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Are You Wasting Money on Social Media? How to Track Your Progress

Social media is one of the powerful platforms that new and existing businesses can use to popularize their brands and increase market reach. One of the primary factors that set the most successful companies apart from the rest is the marketing techniques that they employ. Research studies show that social media marketing has a 90% higher lead-to-close rate than outbound marketing and 84% of B2B marketers use social media platforms in one way or another reach out to the targeted audiences. Here are the latest statistics about the number of active users on popular social media platforms.
  1. Instagram = 600 million
  2. Facebook = 1,871 million
  3. Twitter 317 million
  4. WhatsApp = 1,000 million
  5. Facebook Messenger = 1,000 million
  6. QQ = 877 million
  7. WeChat = 846 million
  8. QZone = 632 million
Based on the above figures, marketing your brand on any or all of the above platforms will give your brand a higher cutting-edge in the market. However, you need to come up with strategies that are ideal for each of the platforms. Secondly, you need to continuously track your progress to know if you are doing it right. Here are expert tips that you can start using today to track your progress on the various social media platforms such as Instagram and Facebook.

Monitor/Examine the Referring Traffic

Posting regular ads and updates with links to your website will increase traffic to your site. Thanks to advancement in technology, there are some tools that you can use to know which platforms send the most traffic to your website. Google Analytics is one such tool that has proven to be very effective in help internet marketers to know the specific amount of traffic that they get from each social channel. Log in to your Google Analytics account, click on “Referring Sites” tab then type in the name of the social network that you want to monitor. The information you gather will help you to know which network you should concentrate on more as well as come up with new strategies to ensure that you continue reigning supreme online. For example, if you realize that you are getting minimal traffic from Instagram, take the time to reevaluate your strategies. Posting more relevant content could help to shift the tide in the right direction.

Review the Relevance and Quality of Content

Content will determine if you will succeed in achieve your social media marketing goals and objectives. If it is not relevant and useful to the target audience, it’s a waste of valuable digital space that you should be using to get miles ahead of your competition. Assess the value of each content that you create and post on the networks by using the following metrics.
  1. Unique page views
  2. Time on page
  3. Total pages viewed
  4. Number of shares and retweets
  5. Number of comments
If the number of unique page views increases by 50% over a span of two weeks, that is an indication that your reach is expanding. An increase in the amount of time that visitors spend on a particular page is a sign that the content is relevant and interesting. An increase in the number of page views is an indication that the visitors want to learn more about your niche and brand. Most of the networking platforms have analytical tools that you can use to gather this information. For example, Facebook Insights offers unlimited data about the performance of all the content posted on your page. You can use it to check your engagement rate, reach, and clicks, likes, comments, and shares.

Evaluate your Share of Voice (SOV)

The Share of Voice (SOV) is a term that is used to refer to the total number of conversations about your brand versus your competitors. It is calculated by dividing the number of mentions or conversations about your company by the total number of mentions of other brands in your niche. SocialMention and Radian6 are two of the best tools that you can use to get a clear and accurate perspective of your brand’s SOV on various platforms. Categorize the number of mentions or conversations by social channel to know if your efforts on a particular platform are yielding the expected results.

Sentiment Analysis

Social media post sentiment analysis will help you to know how the audience thinks about your brand. There are tools that you can use to do this analysis, but unfortunately, most of them do not put into consideration the human elements such as sarcasm when generating the data. Based on this fact, it is recommended to track this manually to get accurate results. Categorize the mentions as positive, negative, or neutral then add up the totals. Do this continuously and track the numbers to know if you are headed in the right direction. Ideally, your primary objective should be to increase the number of good mentions and reduce the negative mentions.

Track Engagement Levels and Size of the Community

Tracking the engagement levels and the size of your social media community will help you to know if the strategies you are working. To get it right, use a reliable social CRM (customer relationship management) tool such as Sprout Social. This tool monitors engagement levels, growth rate as well as integrates your customers’ data with interactions and social profiles. All the information gathered using the above five techniques will give you a clear perspective of your social media marketing strategy and help you make informed decisions every step of the way. As technology continues to advance, more social media tracking tools will come into play. Take time to understand how they work before you start using them to get the best results. More importantly, set realistic and attainable goals for your brand to avert compromising its growth rate by over-stretching the available resources. A professional digital marketer can also help you to decipher the data generated by the tools and come up with ideal ways of enhancing your social media marketing strategy.