You know what a social media like is worth right? It’s like farting in a spacesuit, makes you feel good but no one else cares. What matters is engagement.
I am not really one for metrics or K.P.I.’s as Social Media is branding, it is very difficult to have a way of measuring how people feel about you. Yet many of my clients are systems and dashboard people so just for them:
How should a Marketing department or you, as the owner of your business, measure the effectiveness of your online marketing?
We here at Netmedia have developed a simple Acronym to help you out:
You simply have to FRAME it!
Finding visitors- How do you get more visitors to your website or app
Registering subscribers- How many visitors register as subscribers
Achieving returning subscribers- How many subscribers keep coming back for more information
Measuring Referrals- How many people are referring you on.
Earnings – Raw hard cash in the bank
Finding website visitors
First and foremost is finding visitors, if you have a marketing budget, you can measure the cost of your ad spend versus clicks right through to your strategic content then purchase.
Or for startups bootstrapping it, it can be the number of people who have read your blogs via your sharing and posting to your social media accounts (easiest is the click counter plug in for word press or in your Hosting analytics) to the numbers of clicks on the call to action in your post to a purchase, not forgetting to factor in your time as well.
If you are in it for the long term you will know that one genuine subscriber is worth around 500 Social Media likes. How to get subscribers is many blog posts, but suffice to say they will be your bread and butter and upgrading a website visitor to a subscriber is a proven science.
It will take many months for you to get subscribers to give you their email on a simple sign up form on your site, even if you are a niche website and you offer many incentives for the right to email them direct with offers, I never promised you an easy ride now did I I?
You have to keep measuring and improving from your website visitors as a ratio to your subscribe rate, how many are clicking your form, how many visit your landing page, can you improve anywhere?
Pop ups are annoying but many still say is effective, the schools out on that one. Personally I want people to enjoy my website experience and not sigh every time they have to get rid of a desperate popup.
Once you have at least 100 subscribers it is time to go and email them regularly.
Remember the industry average for email marketing is 1 per 500 as in if you have 500 subscribers you will receive one sale per newsletter via opening your email message from your compelling headline, to clicking a hyperlink within the message back to your website, to actually making a buying decision.
So if you run a message to your subscribers each week then you can expect around 4 sales a month. Not a great return on time and money investment if you sell pencil sharpeners, but awesome if you sell Ferraris.
Achieving Returning subscribers
You need to know: Who are your biggest fans? Who opens your messages the most? You can see these statistics through your Email messaging hosting provider they will be able to tell you the information you need., Stay close to these fans of yours and offer them incentives to become brand ambassadors.
It’s an old fashioned but extremely effective business tool many are missing out on, and it is also one of the most profitable. As a door to door salesman in the 80’s I can remember how we always gave away loads of free stuff as incentives for them to refer us on to the friends and family, it was a warm lead and an endless supply of business from one customer if followed up well.
Online there are many ways to incentivise your fans (Returning subscribers) to receive freebies from you to refer you to their network. One way is to have an affiliate scheme on your website where they can actually be paid hard cash from you to register new clients for a business they have shown to like anyway. IDev do a very simple and cost effective software for most websites and can organize all your affiliates and payments with simple analytics for you to see how they are doing for you.
From all these activities above the simplest and my favourite is the bank account statement, it is the reward for all your business efforts and what your partner (the one with the real job!) and family understand. But it is important to know from which of the above metrics you need to be in touch with what is working and what to improve on, and how it all trickles down the tree from looking for website visitors in the first instance to getting your ‘fans’ to help you along with sales.
Netmedia is Thailand’s leading Social Media Marketing training consultancy, contact me to buy me a coffee and a muffin, then I will have you in tears for what you will need to do to make social media an effective marketing tool for your business, and when you have stopped crying then we can help you learn how to use online marketing to create some business for you.