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How to Measure Performance on Social Media

Do you know the value of your company's efforts on social media? do you know if you get more value from social media than other digital channels? do you have the answer why your next campaign should run on facebook and not instagram or youtube? and how should the budget allocation really be to get the most return on investment?.
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If you know the answer to those above questions then you belong to a small and very special crowd of people - and you should go to your boss and ask for a raise.

If you don't feel confident that you can answer the questions with certainty in the voice, then fear doesn't - the vast majority will find it difficult to answer just one of those questions.

Social media is in eternal change, and your performance depends on the platforms' individual algorithms, which rarely remain the same. Even minor changes can greatly influence how your results end up seeing.

By reading this blog post you're about to find out how you can measure the value of your social media efforts and how you can compare it to the other marketing channels you use.

Make use of marketing KPIs and not social KPIs

Although many still see social media as something special and different, so it must be measured in the same way that you want to measure, for example, digital banners and web TV. It must be measured by professional goals. Facebook, Google and the other players have hundreds of different metrics, but in fact, few of them need to understand and focus on.

In terms of what many still believe, it's not, for example, the downfall of the world if your fan base doesn't grow shocked every month or that your engagement rate isn't high on every post. What matters is the goals that play a role in the business, and that's the goal you must have broken down into something you can use across digital platforms and not just social media. It's the only real way you and your boss can assess the impact and value of social media, and find out how time and budget are best spent.

But if fanbase and engagement rate isn't the key to success, what is it? The question isn't so easy to answer, because it depends largely on which industry, business and campaign is involved. It'simpossible to list three goals that anyone can use across campaigns, platforms, and content purposes.

Instead of listing three universal goals, I will address examples of different situations that you'll hopefully be inspired by.

Company A

Company: FMCG brand, for example a soft drink

Goal: Create awareness in the target group

Imagine you're working with digital marketing and want to make sure your soda is top of mind in your audience. You have two different pieces of content that you want to advertise to your audience.

First of all, you must focus on your reach in the target audience and how much you pay in CPM (cost per 1000 impressions). When you have enough in your target audience, or do you only hit 10%? Or vice versa, do you reach your entire audience several times and end up with too high a frequency?

CPM is a variable that's affected by your budget size, audience size, and ad time period. To be sure you get the results you want, you should continuously monitor the campaign.

In addition to range and CPM, you would like to create an imprint so that the target group remembers your brand. It would be great to make qualitative and quantitative studies in the target group after each campaign, but few people have the time and resources for this. That's why Facebook has developed a metric called 'Ad recall lift', and it's their assessment of how many people in the audience will remember your ad two days after they have been exposed to it.

These metrics will give you and your boss a better overview of the value social media has provided, and, next to 'Ad recall lift', it's even metrics that can be benchmarked across marketing channels.

Company B

Company: Car brand

Goal: Get more people to consider this brand

You're now responsible for social media for a car work and you need to run a campaign for a new car model where you have a video of the model available. One of the business goals is to ensure that the target audience has been made aware of this new model and that they take it into consideration when they start looking for a new car.

If this is the case, you can, for example, look at how long people on average see the video, how many people see it completely, and what you pay for this. Distributed on the channels you have chosen to use. It's not rocket science, because it's probably already what your colleagues measure when they measure performance on other channels like web TV, banners and the like.

By choosing these three metrics, you're one step closer to knowing which platforms are best in this situation and how social media generally helps to achieve the business goals set. It provides insights and arguments that you can show to your boss when documenting the value of a campaign or asking for additional budget for the next campaign. If the results are good, of course.

Company C

Company: Webshop

Goal: Sales

If you work for a webshop and you have just launched a new product, then the business goal is of course to create sales. Besides having installed a pixel on the website, so that you can measure sales, you obviously have some tactical ads ready to get people over to the website. So far so good!

From here, you should regularly monitor the campaign and be aware of how many sales are generated, but also the conversion rate and what is paid for a conversion. By doing this, you always know which platform is most effective for your business, and you can also get indications of when it's time to change the campaign setup, for example, whether to focus on both Facebook and Instagram or whether it's most effective to target only one of the platforms.

Was that all?

This is an abbreviated version of how you can think and work with marketing and in particular how to measure performance on social media. Working with business goals, analyzes and insights isn't rocket science, but it's my clear belief that it's an area that deserves much more attention than it gets today. That there isn't enough focus today can be due to many things, among other things. that employees don't know the business goals well enough, that everyday life is very hectic, and that simply isn't enough time, or that you just don't have a good enough tool that can help with this task. The last explanation for my partner and I is the solution, as we have developed a software platform that deeply and accurately measures performance on social media, and at the same time makes recommendations for

Whatever the explanation (excuse) is, it shouldn't be accepted. It'stime to work more professionally with this area, as most companies can save a lot of money by improving their efforts on social media.

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