The transition from conventional marketing channels to more fluid and result-raking media streams has influenced a significant portion of entrepreneurs and SMEs to take up their operations online where they can expose, capture and convert customers faster and in lesser marketing budgets.
The Social media giant Facebook accounts for world’s 7% of global ad marketing spend and 18% of global advertising revenues.
The effectiveness of SMM can be measured based on the type of activity, paid SMM campaigns or organic Social Media activities. Paid campaigns can easily be tracked at the backend of the Social Media channel being used. Care has to be taken to avoid reliance on vanity metrics like Facebook fans and Facebook page likes and concentrate on engagement insights such as comments, shares and impressions.
- Define the SMM goals and KPIs
KPIs are key performance indicators that define the targets a brand pursues in order to accomplish its business goals. However, when using SMM, it is critical to determine if the KPIs are awareness oriented or designed for sales progress. If the purpose is ROI, then dollar value can be assigned to businesses conversion goals to gauge its marketing spend against the impact it produces in terms of conversions. Similarly, awareness is also pivoted on certain measurement principles that a business defines from its KPIs. These may range from the organic following, likes, shares and comments generated from a brand’s social media page.
- Align the SMM Goals with Business Objectives
To derive the desired response from SMM campaigns, advertisers must integrate the company’s business objectives and corporate identity into its social media components. Essentially, this entails adding the company’s corporate model with digital trends by mapping good content with revenue generation KPIs for example products purchases, customer signups and free trials. Businesses working up for brand awareness seek more long-term KPIs such as brand mentions, impression and the total number of followers or subscribers it has.
- Competitor Benchmarking
Staying informed of the latest trends and competitor performance is crucial for a business striving for ROI. Intelligent marketers often visit competitor SM pages to learn their success in reaching the target audience, how they relay unique selling proposition and the frequency of posts on their timeline. To cultivate results accurately and preserve a good edge in digital marketing, deep-seated competitor analysis is a top priority and holds no alternative.
- Assign Measurements and SMART goals for Each KPI
Most marketers are unaware of how to assign monetary values to KPIs. There are 5 scales marketers can use
- Customer Potential: Buying capacity of each customer
- Average Sale: Average sales of products/services from company site
- Lifetime Value: The average earning derived from each customer
- PPC Valuation: Average cost of Ads to achieve same social media results
- Lifetime Value Multiplied by Conversion Rate: Worth of each visitor against conversion percentage of each visitor
- Efficient SMM Conversion Tracking
Google Analytics is a free tool marketers use to list tracking of website traffic. An advertiser’s ability to retain traffic is directly proportional to the knowledge he/she has on visitor behaviors, consumer-merchant interaction and the inflow of traffic towards the website from different platforms. Google Analytics can monitor how often a visitor lands on the company’s website through any of the company’s social media accounts on Facebook, Twitter, Instagram, and LinkedIn etc. This helps to distinguish which social media account is most actively engaged along with other valuable statistics necessary for designing ROI centric social media campaigns
How AlphaCandy Can Help
As UAE’s rising digital marketing agency, AlphaCandy focuses on providing accurate and cost-effective digital solutions to facilitate businesses in reaching an explosive online growth with strategic benefits. We are in strategic partnerships with UAE’s leading brands, helping them allocate budgets efficiently to build a vibrant business presence while promoting pleasant experiences for their customers. As SMM specialists, we help your brand get the best exposure and visibility on social media streams through creative content, tailored graphic designing and interactive posts that generate healthy ROI.