The Social Media Revolution is under way! Statistics show that half of the entire world uses social media so you can bet that your target markets are already socially engaged.
From a business standpoint, social media can be defined as an interactive platform from which individuals and communities create and share user-generated content, a social software which mediates human communication.
In March of 2013, 30% of advisors reported that compliance is biggest challenge with social media. Since the SEC’s recent decision to open the door for advisors using social media, there’s now few excuses for advisors to avoid social media. Still not convinced social media is right for you? This article should be pretty convincing.
What should you measure in order to gauge your social media success?? I’m glad you asked…
1. Traffic from social media
Begin by looking at which social media sites send the most traffic to your website. From this measurement you can establish which social sites you should concentrate your time and resources.
2. Social media engagement
Applying marketing analytics to your social media is crucial to help you prioritize where to allocate your time. One of the most revealing metrics is how engaged your audience is.
Social media engagement indicates how receptive your audience is to the messages you share.
This measurement is also, arguably, the toughest to measure. Using a tool like Hootsuite makes it easier, though. Hootsuite is a tool that allows advisors to streamline and automate social media messages. It’s also free.
Hootsuite also offers free reports (like the one below) that measure engagement indicators like click-through-rates and the number of comments and likes your posts receive.
These measurements are from Hootsuite’s free analytics report.
3. Conversion Rate
Take it one step further and analyze which social sites offer the highest lead-to-customer rate. Compare your closed-loop data with how engaged your followers are from each social media network.
Armored with this data, take action! Tailor the content you publish to each network accordingly to increase your visitor-to-lead and visitor-to-customer conversion rate for each social channel.
By the way, Twitter users generally claim the highest lead-to-conversion rate. Not only are Tweeters more active on social media, they are extremely loyal to the firms and companies they follow online.
By Maggie Crowley, Marketing Coordinator for Advisor Websites. Original article can be found . Please Note: this article is for informational purposes only. We strongly encourage you to verify any content and information you use with your own compliance department or legal counsel.
@advisorwebsite
Latest posts by Advisor Websites (see all)
- How to Grow Your Email List - November 25, 2014
- Your Social Presence: Diamonds & What Happens on the Internet Are Forever - October 21, 2014
- Why Good Aesthetic is Important to Your Website - September 30, 2014
Hey Maggie!
Great article. Very clear and you lay out some good metrics for reporting.
I was wondering if you’d be interested in taking SumAll for a spin. SumAll is a free analytics platform that helps marketers and business owners understand the effectiveness of their efforts.
Notice I didn’t say “social” analytics platform. That’s because SumAll is all about connected data — bringing all your social, email, adwords, google analytics, and ecommerce data together under one roof (30 integrations and counting!). We are also very interested in presenting your data to you in the most visually stunning, but positively enlightening way.
Would you be interested in taking a look? Let me know and I we can set up a little one on one tour!
Best,
Matthias
SumAll
Hi Matthias,
This was a guest blog post. To contact Maggie Crowley, Marketing Coordinator for Advisor Websites, please visit http://advisorwebsites.com/blog/contact/.