Tag Archives: Hub Spot Blog

SM Metric Suggestions

3 Oct

As a student in the BBAMM program, I had the privilege of listening to Kwantlen Alumni and CEO/Founder of Stonemass LLC, Michael Senger, speak about social media and his leadership philosophy.

Michael has had experience working in multiple corporations, and has always been involved with technology. In 2007, he found the courage to start his own
business, Stonemass, which is an online marketing product development company. Besides specializing in web design, web strategy and social media marketing, Stonemass also offers customers services such as content development.

In order to conduct the company’s social media market research, Stonemass uses surveys of small samples of people to find out the key problems or issues
they are having, so that the company is well-equipped to improve their clients’ needs. Based on these results, they rank them from highest to lowest, and create their strategies using that data. Michael also uses key performance indicators, and believes that big samples are not always necessary when conducting research, and may take too much time to attain. His “wolf” personality urges him to make risky decisions, and so far, each decision has worked in his favour.

Janet Aronica moves away from using surveys and focuses on vital metrics for businesses in her blog post “5 Vanity Metrics to Stop Measuring (And Better
Alternatives)
.” She believes that it is important to ask yourself if you know what the data means by looking at it – the obvious metrics won’t tell you anything, you have to dig deeper. Janet advises companies to stop obsessing over the following metrics, and to try her suggestions, which include services available online.

1) Facebook fans – According to Janet, only 3-5% of fans actually read the content posted; most never return to the page itself and never see the content in their newsfeeds.

Alternative Suggestion: Measure % of feedback and impressions by using Facebook Insights; replicate content that has highest impressions.

2) Twitter followers – Janet finds that most people follow random accounts in order to increase the amount of follow-backs they have.

Alternative Suggestion: Look at your competitor’s followers who aren’t following you, using FollowerWonk. Reach out to those followers and demonstrate the value of following your company.

3) Blog Post Page Views – In Janet’s opinion, a few popular posts will not always bring viewers back to your blog.

Alternative Suggestion: Measure bounce rate (% of people who visit one page and leave), social shares (amount of viewers sharing your content on their social networks), RSS and email subscribers (number of opt-in members who want to read your content on a regular basis).

4) Email Open Rate – Janet claims that this is a reasonable metric to check effectiveness of a subject line, but some may not actually read the email. (Emails opened/(Emails Sent – Bounces))

Alternative Suggestion: Measure the click-through rate on all of the links in the email.

5) Number of Customers/Users – This number is irrelevant if the customer is not actually using your product.

Alternative Suggestion: Active users (amount of users who return to use your product every day) and paths to conversion (Keywords and content that draws in leaders that converts, as well as the actions those leads took on your
website.

The recommendations of Ashley Jane Brookes, marketer at Hootsuite, and author “How to Measure Your Social Media Lead Generation Efforts” are very similar to Janet’s, in that they both recommend using existing services online to help improve accurate measurement. Ashley finds that all social media metrics “hinged on social-specific statistics that vary by individual network” do not reveal “the true value social media provides to the bottom line.” According to Ashley, social media lead generation starts with a conversation which turns to engagement, opportunity, then conversion. Ashley outlines the following steps needed to increase ROI on the web:

1)Analytics (ow.ly links, google analytics, facebook insights)

2) Engagement – Measuring the activity and participation will reveal how successful your message is according to your audience (Retweets, replies, likes, comments, posts, click-throughs)

3)Opportunity – According to Ashley, this can be measured by asking yourself questions such as “How deep did you potential customer dig into your site after click-through?” Measuring the time spent at each stage is also extremely important, in order for you to improve the layout or timeliness of the website’s functions.

4) Conversion – Ashley suggests tracking questions like, “Did they buy the product you posted on your Facebook page?” Ashley recommends comparing the average cost of purchases made by customers originating from social media channels to identify patterns.

5) Set Goals, Test and Measure – It is important for your company to set clear objectives to know exactly what you want to accomplish online. Ashley suggests asking questions that help you to understand your audience’s origins and motivations, which includes experimentation with messaging (tone, voice, offers, photos and time of day). Ashley concludes saying, “try different tactics,
measure everything, then adjust, and you’ll watch your charts go up
and to the right.”

Comparing these three social media experts shows the different metrics needed depending on the type of business, and the objectives and goals of the business. Ultimately, if you listen to your audience, and find out what they respond to, your company will be given imperative information which will help with the development of a successful social media strategy.

– Linnea