Whether you are a small or big business, being on social media is a good idea. The visibility and connectivity accessible through social media has convinced most business owners that it's worthwhile. but what isn't so clear is how to measure what's working and what's not, and when to drop a platform that's just a waste of time and energy.
While its possible to track ROI and conversions, it can be tough to accurately measure the effectiveness of a social media campaign. You might find that some social media efforts that drive visitors to your content can be measured in other ways. The only way to know if what you are doing is enough is to have a gauge on your ROI.
In order to get there, you have to align your objective before you can decide on how successful the network is. You will need to decide what measurement would be the most valuable to you. Maybe you are a blogger and your goals are email sign-ups and blog followers, or, maybe you are a retailer looking to increase sale and traffic to your website - either way you must consider your key metric. I can guarantee that if you have had no objectives for you social media, then you will be extremely disappointed with the results.
Capturing the data is the easy part - measuring interactions/outcomes (lie, clicks, shares, followers) and analyzing traffic, reach, and leads against your objectives is what really matters, when you are deciding if you social media investment is a waste of time or has a value for your business.
As for which social media network you should be on, again let your audience and objective guide you. Take a look at the general trends and demographic information each network provides and compare that to the audience you are looking to target. Social media is not different than other marketing tools, in that you need to understand your brand and your audience before you can choose the right platform, set objective and measure your success.
Source: The Voice, Markham's Exclusive Business Magazine. 2015 Spring Issue. Page 10
Written by: Doug Hohener, the president of CreativeWorks Marketing, a Markham based, international award-winning agency. Doug can be reached at email@example.com