percent when they have complaints. Not surprisingly, customers are more likely to buy, and encourage their friends and families to buy from companies who provide them with a timely response.
- How to: Most social tools allow users to review their response time performance by channel and by team member. If response time is more than 30 minutes, you’ll need to delve deeper to determine why. Is it because your team members need more training to respond more quickly, or because a channel has taken off and needs additional staffing? Whatever the reason, it’s critical that you address it as soon as possible.
2. To stop posting and praying, track optimal times for engagement.
With organic reach dwindling across many social networks it’s more important than ever to tailor your publishing strategy, so you’re posting your content on the right day and at the right time. 1
- How to: Facebook metrics provides a valuable snapshot of when your fans are online, but other social platforms aren’t as straightforward. Rather than guess, use a smart auto-scheduling tool to guarantee your social publishing at the optimal times for your brand and your audience. This will help you increase performance of each post and generate better engagement.
Only 2 percent of users return to a brand’s @Facebook page.
3. To go beyond the chatter, track your share of voice.
While everyone loves to hear people talk about them, knowing how often they’re talking about you when compared to your competition is a much more valuable metric. Also, do your social mentions have more positive sentiment than your competition or is there room for improvement?
- How to: Determine your share of voice by paying attention to how often your company, products, and services are mentioned.2 When you segment the data by channel, you’ll uncover which channels are getting noticed and which are getting ignored. According to Social Media Examiner, the share of voice formula is simple:
Share of Voice = Your Mentions / (Total Mentions for Competitive Companies/Brands)3
4. To show where the money is coming from, track lead attribution.
Tracking the number of sales from your social media efforts is a no-brainer. But it’s important to make sure you can properly attribute not just the revenue, but your leads as well. To do this, you need to think out-of-the-box when it comes to identifying exactly what qualifies as a lead. Depending on your business, a lead may be someone who filled out a Twitter lead gen card, downloaded original content from your website or participated in a Twitter chat. 4
- How to: To track lead attribution, append tracking parameters (or UTM, as recognized by Google Analytics) to every link you share on social media so you can analyze your results through Google Analytics or other preferred analytics tool.
5. To earn a penny by saving a penny, track cost savings in addition to revenue.
Cost savings can be just as valuable as revenue. Your customers want to find answers quickly online, whether it’s through search or social media. When answers aren’t readily available, they contact your call center. According to Accenture research, it costs $6-$75 to resolve customer issues over the phone, but as little as $0.10 to help customers find the same answers online. Just ask Best Buy, who reported $5MM in cost savings due to call deflection and sales influence thanks to their online community.
- How to: Track the number of interactions by the method of interaction. By identifying your least efficient support channels, you can trim the bottom line while improving the customer experience.
Want to know what other brands are doing to improve their customer experience, while increasing the bottom line? Check out our Customer Success Book and start driving real business results.