In our post last week, we provided key questions to ask before embracing social media for your company and showed you how to assess which business and marketing objectives you should support with social marketing. This week, we’ll show you how to complete your plan, implement metrics to measure performance, execute your strategy and assess your successes and opportunities for improvement.
Next up is setting your social media plan and KPIs (key performance indicators). In order to do this you’ll have to research your target audience to see where they are online and how they behave. Gather your keywords, prospect and customer profiles, partner data, email lists from your CRM (customer relationship management) system or interviews with your sales team and have a good look at the reality of possibilities that exist in social. Too often social plans are launched that are not based on the reality of who prospects, customers or partners are or where and how they interact online. You’ll also need to have a general understanding of which social networks work best for different types of activity.
With clarity on these issues, you should be able to easily set your social media goals and the coordinating KPIs that will be the best way to measure your social activities’ success.
Here are a few examples of social media goals and coordinated KPIs (note that KPIs can be percentages, hard numbers, or other types of metrics):
- Increase blog subscriptions – 6% increase month over month
- Develop influencer relations – 5 earned media stories from influencer blogs per month
- Increase brand awareness – increase Facebook Likes 8% quarterly, increase YouTube video views 20% quarterly
- Drive booth traffic/leads at tradeshow event – increase booth traffic (over last year) from social activity
- Lead Generation – 10% increase quarterly from social advertising campaigns
What you are looking for is a concrete way of measuring if your activity is yielding a sufficient ROI (return on investment).
Ready, Set, Execute
Now here’s the fun part. After you’ve settled on your business objectives and social media goals, now you’re ready to map out your execution strategy. Make sure that your action plan is in sync with your social goals and will help you reach your KPIs. Measure and analyze your results so that you can adjust your strategy to improve your ROI on an ongoing basis. Track key analytics so you can compare your social standing month over month or quarterly.
Here are some key questions you’ll want to ask in order to effectively map out your strategy:
- How much time and money do I have to spend on this campaign?
- Who am I talking to and where do I find them?
- What is the best way to talk to them- through a blog, email newsletter, articles in online magazines?
- What is the best way to promote my content?
Essentially, you’re asking yourself, where is my audience and what is the best way to reach them?
Social Media Strategy Means Increased ROI
We hope you enjoyed our posts on social media strategy. They provided a quick summary of a process that can take from a month to six weeks. But investing the time in thinking about and mapping social media marketing strategy is the best way to increase your ROI throughout your campaign. Having a clear vision of where you are going and how to get there helps you spend your resources wisely.