Social media is an online channel just like search or email and thus it deserves it’s own analytics dashboard. When it comes to social media, your dashboard should be measuring the size of your base, the engagement of your communications, and the revenue that it generates.
Since social media can come from multiple channels, such as your Facebook community, your Twitter community, and your Google+ community, among others, your dashboard should reflect how each of those channels is performing within the overall social media grouping. So let’s take, for example, Facebook or Twitter.
1. Capture your base. How many individual communications went out? How did those communications perform? In regards to your base, you should be measuring number of fans who like your page overall, number of fans newly acquired during the previous week, number of fans who decided to unlike you or unsubscribe from your channel, and — in the case of Facebook — you can also add additional metrics such as number of fans who are talking about your community.
You could have these metrics for both Facebook and Twitter, track how you are doing from a week to week perspective. If you are a brand that is a little more advanced, you can also have a forecast and see how you are tracking to your forecasting numbers.
2. Post performance. Now your posting strategy should align to your overall brand guidelines of what social media means for you. As covered in a previous post, your social media framework is about your focus of social media and the communication channel. Is it a way to generate CS? Is it a way to acquire new customers? Or is it a way to have a brand play?
Your posting dashboard should correlate to your overall framework. So for example let’s say that its more important for your brand to have acquisitions posts, then in your dashboard you should have — how many posts did you have, on a summary level, for the week? How many cs posts did you have? How many brand posts did you have?
Now, it’s not good enough to take a look at how did you post, but how many of the posts got engagement? So engagement metrics for Facebook are: what was the “talk about” number, number of impressions, # of shares and likes. You can also correlate a revenue number to your acquisition posts or your sale posts. There are plenty of platforms out there that can help you track these metrics.
Google Analytics makes it easy for you to see the revenue numbers. Tools like CountList make it easy to see your clicking behavior.
3. Standard ROI metrics that are consistent through all the channels. Since social media for many consumer brands is about a customer acquisition channel, you should also be measuring your ROI in the same way you’re measuring your email and that is — what was the revenue that was generated? — how does it compare to last year? or how does it compare to forecast? So you should probably have a dashboard that shows you total revenue and total of the units sold. That is the ROI aspect of your dashboard.
So there you go. That is your reporting scorecard for how to take a look at your social media from a business perspective. You’re taking a look at your base, your engagement, and your ROI.
If you have any questions, you can contact Katya Constantine here.