Identifying Social Media Marketing Successes
TopRankVisibility Digital Marketing Agency

  • 04/12/2018
  • SMM
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Something that’s really important and that is metrics. How do you measure things in Social Media Marketing and how do you identify where the successes are? We think marketers sometimes go down a dark alley is, by assuming that ROI is the right metric for everything. We don’t believe that. It’s all about matching the correct metric to the correct program.

 

Facebook Metrics

Facebook Metrics

So for instance that, the first program we talked about is our Facebook platform and using that to broadcast messages. There, the primary metric we have is, what’s the cost for a click? How much does it cost to get someone to click on and engage in our content? That gives you a sense of efficiency. We’ll also take a look at engagement, but the primary metric for basic Facebook advertising is Cost Per Click.

LinkedIn Metrics

Now, if you take a look at the thought leadership things we’re doing on LinkedIn, it’s not a cost per click, it really is the raw number of views and number of shares. Because if you think about it, if it’s thought leadership, that’s only valuable if a meaningful size of your audience is seeing. So, the scale of views is what matters to us, not LinkedIn. So, if you go out to like an influencer, you wanna make sure they’re going out to a big audience, so it gives you that exposure to the very people you want to get to.

Exactly, and we’ll say that shares on FacebookShares on LinkedIn seem to have an even bigger effect than shares on Facebook. The third part of our programming is direct response selling on Facebook. That’s the easiest and most well-known metric, which is the Cost Per Acquisition. As a company, we have defined a Lifetime Value of a Customer. Our goal is to get our Cost Per Acquisition, below that lifetime value. So it’s a very simple thing to try.

 

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Purchase Process

Now, there are several steps in that purchase process…  We do track, every step of the way. Those are kinda predictive measures to ask. And that’s the way to see hey, is your process working smoothly every step of the way? But the most important metric is the Cost Per Acquisition. As we develop the Performance Funnel, which gives us the efficiency and effectiveness KPI’s. And so you’re watching those going down and making sure it’s going towards your ROI’s.

Purchase Process

Testing, Testing, Testing

And one of the beautiful things about digital marketing is you can constantly be testing and be constantly be optimizing, every step along the way. But just keep in mind that, those steps are only meaningful to the degree they contribute to that lower Cost Product Position at the end. You don’t want to spend more than what they’re actually valued at. And then, the last thing that we’re doing, which is this content syndication.

For us, what we measure is Cost Per Complete View or Cost Per Completely Read Article. A lot of people just look at the total number of views. We don’t think that’s a meaningful metric. To me, if you have not watched the entire video, I count that as zero. If you have watched the whole thing, I count that as one. So, we optimize on the video side, to a Cost Per Complete View. That’s very easy to do because all of the video platforms track how long people watch. It’s not so easy on the article side. So, in trying to come up with a metric for Cost Per Completely Read Article, we introduced the idea of 30 seconds. If you click on an article and you stay on it for at least 30 seconds, we count that as a complete read. Because there isn’t a platform now that says, or someone read five percent of the article, or fifty, or a hundred percent. So we built a proxy in there. And that lets us compare an “apple to an apple” when we say what’s cost of a completely viewed video, relative to the cost of a complete article.

Conclusion

The art part of it is, how do they work together? And there is something magical and mystical about getting the right combination of your marketing mix. I have not found a way to measure that, other than you can tell when it’s working, you can tell when it’s not. And it’s the whole idea of testing all the time, to figure out the best way to get that mix just right, to maximize performance.

 

Do you want to implement great Social Media Marketing to your business?

Have you ever asked yourself this question: When it comes to online marketing, why do some people succeed while others are left spinning their wheels? While you may be great in sales, your website isn’t. Despite the fact that website looks really good, rarely does it bring in any leads or actual sales. Over the years I’ve noticed a pattern: successful marketers use a very specific system to achieve nearly exponential growth. And it is the Online Sales Funnel (a.k.a. lead generation funnel, relationship funnel, customer value optimization funnel or marketing funnel). We work in areas as diverse as Inbound Marketing, Affiliate Marketing, Search Engine Optimization, Social Media Marketing, Email Marketing, Pay-Per-Click Marketing, Content Marketing, Marketing Automation, SEO friendly Web Design.

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