Much like the rest of digital marketing, social media provides marketers with measurable results. Marketing automation platforms, web analytics programs and social analytics programs all offer the ability to paint a pretty clear picture of how your team is doing growing your company through social media. As a person in charge of a marketing team, you can’t possibly look at every last report and micromanage all scenarios. For a marketing leader that has an already mature process in place with his or her team, what Key Performance Indicators (KPI’s) define your social marketing success other than the obvious ROI? What should be measured about your team’s social media marketing strategy to determine whether or not profitable revenue from social media marketing will be growing next quarter?
One could make the argument for a variety of deeper factors, but to me, when considering the whole, big picture of modern marketing, these three KPI’s stand out the most, and contribute to successful revenue generation, ROI and critical growth factors for your other marketing and communication channels. Lead Generation, Increasing Following and Influencer Outreach are measurable, assignable KPI objectives that will ensure growth each and every quarter. Put them in place, guide the strategies and the positive reports will follow.
I have intentionally left social media advertising completely out of this equation. This is intended for organic social media marketing growth, to me, ad spend falls under its own channel.
This is an obvious one. High visibility on social media can generate leads. As your team grows your social media following, outreach and activity, leads will increase. Typically, this consists of
1) Passers by who are curious about your company via a post or your profile description. The person then checks out your site, then converts.
2) Conversions generated by posts and messaging that includes direct or indirect company promotion.
3) Also, the obvious soft lead generation through content marketing is a primary way to move a social following into your funnel.
Increasing Your Following
Clearly the main goal of social media for business is to increase your following. Being comfortable with a smaller following than your competition or a stagnant following means that you aren’t moving the needle well enough. Improving your following, expanding your reach, growing your numbers are critical to generating revenue and improving ROI through social media marketing. There is almost no follower that is a bad follower. If you have 10 people within your industry that retweet a key message, thats great, hopefully their followers see the message, click through, retweet or take some form of action that then spurs another couple of layers of eyeballs on the message and additional action takers. If you have 100 followers who see your message, take action at a similar rate, obviously your reach is exponentially greater. This is key to your content marketing efforts and PR capabilities. Plus, as an added bonus, a large following lends greater credibility to your organization.
How well is your team obtaining influencer relationships? How well is your team making friends with influential people? Influencer outreach is key to content marketing, PR, affiliate lead gen, SEO, branding, credibility and more. In order to take full advantage of these relationships, your marketing team must have certain channels built out and ready to deploy. However, when things are in place and your influencer outreach strategy is effective, the publicity, branding and lead generation power improves exponentially.
Going forward, measure your team’s social media marketing success with these three KPI’s. It will make the management process and reporting back to the CEO both easier.