Social media sites have become an important communication channel. Nowadays, no company can afford to ignore them when developing its advertising campaigns. Despite the incredible opportunities presented by social networks, there are also significant challenges for advertisers, especially in terms of deriving actionable insights from the enormous amounts of data generated through social media participation. Daniel Yomtobian, a highly respected entrepreneur and business leader in the online media space, comments, “Tracking metrics to determine the success of a brand campaign or the effectiveness of a marketing strategy can be a daunting task since there are too many numbers to consider. However, advertisers now have access to sophisticated analytics tools, which leaves the question of which metrics carry weight in social media. The challenge is to identify the relevant data because the important numbers will be those closely linked to the specific business goals attached to the social strategy.”
The huge body of social media metrics may seem like rough waters to navigate, but this multitude can be grouped into four main categories: awareness, engagement, conversion, and customer metrics, Daniel Yomtobian explains. While every element in these categories can offer valuable insights, its overall usefulness will be determined by its contribution to the business objective in focus. In the awareness category, the most important metrics for social media strategists to track are brand awareness, audience growth rate, post reach, potential reach, and social share of voice. Generally speaking, this category provides numbers that reveal the current audience a brand has and the potential new additions. Engagement metrics are perhaps the most widely tracked group, possibly because these numbers are the easiest to obtain, but they are considered of little use when it comes to measuring return on investment (ROI) or customer lifetime value (CLTV). These so-called “vanity metrics” include likes, shares, comments, followers, views, impressions, traffic, and bounce rate. Even though they may not be helpful in measuring business goals, engagement metrics are still important because they allow brands to optimize their content.
With regard to determining the effectiveness of a social media campaign in terms of generating sales or prompting another desired action, the metrics in the conversion category are deemed the best indicator, says Daniel Yomtobian. Among the key stats to track here are conversion rate, bounce rate, social referral traffic, click-through rate (CTR), cost per click (CPC), and cost per thousand impressions (CPM). The collective data will provide insights into the value of the content for the target audience and determine whether marketers are getting solid returns on their investment. As for customer metrics, these are essential for any brand that wants to be perceived as credible, trustworthy, and committed to keeping its clients happy. In addition to tracking customer testimonials, marketers should also consider utilizing customer satisfaction and net promoter scores, using these additional data to pinpoint areas in need of improvement and refine their message.
Daniel Yomtobian rose from the ranks of web designers to become one of the most prominent CEOs in the online media space. His passion for innovation and product development has been recognized through multiple awards, among them the SFV Business Journal Top 40 Under 40 Award. In 2014, C-Suite Quarterly described him as a “…young leader [who] will continue to play an important role in shaping the online world of tomorrow.” Daniel Yomtobian has been instrumental in the success of several business ventures, focusing his efforts on his number one goal – driving advertiser value.
Daniel Yomtobian Bio – Business Marketing Maverick: http://www.DanielYomtobianBio.com
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