Social media has provided businesses with the ability to reach and connect with leads in ways never possible before; whether it’s through organic social media or online advertising, businesses now have more opportunities to drive profit, growth and awareness online.
Online marketing is becoming increasingly apparent in modern businesses, as a study conducted by Sensis last year found that 26% of small companies, 35% of medium-sized businesses and 42% of large enterprises invested in social media ads.
Of course, every business wants to ensure that they are getting a return on their marketing investment. But, nearly two thirds (61%) of marketers struggle to determine the ROI of their social media efforts.
To demonstrate the success of your social media strategies, campaigns and tactics, we recommend that your company focuses on these key performance metrics:
Lead generation
When it comes to lead generation, quality definitely beats quantity. So, how can you demonstrate that your social media is generating high quality leads?
Use goal tracking through Google Analytics and then use Google Analytics’ Model Comparison Tool to compare the impact and value of different attribution models.
Goal or conversion tracking generally falls into one of the following three areas:
- Sales-ready form submissions – These can include quote/demo requests, product evaluation requests, and specific sales inquiries or requests for proposal.
- Content marketing-related submissions – Requests for gated assets, such as white papers or research reports, can help identify potential sales-ready prospects.
- Event tracking-related conversions – Event tracking is a useful mechanism demonstrating when a goal is completed via un-gated assets, such as downloads, page views, video playbacks, and clicks on related material.
Lead nurturing
One of the valuable aspects of social media is its ability to reach highly targeted audiences, which gives companies the ability to create and share content to the right people.
You want to demonstrate that your social media platforms are building awareness with your target audiences and that they are influencing the growth of prospects and customer lists, as well as finding new opportunities.
Use spreadsheets and tools like Twitter lists to segment audiences and objectives and consider:
- Quality of network – What percentage of the network includes your target audience?
- Industry participation – What percentage of the network is associated with target industries/markets?
- Converted audiences – Do target audiences connect with your social presence or digital assets?
Traffic performance
While they may only indirectly impact specific B2B business results, traffic performance metrics are a key basis for nearly every social media programme. Look at:
- Social media traffic
- Percentage of traffic from social media platforms
- Landing pages receiving traffic
- Conversion-related metrics
Make sure you determine whether any social media traffic was through organic social media or through paid ads.
Productivity metrics
To identify patterns in success and opportunity on social media programmes, B2B marketers should look at:
- Growth in network, particularly followers from target markets and audiences
- Communication productivity, such as the number of updates shared
- Per post impressions and clicks
- Post-production metrics, such as number of updates, replies, mentions, etc.
Social media is a great tool for B2B companies, helping with brand awareness, lead generation and lead nurturing. But it should only be on part of your marketing mix. To find out how you could maximise your marketing, call Chapman Consulting on 0208 977 3200, or email growmybusiness@chapmanconsulting.co.uk.
