Social Data: Get the Most From Your Campaign
Social media is abuzz with businesses trying to promote their products or services. But how often do posts actually convert into sales? The answer is: no one really knows. There seems to be a lack of data when it comes to social media, leaving many businesses frazzled and going in blind. Of course, the scarcity of information is actually a misconception and the problem, rather, is our inability to find the right data to help us make informed decisions.
Only up spends for a reason
Companies worldwide are upping their social spends a lot – a recent survey predicts they’ll allocate a whopping 21% of their marketing budget to social media by 2021 – but they don’t have a clear idea about why they’re doing it.
According to The CMO Survey by Duke University, the American Marketing Association and Deloitte, most businesses feel they can’t track social data effectively and they just don’t know how much money they’re making from the platforms.
Without having any clear reasons or data to support their ballooning budgets, businesses are setting themselves up for bad news. They’re blindly expanding their social media investments because they feel they have to – how’s that for peer pressure? What they need to be doing instead is tapping into the social resources that will really see their ROI skyrocket.
So, why do all that planning and work on getting clear cut numbers? When you know exactly what you’re tracking, you know that you’re spending wisely, and you’re able to create content that audiences actually love.
And, counter to the Deloitte survey results, when you track your numbers you’ll have the best chance of social media success, and will be able to justify why you’re spending your hard earned dollars on social. The only trick is to find out how.
Set yourself some goals
One of the biggest mistakes businesses make, according to the Deloitte report, is not knowing where your campaign is headed. Do your business a favour and start tracking the data that’s actually relevant to you – if you want to show you’re a market leader, track your influence and reach with online tools like Klout.
If your website is the heart and soul of your business and you want to bring more traffic, pour your attention into your blog, and post thoughtful social links that create intrigue to get clicks. Then, measure your website traffic with the all-powerful Google Analytics, which gives you data about social referral and conversions so you can see which posts are performing best. By setting up a few custom segment rules within the data software, you’re able to see who’s clicking on your social links, who’s sticking around for a purchase, and which repeat customers are returning to your site to bring you the love.
By simply taking the time to poke around Google Analytics and set your goals, you won’t be one of those businesses who fumble about with their social media – you’ll be able to take control of your marketing budget and squeeze the absolute best out of your investment.