How to Succeed in Social Media

Just as I anxiously monitor my friends’ reactions to my latest insta, so too do businesses need to monitor their social media metrics (although hopefully for them, not so desperately). Understanding these metrics gives us marketers the power to overcome some of the unpredictability that often comes with using social media.

However, this poses the question, what metrics are actually worth measuring?

Avinash Kaushik‘s framework involves four main metrics for measuring success on social media.

  1. Conversion rate

Conversion rate is an excellent indicator of whether or not a post is connecting with the audience. By totalling the number of comments/replies on a post for example, marketers can measure how well they know their audience and thus their connection with them.

  1. Amplification Rate

As much as I’d like to think that the mortifying posts I made back on my 2009 Facebook page are only accessible by my friends sad enough to go looking for them, thanks to the sharing function on social media, their friends can now also delight in my (former) obsession with my Sims families. While this has been detrimental to my popularity, it has provided marketers with a solid marketing metric.

Businesses have the ability to reach not only their followers with their posts, but also their followers’ followers. By monitoring which posts receive the most shares, marketers can continue to use the content that causes the most amplification. In this way, the content will provide more value to the audience, resulting in more shares, and turning the businesses followers’ followers, into their own followers.

  1. Applause Rate

Applause rate provides insight into what content provides the most value to the audience. It is measured through calculating the number of likes, favorite tweets, etc. depending on the platform. Comparing the applause rates of different posts guides businesses in what to post in the future, in order to continue connecting with its audience.

  1. Economic Value

Along with creating your own message and relationship with customers, it is essential that you quantify the economic value your social media outlets create.

On all social media channels, economic value refers to the sum of short and long-term revenue and cost savings. Identifying where direct economic value comes from ensures that social media will be a part of the budget.

 

These metrics aren’t just helpful in measuring what is working and what isn’t working for your business’s online profile. It provides a guideline to understanding your audience, and thus improving the effectiveness of your social media.

If you need an example, take Netflix, who is really connecting with my struggles right now..

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Facebook/Undercover-creeper

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For me, Facebook is a way of stalking my new friends and liking their interests, in the hopes that they’ll like me more. I pride myself on my stalking abilities, but even I am starting to get a little freaked out by Facebook’s relentless bombardment of targeted ads.

The clothes that I viewed once on Asos, now show up repeatedly on my newsfeed, acting more as a daily reminder of my inability to save rather than an advertisement.

It seems this is a growing sentiment among Facebook users, with Sashittal noting that personally targeted ads are perceived as creepy and intrusive, rather than informative.

So at a time when the availability of demographic and psychographic information is at an all time high, how should it be used if not through advertising?

Instead of appealing to the specific interests of each consumer, marketers should focus on the behaviour of consumers online and their motivation for using social media. By focussing on this, marketers can capitalise on the power of the users, to engage their Facebook audience and generate a strong eWOM. Every Facebook user is different, and thus, each requires a different course of action in order to successfully appeal to them. Ferguson suggests that it is not through demographics that we can recommend a strategic course of action. Rather, The Facebook Segmentation Matrix (attention seekers, devotees, connection seekers and entertainment chasers) provides a sound basis for marketers to successfully engage each of the four categories in a way that is relevant to their behavioural characteristics.

Each segment portrays different behavioural patterns, and thus has a specific role in building the brand community. By understanding this knowledge, marketers can successfully use Attention seekers’ social capital to build and engage a Facebook brand community. They can harness devotees’ high-creation, high-consumption behaviour to spread brand-related content, which carries a lot more credibility than if it were coming from the brand itself. Connection seekers  and entertainment chasers should be served and nurtured, for example by appealing to connection seekers through groups and events and to entertainment chasers through high ease of entry contests and interesting posts.

Maybe if more brands focussed on the diverse online behaviour patterns of their consumers, rather than using personal information to create targeted ads, we could all feel less creeped out by Facebook’s stalking, and get back to our own.

Welcome!

My name is Georgia Slonim, I am an Arts/Business student at Monash, and am passionate about the constantly evolving nature of marketing.

This blog will be centred around Monash’s Digital Marketing unit, and will explore this semester’s topics in what hopefully will be interesting detail.

Stay tuned!