4 KPIs to Help Track Your Social ROI
These days, most brands are starting to realize how important it is to not only have engaging social media efforts, but to also measure the Social ROI of these efforts. In every industry, businesses have many moving parts and it can often be a struggle to ensure that every decision you make is the right decision. From advertising dollars to product enhancements, it’s essential that you focus on the areas of the business that need attention now.
This year, the Broncos versus Panthers Super Bowl 50 advertisements cost $5 million dollars for just one thirty-second spot. These spots were also shared on the brand’s website and their social media accounts. Let’s think back to the game. How many of these advertisements can you remember? Out of those few advertisements, how many actually drew you closer to a purchase decision? In turn, this helps us understand how to measure if the risk was worth the reward.
Business Facing Metrics for Tracking Social ROI
As decision makers, we must understand if our business metrics allow us to measure success and cost benefit of each decision. At Synthesio, we break these metrics into four easy-to-digest categories: Satisfaction, Acquisition, Awareness, and Activation.
- Satisfaction: How does your audience feel about your brand? Satisfaction is an essential business KPI for your business. Does your audience talk about your brand in a positive, neutral, or negative manner? When you make changes or run campaigns, it’s important to see how people react, and ensure the satisfaction level around your campaigns is rising. Make sure people are connecting with your brand messaging in a positive way. The satisfaction tool can also help identify when one trend starts to fade out and a new one begins.
- Acquisition: Businesses want to know where their how they are acquiring their audience and where their online user base is growing. Each brand’s online community is constantly growing and a good way to measure that is by breaking it down channel by channel.
- Awareness: It is important to have an overall sense of your brand’s reach. Awareness helps you measure how far a brand’s voice can be heard. How far can your brand’s messaging spread? Where might you need to boost your brand’s visibility?
- Activation: This measures the success of your engagement within your community and the sentiment around your business actions. Is your audience talking about your brand it a positive or negative manner? Businesses leaders want to know what is working, what is not working, and what are the next steps. Most importantly, this helps you measure how well you are producing brand advocates and if you are turning negative conversations into positive conversations.
Measure your brand’s Social ROI with key audience engagement metrics. In our Social Intelligence platform, we break down these four key performance indicators in real-time. After you have a better understanding of your social audience, it’s easier to then plan to work these users down the sales funnel based on their demographics and interests. In a recent case study with Barclays Premier League, we measured their how well their sponsorship efforts did based on their Online Share of Voice Mentions and the Social ROI of their efforts. Learn more about how to connect Social ROI to Business Impact here.