I asked myself this question today after seeing some results from a social media study by Harvard Business Review and SAS. According to 2010 study, only 12% of business executives feel that their companies use social media effectively.
At first I thought that seemed like a low percentage, but then thought about my own social media strategy and wondered exactly how effective is it? How do you measure social media effectiveness anyway? In order to measure the effectiveness of a brand’s social media strategy, you need to have clear objectives in place such as:
- Increased awareness of company and products/services
- Increased traffic to website
- Monitor public/consumer perception of your brand (as well as positive/negative comments)
- Gain insights on target market and what is relevant to them
- Identify new business opportunities
- Customer relationships
There are various analytical tools to monitor your social media reach. For our company in the biotech/pharma industry, we primarily use social media for brand awareness and increased traffic to our website. One of the ways in which we are able to monitor this is through web analytics. Using this, I am able to monitor where all the traffic is coming from, which social media tools provide the most traffic.
Social media has a tremendous opportunity for brands to extend their reach, develop personal customer interactions, increase awareness and drive traffic to their website/blog. Social media platforms are starting to rank higher in use (87%) than blogs (58%) and review sites (22%). If you haven’t started using social media for your company, now is the time to start implementing it, beginning with objectives (start small) and a way to measure those to some degree.
ShareThis allows you to evaluate your social media equation. If you haven’t already, think about getting the ShareThis button for your website, blog and email campaigns and start benchmarking your social reach compared to others.