Tag Archives: recent study

How to use Social Media for Business: What to Track

Companies in New Zealand and around the world are now starting to use social media for business purposes more effectively, tapping into tools such as Facebook and Twitter, to market their services and to communicate more effectively with their customers.

According to a recent study reported by the Los Angeles Times, around 90% of U.S. small businesses are now using social networking platforms. That’s the good news.

Slightly less cheerful news, however, comes from a study by eConsultancy and Adobe, which finds that there’s little deep tracking going on by those who use social media for business.

use social media for business

One In Five Companies Who Use Social Media For Business Do Virtually No Tracking

You’ll recall the old saying “Half of my advertising is wasted. I just don’t know which half.” That situation was almost acceptable in the context of mass marketing, where companies cast their advertising upon the vast watery expanse of print and broadcast media and the only way to figure out what was working was to count the number of sales you made (or, more likely, how often the Chairman was told “saw you on TV” by his golfing buddies) — but when you’re dealing with one-to-one methods such as social media, it’s simply poor business practice not to know what results you’re achieving.

So what should you track?

To answer this question, let’s just focus on Facebook for now. Through Facebook’s built-in Insights tools, you can track:

  • Likes. That, sadly, is where many marketers start and stop their tracking. In our view, that’s a lot like monitoring the number of people who come into your store — but not bothering to track whether or not they buy.
  • Talking About. Knowing this information is a big step up. Social Media, as the name suggests, is all about talking – engaging with your followers, and having them engage with you. Take a look at how many of your fans were actually “talking about” you last week, and calculate that as a percentage of your overall followers. The whole idea, when you use social media for business, is to engage — otherwise, you might as well devote your time and money  to mass media advertising instead, you’ll reach far more people.
  • Reach. Facebook calculates how many people saw your posts, either directly or via your followers. This will be low at first, but don’t worry — one of the first lessons to learn when you set out to use social media for business is that size (of audience) doesn’t matter. Engagement is the key.
  • Sentiment. It’s good to have people talking about you, but if they’re not saying nice things, clearly something’s rotten in the state of Denmark (or Dargaville). Still, it’s better to know when bad things are being said (rather than remain in blissful ignorance) — it may be hurtful, but at least you can do something about it. So how do you measure sentiment (without poring over your own Facebook pages every other moment)? Start with a free Sentiment Analysis tool such as the Chrome plugin offered by Viral Heat, and consider other, more powerful paid options as budget allows.

What else can you track to use social media for business effectively?

As the graph above suggests, Revenue is an obvious measure (and one which will matter most to your CEO and CFO). “Why am I spending so much time on Facebook? Take a look at these sales!”

How can you track revenues and attribute them to your use of social media for business marketing?

  • If you sell online, use a unique web link to send people from Facebook (or whatever social media site you’re using) to your website
  • If you only sell offline, make an offer that’s unique to your social media efforts (eg “free giftwrap when you quote OFFER FB”)

Traffic

Another metric that many of those who use social media for business choose to track: how much traffic was driven from their social media pages to their website. We don’t want to delve into the technical aspects here — suffice it to say that your webmaster (if you have one) will tell you what you need to know about setting up Google Analytics to monitor such efforts.

Social Media Training

If you’d like more detailed advice on how best to use social media for business, we encourage you to check out our social media training courses.We cover a variety of topics, including:

The courses are all online and they provide comprehensive explanations of tracking and the many other aspects that matter when you use social media for business.

Top 100 UK Social Brands

A recent study by social brand consultancy Headstream identified the Top 100 Social Brands in the UK. You can download the full report here, but these are some of the findings that are most relevant:

A. THE TOP TWENTY SOCIAL BRANDS

B. THE INTRODUCTORY VIDEO

A collection of talking heads which will give you a bit of an introduction to the Social Brand 100.

C. TEN KEY LEARNINGS

And here, reported by WallBlog, are the ten key learnings from the Social Brand 100 study:

1. Social brands don’t just send messages, they create value for people and communities.

2 Social brands are happy to exchange rigid control of their brand for greater involvement with people.

3 Social brands manage their brands in a more human context. It is less about the word of the brand guidelines and more about the spirit of the brand, often replacing formality around tone of voice in favour of expressing brand character, values, purpose and cause.

4. The types of content that social brands can create categorised as providing information, utility, entertainment, reward, incentive or something that reflects a person’s character and what they value. Brands are still totems to what we believe, reflecting our personality.

5. Timeliness of response is a critical indicator of social enablement. Social brands are agile and responsive to the needs of people, relishing opportunities as they arise.

6. Being appropriate in social doesn’t mean using a lot of brand outposts. The use of brand outposts is driven by what is most relevant for the community.

7. Negative and positive sentiment is acknowledged and accepted by social brands

8. Social brands create, develop and encourage behaviors that mirror community or individual behaviors. They meet and exceed expectations, often delighting people in doing so.

9. Social brands are true, compelling, authentic and transparent.

10. Social brands simplify their intent and continually act to achieve it. They have established what they want to achieve and ensure everything builds towards this commitment. To be a social brand you have to be a good brand, a good employer, make good products, provide good customer service and have a moral centre to your purpose by those that represent you.