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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2 thoughts on “How to Succeed in Social Media

  1. Before anyone can comment, reply, amplify, applaud or even buy, you have to start with an audience. So perhaps the step before measuring success of SM is establishing a base. Of course having a huge following is not necessarily in itself indicative of success. Although some people might see this as their goal in business it all gets back to that last measure of economic value.
    I havnt read Avinash Kaushik‘s framework for measuring success on social media so I might be missing something but I thought you might be interested in this observation.
    Good luck with your Blog!

    Like

    1. You’ve raised an interesting point. I agree that it’s crucial for businesses to set up an appropriate audience. I guess the question is, should you have already established a base before using metrics to measure how well you connect with them? My view on it is that they go hand in hand. While your customer base grows, it’s important to measure whether they are worthwhile customers. As you said, some people might see a large following as a goal in itself, but without this following providing economic value, is it really worth having? This is where I see metrics as crucial. For example, while a page may have a large amount of likes, if the applause rate shows low likes on posts, this may suggest followers aren’t engaged with the content. Perhaps the content is the problem, or you are targeting the wrong customer base. Either way, I feel the metrics would provide some direction for future marketing strategy. Thanks for the input!

      Like

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