Marketers are finding that it’s no longer sufficient or helpful to track the number of followers, clicks, etc.. Those who are ahead of the curve have learned that there are some critical key performance indicators that should be in any business marketer’s toolbox when trying to maximize investments spent on social media and website development:
Google Analytics Social Measurements
Google recently added a set of reporting tools to Google Analytics, one of the best of which is the Conversions Report. In Google Analytics, navigate to the report by going to Traffic Sources -> Social -> Conversions and observe the number of conversions that can be attributed to each social network.
Dig a little deeper by breaking the data down by Assisted vs. Last Interaction; this analysis answers a key question for many marketers-is the channel helping to drive buyers to you somewhere along the sales funnel? Or what is the last thing they saw before coming to your site and converting?
Conversation Rate tells you how engaged your audience is, and engagement often correlates positively with future conversion. This is most valuable as a predictive measurement, and can be used in marketing forecasts. The conversation rate is measured as the number of audience comments for each social contribution (eg., post, tweet, etc.).
Split A/B Testing
By testing some key elements of a website by designing different landing pages, you can easily and quickly learn how to maximize resources spent on various website elements. Try different button types, font colors, styles, editorial format, images, etc. By sending different visitors to different pages, you’ll learn which pages lead to higher conversions.
It’s worth noting that many marketers have employed this type of testing, however, you may find that your experience differs from what others have found. Your industry, market position, and target audience are all often unique. That’s why it’s critical for individual businesses to try their own testing, and not rely too heavily on what others have learned.
Smart marketers are learning how and where to invest digital resources by using some key analytical tools. Be sure to conduct this type of analysis to improve your ROI.
Joy Levin is president of Allium Research and Analytics, a firm that works with companies to maximize marketing ROI, using various methodologies, by achieving and acting upon key insights about current and potential customers. She often partners with marketing consultants to optimize marketing project results for their clients. Joy has over 20 years of experience in working with organizations of all sizes in a variety of industries. She can be reached on LinkedIn, on Twitter @jlevinallium, and on her company’s blog.