Social Media Engagement:
It’s time to justify the time, energy, and money spent on social media in the same way as in all of our businesses.
But it is not easy. In one case, it is very difficult. In other, it is very simple.
Let’s talk about both, and finally, you have a framework for measuring the impact of community engagement on your business.
measure what is important
Ultimately, only two things are important to the success of your business:
You do not believe me?
Open your accounting software and show me where Facebook is in your income statement. Show me your retweet balance.
Your accountant, the IRS, and the bank don’t care how many retweets you get. Companies are successful or fail based on how much money goes in and how much goes out.
This does not mean that the retweets do not generate sales. This does not mean that discussions on your Facebook page are an easy way to communicate with your market. can be so good
This means that you simply do not measure how many followers you get on Facebook, Twitter, or retweets.
But it is possible to start measuring the impact of social media on your business. You just need to know where to focus your efforts.
Let’s start with the bad news.
It is difficult to measure the income from community involvement
In some cases, this is impossible. But don’t let that stop you. You can get close enough if you understand the problem.
The problem can be summed up in one word that makes marketers cringe: attribution.
Do not use this model …
Most analytics tools offer 100% credit (attribution) to the last click.
For example, say a potential customer …
Search Google for “digital camera bags” and log in to your site. They browse camera bags, like your Facebook page, and leave your website.
• Two days later, the same potential customer sees an article from your company on Facebook comparing common camera bags. They click on the link, visit your site, read the article, and leave your site.
• A week later, the same prospect searches on Google for “buy digital camera bag” and sees an AdWords ad for your business. They recognize your brand in previous interactions, click on the ad, and buy a camera bag.
The order of interaction with your website is, therefore, ORGANIC SEARCH> SOCIAL NETWORK> SEARCH COURSE.
In most analytics tools, including Google Analytics, the default allocation (or credit) for sales is as follows:
Initial research and Google’s interaction with Facebook will not be evaluated, while your AdWords program will be fully evaluated.
This can make you believe that the time/money you spend on SEO and Facebook is not worth it.
This model is called Last Click Attribution. This last interaction deserves credit and is a terribly misleading way of evaluating your marketing.
There is a better way
This isn’t perfect, and it probably won’t either, but there are better ways to solve the attribution problem.
Other attribution models are available, including the free version of Google Analytics. You just need to know where to look.
First, you need to set goals in Google Analytics. If not, read this Google support document to set goals.
Open Google Analytics and click on CONVERSIONS> CONTRIBUTIONS> MODEL COMPARISON. You will see a number of attribution models to choose from.
You can change the way Google Analytics allocates credit.
Here is a description of each of the attribution models available in Google Analytics,
• Last interaction: the last click is attributed to 100%
• Last Non-Direct Click: The last click (excluding direct visits) will receive 100% credit
• Last AdWords Click: Your last click on an AdWords ad will receive 100% credit
• First interaction: The first visit in the review window (up to 90 days in advance) will receive 100% of the credit.
• Linear: Each visit to the assessment window receives the same evaluation.
• Time saving: the most recent visits to the scoreboard score the most points, while the oldest visits to the scoreboard score the least.
• By location: the first and last visit in the split command of the evaluation window.
In our example, we sold a digital camera bag to a potential customer who visited it via organic search (SEO), Facebook (social) and eventually converted it into an AdWords ad.
There are only two models above that will appreciate your social media engagement: instant and time-saving.
These are actually the two models (Linear and Time Reduction) that you should use if you really want to understand how to use the different marketing channels, including social media.
Google Analytics allows you to compare up to three models side by side. Below is a comparison of the most recent interaction model with linear models that save time to get started with the software.
As you can see, if you look at time-saving linear models, social media contributed up to 36.39% more conversions than we could have imagined simply by looking at the most recent interaction model.
For this business, it is better to use social media to assist with the conversion rather than post a final conversion.
Understanding attribution models can help you understand the impact of social engagement on the first of two critical measures in your business: income.
It’s perfect? No. Is it better than just looking at the last click command? Turn right.
Now is the time for the good news.
Measuring the costs of social media engagement is easy
Measuring income is not easy. I understand. But the other key metric of your business is available: cost.
How much do you spend on social engagement? We need that number.
Do you pay graphic designers to create great images on Facebook? Are you buying prizes for competitions and gifts? Are you paying an employee, agency, or contractor to participate in social media?
Do you still spend money tweeting and arguing (is that a word?)? How do you rate your time? $ 50 an hour? $ 100? $200?
Multiply the amount by the number of hours you spend on social media, that’s your cost. For example, if you spend 20 hours a month on social media sites and rate your time at $ 100 an hour, your budget is $ 2,000 a month.
Now calculate at least one measure called Cost per appointment over time. You can do this by adding up all of your social media assignments and dividing your expenses by number.