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How many followers should I have? What is a good click rate? What is a good interaction rate? What is a good conversion rate?
These questions all drive to a fundamental, overarching question: How am I doing? Social media marketing is an evolving practice in a new medium, so marketers dont yet have guidance on good performance versus poor performance. If you were a search engine marketer, youd know that 1-4% click-through on your ads is pretty good, and 3% conversion rate on an e-commerce landing page is reasonable. But if youre a regional coffee roaster with $10mm in revenue and thousands of customers, how many social followers should you have? If youre a mid-size B2B software company, how many clicks per post should you get? These questions dont have clear answers in part because there are no clear industry benchmarks or methodologies for building internal benchmarks.
Enter the social media review. The social media review is a process that you can use to step back and evaluate the overall efficacy of your social media marketing programs from a high level. This is where you highlight your *And informs your boss that strengths and identify and correct your deficiencies. you deserve a bigger budget... and a raise. Its what informs your social strategy for next quarter.* In this white paper, were going to walk you through the methodology that Argyle uses to do social media reviews for our customers. Well equip you with the data, questions to ask, and best practices you need to conduct your own review. And well even give you a sample scorecard that you use to get you started. Well break the process down into bite-size chunks and leave you with actionable recommendations. Ready to find out how well your social media marketing is performing? Then lets dive in!
Tracking conversions in social media is different than tracking conversions in most online marketing. Social media tends to be intent generating rather than intent harvesting. An example to illustrate what this means: Search conversions usually happen at the bottom of the funnel: Person searches for product. Person clicks on a natural or paid link. Person buys a product. Social conversions usually begin much earlier in the funnel: Person sees one of your posts retweeted from someone they follow. Person clicks your link to an external website, thinks its pretty interesting, then wonders who originally tweeted it. They read about your company and think Hm! Although person didnt need your product earlier, they later have a need it fills. They dont remember your URl, so they search for you. Person clicks on a natural or paid link. Person buys a product. In both cases, traditional web analytics tools will count both conversions as either SeO or SeM, because the click that led directly to a purchase was from these sources. little do they know, your social media team actually deserves the credit for the second! This is where social media conversion tracking is so important. As a social media manager, make sure that youre using a conversion tracking tool thats specifically built with your needs in mind. If you dont, youre not going to get accurate ROI metrics and will underrepresent the true value youre creating. See our white paper on this topic if youd like to learn more: http://argylesocial.com/landing/social-media-attribution-whitepaper
We recommend evaluating the strength of your follower count by comparing it to your non-social audience. linking followers to more concrete marketing comparables will help you make more useful judgments. Here are some suggestions:
B2B
If youre a B2B company, measure followers / leads. do you have more leads than followers? Maybe you should find clever ways to encourage your leads to follow you in your email marketing nurture campaigns. Your circumstances will vary, but we would challenge you that your followers-toleads ratio should be as close to 1:1 as you can get. If social is one of your primary marketing channels, then you should be socializing with as many of your leads as possible.
If you are a newspaper or blog, consider measuring followers / unique visitors on your site. If you have 1,500 followers and 20,000 monthly unique visitors, only 7.5% of your monthly audience is actually following you. If you have a follow button on every page, clearly its not getting a lot of clicks. Consider making the follow action more obvious on your site or even an opt-out step in the sharing process.
SUggeSTIOnS
Many of the actions youll take to promote fan growth will be on your website, your products packaging, and your advertising. Always be on the lookout for new and innovative ways to push people to your social properties and encourage them to follow you. Over time, companies will increasingly integrate the follow action with other interactions they have with their customers, leads, and audiences: lead forms filled out with Facebook Connect data that include an auto-like Unique offer codes tied to a Facebook like, Access to freemium content behind a Twitter OAuth wall that includes an auto-follow These practices will become more and more standard as a means of building followers. How many of these are you doing already? How many are your competitors doing? dont get left behind.
This is a straightforward example showing that raw fan / follower count isnt very meaningful by itself you also need to evaluate who your fans and followers are. When asking this question, consider these dimensions:
What are my fan demographics? How did my fans find me? How much fan churn am I seeing?
lets take these one at a time.
WHAT ARe MY FAn deMOgR APHICS?
Your company is looking to connect with specific types of people. You tailor your advertising, website, product, and all corporate communications with a specific audience in mind. The same should be true of your social media marketing. First, make sure you know the exact target customer profile youre trying to reach. This may be the same demographic targeting that is common to the rest of your organization or it may be specific to your social campaigns. lets say you sell gardening supplies and are primarily targeting women from 35 to 65 on the east coast. Awesome now we have something to shoot for.
There are many tools online that will show you the demographic information on your fans and followers, but the most common way to look this up is via Facebook Insights (for Facebook) and Twitter Analytics (for Twitter). Unfortunately, Twitter Analytics is not yet open to the general public, so you may have to be patient to get at that data if you dont yet have access.
Once you have the data in hand, compare your actual fan demographics the targets you defined earlier. The above graph from Insights shows gender and age for Argyles Facebook fans. Were actually pretty happy about the age breakdown, but wed like to see a more even split between male and female.
WHeRe dId MY FAnS FInd Me?
This is where we get fancy. Its very important to understand where youre getting your fans. Are you running Facebook ads or a Twitter promoted account? Are they coming from your website? A recent contest? This data also comes from Facebook Insights and Twitter Analytics (for those with access). In Facebook, there are two areas you need to look at: like Sources and external Referrers. like Sources will tell you where new users find you from within the Facebook ecosystem, while external Referrers tell you were users found you from outside the Facebook ecosystem. Between these two data points, you can get an accurate picture of where your fans are coming from. There is no inherently better or worse way of acquiring fans its up to you to find out what works best.
Understanding churn will help you understand your fan base. Fan churn is simply lost fans as a percentage of your overall fan base. If your page has 1,000 fans and 10 of them unliked it last month, then your churn is 1%. Churn is a good measure of how valuable people find your content. very simply, if youre posting interesting content and valuable offers, people will stick around. We suspect that a churn rate of 1-2% is natural, so take heed if you notice your churn climbing higher - you might have some work to do. There are a couple of things that fan churn tells you:
Compare your fan growth rate to churn rate. If your churn is 1% and your growth
is 10%, thats no problem. If your churn is 3% and your growth is 4%, youre losing fans almost as quickly as youre gaining them. Yikes If your growth and churn are both high, that means that most of your fans havent been with you for very long. The longer fans are with you the more receptive they are to your marketing messages.
BRIngIng I T BACK TOgeTHeR
We started off by posing a situation: an iPad giveaway contest doubled your fan count, but this wasnt generating additional clicks and conversions. Our gut instinct is that the fans from the contest werent the right target audience for our Page, and the data we just gathered proves this out. Heres how to analyze this situation:
1. Using like Sources and external Referrers, verify that your new fans did in fact
come from the contest that you ran. 2. look at your demographics from one month ago, prior to the contest. now compare those to the demographics from today, after the contest. The differences between then and now represents the demographic breakdown of the fans coming from your contest. does it match your target demographic? likely not. Of course 13-18 year old males arent interested in your content and offersthey just wanted a free iPad! 3. Compare your churn from one month ago to your churn today. Any increase in churn you see is from people liking your page simply for the duration of the contest and then unliking you afterwards.
The bad way: You posted something yesterday. It got 150 clicks. The good way: Over the past 7 days, your posts received 1,402
clicks, for an average of 112 clicks per post and 1.39 clicks per follower. Clicks were up over a week prior. An increase in posting frequency drove the uptick in clicks, as your clicks per post remained flat.
Were going to focus primarily on clicks for this section. But note that our definition of clicks includes those that drive views to content on your site and also those that drive views to external content.
See the difference? On a day-to-day basis, social media marketers get drawn into the How did my individual piece of content perform? trap. Unfortunately, looking this deep into the weeds doesnt really tell us anything actionable. Raw performance data is necessary, but we need to see it in context (and often in aggregate) in order to identify trends and take action. There are three primary data points we use to evaluate interest, and one bonus data point for those of you who really want to compare yourselves against other companies. These data points must be used in conjunction to get a full picture of your traffic.
1. 2. 3. 4.
Clicks Clicks per post Clicks per follower (bonus!) Click response rate
Clicks data becomes most useful when viewed in trends. A month-on-month increase of 20% is excellent, whereas a 20% decrease over the same time period is less than ideal. However, be careful when ascribing too much to this number. Well need some additional data to explain any trends we see.
1,250 clicks on 50 posts; 25 clicks per post 1,250 clicks on 63 posts; 20 clicks per post
Both results are goodyou generated 25% more clicks than the prior month. But the first scenario is clearly better. not only are you getting more total clicks, youre also getting more clicks on every post that you make. This indicates that whatever youre doing seems to resonate with your audience!
When looking to increase clicks, you have two primary levers: you can post more often, and you can post better content. Posting more often will only get you so far, so make sure youre laser-focused on the clicks per post youre generating.
engagement per post also provides guidance regarding the quality of your content. Keep close tabs on those likes and retweets as well!
750 clicks on 38 posts; 20 clicks per post 750 clicks on 50 posts; 15 clicks per post
In both situations your clicks went down by 25%. As before, the first scenario is clearly better. Your clicks per post have stayed consistent; the decrease in clicks is just because youve made fewer posts. Thats easy enough to fix.
1,100 clicks from 850 followers; 1.29 clicks per follower 1,100 clicks from 950 followers; 1.16 clicks per follower
Both results are good, but the first scenario is clearly better. While its hard to make a definitive judgment about whats going on, it seems like the 150 new fans added in the second scenario werent as interested in the content you were sharing, thereby driving down the average click rate.
Remember from the Awareness part of the funnel make sure youre aggregating the right followers that fit your target customer demographic. As your follower base grows, you can expect a natural decline in clicks per followerjust make sure you watch closely!
Content Type
Informative guidance / How-To engaging: Joke / question Call to action
Topics answer the question What am I posting about? and content types answer the question How am I posting about it? Once you have your topics and content types defined and have tagged your posts accordingly, its time to report out your performance. Your quarterly report should look something like this:
Take a moment to digest this. Theres a lot there. Feel free to daydream of all the insights you could gain if only you had this data on your social media efforts. If your daydreams also involve rainbows and ponies, were right there with you.
Back to reality? Ok, good. lets walk through this report step-by-step. First, note that one of the cells is grayed outFinancing / engaging. Who ever heard of engaging content on home financing? Some cells in your matrix wont make sense, and theres no reason to try to create posts in that cell if you know they wont resonate. next, look at the color-coding. Colored posts are the outliers. Obviously, green is good and red is bad. Take a look at your green cells. It looks like engaging contentquestions, polls, and jokesabout local real estate news is an absolute gold mine. Your posts in this cell lead all other posts by a long shot. Make sure you continue to continue doing what youre doing here. now look at some of the red cells. It looks like informative posts on financing arent working well at all. It turns out that no one wants to read long articles on the details of interest rates and loan types.* What is working, however, is simple how-to posts on the same topic. It seems like people realize that they need to deal with financing, but theyd prefer to be walked through the process step-by-step rather than read broad informational articles. In the future, you may want to consider eliminating your informational financing posts.
Who would have thought that people wouldnt find detailed articles about the machinations of the home financing process to be interesting and engaging?
Whats even more concerning, however, is that your call to action posts are not performing as well as youd like. Ultimately, youre trying to drive prospects down the sales funnel, and if your call to action posts arent getting clicks, youre not achieving that objective. Well talk more about call to action posts in the next section on conversions. You dont have to stick to the data weve highlighted above, either. Consider the following possibilities: look at post count within each cell as a percentage of total post count. Where are you spending your time and directing your fans attention? does this align with your strategic objectives? look at post counts for each content type as a percentage of total post count. Are you posting too many informational links? Sometimes people want to see that you have a personality. Are you posting too many calls to action? As a general rule, calls to action should be no more than 5-10% of your total post count. Show trends over time. Your social media marketing is always evolving. Set goals at the end of every quarter for areas that you want to improve, and then report on your progress.
The social media content matrix is your ultimate tool to evaluate the efficacy of your content. But its also action-oriented the whole point is to allow you to make tactical decisions on where and how to improve. Use an iterative approach: make tweaks to the content youre publishing, evaluate the response from your fans, repeat.
Before we get too far into this section, its important to talk about measuring social conversions. Most marketers use a web analytics tool such as google Analytics or if youve got some cash Omniture to track online conversions. These tools work well to track marketing efforts that happen further down the funnel, such as email or search. But these tools dont work well (or at all!) when it comes to social conversions in part because social touch-points happen further up the acquisition funnel. So make sure youre using a purpose-built social conversion tracking tool. See the notes on page 5 if youd like more information on this.
Revenue generated: How much revenue was generated by the conversions you received? This can be a hard dollar figure if youre an e-commerce company, or an estimated dollar figure if you are using micro conversions.
Once you have your core data, its time to start looking at trends. lets take a look at some scenarios to give you a feel for the insight you can extract from this data.
Conversions Revenue RPC Conv Rate diagnosis Congratulations! Youre successfully moving upmarket. Youre getting higher value conversions, but they are fewer and farther between. Overall, your revenue is up, so all is well. Youre moving downmarket, with more frequent lower value conversions. Unfortunately, the increased frequency isnt making up for the reduced value, so your overall revenue is down. Solve this either by recovering some of your lost revenue per conversion or by increasing your conversion count. Your landing pages and offers have gotten way more compelling. Your conversion rate has gone up so your customers are clearly responding to what youre putting out there, and its driving more conversions and more revenue.
As you can see, theres a lot more than a simple revenue number at play here. Make sure you understand the underlying drivers of revenue so that you can explain whats really going on.
At Argyle, we use the following simple table to look at the difference in efficacy between landing pages:
landing Page
Clicks Conversions Conversion Rate
B
240 10 4.2%
C
210 9 4.3%
d
180 12 6.7%
When evaluating landing pages, conversion rate is king. Once a prospect gets to a landing page, there is a binary function that happenseither they convert or they do not. For a given goal, you will want to use landing pages that have the highest conversion rate and discard the non-performing ones.
Summary
And that is how we conduct social media reviews at Argyle. The trick is this no single set of metrics or piece of advice will be perfect for your situation. Use this guide as a start and begin to create your own process based on your needs. In order to help you do this, weve shared a spreadsheet that will get you started on your way. Click here for the sample spreadsheet: http://ar.gy/scorecard Of course, we ultimately hope that you wont use spreadsheets to manage this data, as doing so is extremely time-consuming and inefficient. If you find you outgrow the spreadsheet, sign up for a demo of Argyle Social and well show you how easy it can be to conduct a social media review when the data and insights are all right there in front of you.
KPIs Awareness
Followers Followers / leads (or Followers / Uniques) growth/Churn
Key questions
Best Practices
do I have a right-sized audience? Index your follower count to another marketing metric such as email list Am I retaining my followers? size, leads per month, or page views. do I have the right followers? Use follower churn to gauge the quality of your audience.
Clicks
Interest
What does my click data tell me about the effectiveness of my content? What content works best?
Use compound metrics like Clicks per Follower or Click Response rate to normalize your data. Use a content matrix to organize your content and uncover performance insights.
Conversions
Action