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How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
How to do a Social Media Marketing Review
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How to do a Social Media Marketing Review

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A step-by-step guide for social media marketing optimization, published by your

A step-by-step guide for social media marketing optimization, published by your

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  • 1. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social?How to Conduct aSocial Media ReviewUncover the hidden insights in your social data:• How many fans should your business have? Are you attracting the right ones?• Which content is resonating and which isn’t?• What offers, calls to action, and landing pages are working?
  • 2. The Argyle Social Team support@argylesocial.com 1.919.408.7990 WhyIntroduction Argyle Social?As a social media manager, you’re down in the trenches every day. Finding and sharingtop quality content, responding to followers and customers, monitoring competitors,tracking KPIs: it’s a never-ending, mission-critical business treadmill that you just can’tstop, let alone step off.While running full speed on the social media treadmill, it’s hard to step back and figureout if what you’re doing is working. Sure, you know the data, but do you know what’sgood and what’s bad? At Argyle, we talk to social media managers every day, and a fewkey questions come up over and over again...• How many followers should I have?• What is a good click rate?• What is a good interaction rate?• What is a good conversion rate?These questions all drive to a fundamental, overarching question: How am I doing?Social media marketing is an evolving practice in a new medium, so marketers don’tyet have guidance on good performance versus poor performance. If you were a searchengine marketer, you’d know that 1-4% click-through on your ads is pretty good, and3% conversion rate on an e-commerce landing page is reasonable.But if you’re a regional coffee roaster with $10mm in revenue and thousands of cus-tomers, how many social followers should you have? If you’re a mid-size B2B softwarecompany, how many clicks per post should you get?These questions don’t have clear answers in part because there are no clear industrybenchmarks or methodologies for building internal benchmarks.
  • 3. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social?Enter the social media review. The social media review is a process that you can useto step back and evaluate the overall efficacy of your social media marketing programsfrom a high level. This is where you highlight your *And informs your boss thatstrengths and identify and correct your deficiencies. you deserve a bigger budget...It’s what informs your social strategy for next quarter.* and a raise.In this white paper, we’re going to walk you through the methodology that Argyle usesto do social media reviews for our customers. We’ll equip you with the data, questionsto ask, and best practices you need to conduct your own review. And we’ll even give youa sample scorecard that you use to get you started. We’ll break the process down intobite-size chunks and leave you with actionable recommendations.Ready to find out how well your social media marketing is performing?Then let’s dive in!
  • 4. The Argyle Social Team support@argylesocial.com 1.919.408.7990 The SalesArgyleFramework Why Funnel Social?At Argyle, we use the sales funnel metaphor as the basis for our social media reviews.We simplify the process into three distinct stages:1. Awareness Measured by followers / fans Your initial goal is to make potential customers aware of your brand. This is a necessary prerequisite to moving them further down the funnel. In social, this primarily takes the form of a “follow” or “like”.2. Interest Measured by clicks and engagement Once you’ve generated awareness, you need to generate interest in your prospects. In social, this involves creat- ing and/or sharing interesting, relevant content that drives engagement and clicks from your followers.3. Action Measured by social conversions Once you’ve groomed a prospect down the sales funnel, it’s time for them to convert. This can be an e-commerce The sales funnel metaphor assumes purchase, a whitepaper download, or a micro-conver- that you are using social media as an sion such as a page view: either way, it’s the action you inbound marketing channel and that your goal is to increase sales. While were looking to achieve at the beginning of this process. some businesses have social ac- In social, be careful of how you measure conversions— counts entirely devoted to customer standard online marketing conversion tracking doesn’t support and/or market research, in work for social. See the inset on social conversion track- this white paper we’re focusing on ing for more information. the general case.
  • 5. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social? The Sales Funnel Framework (contd) A BRIeF A SIde On SOCIAl COnveR SIOn TR ACKIng TeCHnIqUeSTracking conversions in social media is different than tracking conversions inmost online marketing. Social media tends to be intent generating rather thanintent harvesting. An example to illustrate what this means:Search conversions usually happen at the bottom of the funnel:• Person searches for product.• Person clicks on a natural or paid link.• Person buys a product.Social conversions usually begin much earlier in the funnel:• Person sees one of your posts retweeted from someone they follow.• Person clicks your link to an external website, thinks it’s pretty interesting, then wonders who originally tweeted it. They read about your company and think “Hm!”• Although person didn’t need your product earlier, they later have a need it fills. They don’t remember your URl, so they search for you.• Person clicks on a natural or paid link.• Person buys a product.In both cases, traditional web analytics tools will count both conversions aseither SeO or SeM, because the click that led directly to a purchase was fromthese sources. little do they know, your social media team actually deserves thecredit for the second!This is where social media conversion tracking is so important. As a social mediamanager, make sure that you’re using a conversion tracking tool that’s specifi-cally built with your needs in mind. If you don’t, you’re not going to get accurateROI metrics and will underrepresent the true value you’re creating.See our white paper on this topic if you’d like to learn more:http://argylesocial.com/landing/social-media-attribution-whitepaper
  • 6. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social? AwarenessThe first critical step in your social media review is evaluating your followers and fans.How many do you have…and is that enough? Who are they? Are they the people youwant to reach? How do you get more?The more you know about your followers and fans, the more easily you’ll be able to craftrelevant and precise social media marketing campaigns. How many followers / fans do you have?Your follower count is continually increasing.* last month you had *As long as you’re not spamming your1,132 followers and this month you have 1,206, for an increase of followers about the debt ceiling debate6.5%. But is that good? Obviously more is always better, but it is (@barackobama) or showing off an unpopular haircut (@justinbieber).important to put a stake in the ground and define what “good” is.We recommend evaluating the strength of your follower count by comparing it to your“non-social” audience. linking followers to more concrete marketing comparables willhelp you make more useful judgments. Here are some suggestions:B2B If you’re a B2B company, measure followers / leads. do you have more leads than followers? Maybe you should find clever ways to encourage your leads to follow you in your email marketing nurture campaigns. Your circumstances will vary, but we would challenge you that your followers-to- leads ratio should be as close to 1:1 as you can get. If social is one of your primary marketing channels, then you should be socializing with as many of your leads as possible.
  • 7. The Argyle Social Team support@argylesocial.com 1.919.408.7990newspapers and Blogs Why Argyle Social? If you are a newspaper or blog, consider measuring followers / unique visitors on your site. If you have 1,500 followers and 20,000 monthly unique visitors, only 7.5% of your monthly audience is actually following you. If you have a follow button on every page, clearly it’s not getting a lot of clicks. Consider making the follow action more obvious on your site or even an opt-out step in the sharing process.Consumer Products Brands If you’re a consumer product brand, measure followers / customers. If you have 250,000 followers and know that roughly 150,000 people bought your products last year, you’re doing very well. Many people are following you just because they find your content valuable and/or they aspire to purchase your products. More than likely, your followers will be fewer than your customers. You goal should be a 1:1 ratio, even though your might be starting from a much weaker ratio. Con- sider two key levers to drive social awareness: First, your product packaging and advertising should always include a mention of your social properties. Second, your customers will always be interested in offers on your products. Create offers that are contingent upon following your brand. SUggeSTIOnS Many of the actions you’ll take to promote fan growth will be on your website, your products’ packaging, and your advertising. Always be on the lookout for new and innovative ways to push people to your social properties and encourage them to follow you. Over time, companies will increasingly integrate the “follow” action with other interactions they have with their customers, leads, and audiences: • lead forms filled out with Facebook Connect data that include an auto-like • Unique offer codes tied to a Facebook like, • Access to freemium content behind a Twitter OAuth wall that includes an auto-follow These practices will become more and more standard as a means of building followers. How many of these are you doing already? How many are your competitors doing? don’t get left behind.
  • 8. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social? Who are your followers / fans?let’s say you ran a contest last month. In this contest, you promised one lucky winner afree iPad. All that entrants had to do was like you on Facebook and post your contest totheir wall. The contest was a huge success — in one week you doubled your fan count.Huzzah!In the following weeks, you’ve posted several links and a coupleof offers. You were hoping to see a doubling of clicks on yourlinks and conversions on your offers, but that didn’t happen. *Show some love.What’s going on?*This is a straightforward example showing that raw fan / follower count isn’t very mean-ingful by itself — you also need to evaluate who your fans and followers are. Whenasking this question, consider these dimensions:• What are my fan demographics?• How did my fans find me?• How much fan “churn” am I seeing?let’s take these one at a time. WHAT ARe MY FAn deMOgR APHICS?Your company is looking to connect with specific types of people. You tailor your adver-tising, website, product, and all corporate communications with a specific audience inmind. The same should be true of your social media marketing.First, make sure you know the exact target customer profile you’re trying to reach. Thismay be the same demographic targeting that is common to the rest of your organizationor it may be specific to your social campaigns. let’s say you sell gardening supplies andare primarily targeting women from 35 to 65 on the east coast. Awesome — now wehave something to shoot for.
  • 9. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social?There are many tools online that will show you the demographic information on yourfans and followers, but the most common way to look this up is via Facebook Insights(for Facebook) and Twitter Analytics (for Twitter). Unfortunately, Twitter Analytics isnot yet open to the general public, so you may have to be patient to get at that data ifyou don’t yet have access.Once you have the data in hand, compare your actual fan demographics the targets youdefined earlier. The above graph from Insights shows gender and age for Argyle’s Face-book fans. We’re actually pretty happy about the age breakdown, but we’d like to see amore even split between male and female. WHeRe dId MY FAnS FInd Me?This is where we get fancy. It’s very important to understand where you’re getting yourfans. Are you running Facebook ads or a Twitter promoted account? Are they comingfrom your website? A recent contest?This data also comes from Facebook Insights and Twitter Analytics (for those with ac-cess). In Facebook, there are two areas you need to look at: “like Sources” and “externalReferrers”. like Sources will tell you where new users find you from within the Facebookecosystem, while external Referrers tell you were users found you from outside theFacebook ecosystem. Between these two data points, you can get an accurate picture ofwhere your fans are coming from.There is no inherently better or worse way of acquiring fans — it’s up to you to find outwhat works best.
  • 10. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social? HOW MUCH FAn CHURn AM I SeeIng?Understanding churn will help you understand your fan base. Fan churn is simply lostfans as a percentage of your overall fan base. If your page has 1,000 fans and 10 of them“unliked” it last month, then your churn is 1%.Churn is a good measure of how valuable people find your content. very simply, if you’reposting interesting content and valuable offers, people will stick around. We suspectthat a churn rate of 1-2% is natural, so take heed if you notice your churn climbinghigher - you might have some work to do.There are a couple of things that fan churn tells you:• Compare your fan growth rate to churn rate. If your churn is 1% and your growth is 10%, that’s no problem. If your churn is 3% and your growth is 4%, you’re losing fans almost as quickly as you’re gaining them. Yikes• If your growth and churn are both high, that means that most of your fans haven’t been with you for very long. The longer fans are with you the more receptive they are to your marketing messages. BRIngIng I T BACK TOgeTHeRWe started off by posing a situation: an iPad giveaway contest doubled your fan count,but this wasn’t generating additional clicks and conversions. Our gut instinct is that thefans from the contest weren’t the right target audience for our Page, and the data wejust gathered proves this out. Here’s how to analyze this situation:1. Using like Sources and external Referrers, verify that your new fans did in fact come from the contest that you ran.2. look at your demographics from one month ago, prior to the contest. now compare those to the demographics from today, after the contest. The differences between then and now represents the demographic breakdown of the fans coming from your contest. does it match your target demographic? likely not. Of course 13-18 year old males aren’t interested in your content and offers—they just wanted a free iPad!3. Compare your churn from one month ago to your churn today. Any increase in churn you see is from people liking your page simply for the duration of the contest and then unliking you afterwards.
  • 11. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social? SUggeSTIOnSgetting fans is much easier than getting the right fans. Thus, it’s critical to keep an eye on thedemographic profile of your fan base — fans outside of your target demographic won’t progressfurther down the sales funnel.The iPad giveaway example we provided exposes this nuance. Prizes like an iPad are valuable toany demographic, so your contest will therefore attract a broad range of entrants. Instead, offera prize that only your target demographic will care about—for instance, a lifetime supply of yourproduct.If you’re using Twitter Promoted Accounts or Facebook ads, make sure that your targeting is nar-row. As always, the best type of fan to get is the one who is referred by a friend. good content andcompelling offers are your best weapon.
  • 12. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social? InterestOnce you’ve stopped to admire your fans, it’s time to move our analysis down the funnelto interest. For your fans to actually convert into customers, they need to interact withyour content and click the links you’re sharing. How many clicks are you getting?There is a good way and a bad way of looking at click data.• The bad way: You posted something yesterday. It got 150 clicks. We’re going to focus primarily on clicks• The good way: Over the past 7 days, your posts received 1,402 for this section. But note that our definition of clicks includes those that clicks, for an average of 112 clicks per post and 1.39 clicks per drive views to content on your site and follower. Clicks were up over a week prior. An increase in post- also those that drive views to external ing frequency drove the uptick in clicks, as your clicks per post content. remained flat.See the difference? On a day-to-day basis, social media marketers get drawn into the“How did my individual piece of content perform?” trap. Unfortunately, looking thisdeep into the weeds doesn’t really tell us anything actionable. Raw performance data isnecessary, but we need to see it in context (and often in aggregate) in order to identifytrends and take action.There are three primary data points we use to evaluate interest, and one bonus datapoint for those of you who really want to compare yourselves against other companies.These data points must be used in conjunction to get a full picture of your traffic.1. Clicks2. Clicks per post3. Clicks per follower4. (bonus!) Click response rate
  • 13. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social? ClicksClicks are, well, clicks. You publish links to Twitter, Facebook, and linkedIn. You use aURl shortener. You get reports on clicks, broken down by social network, social prop-erty, and post, and grouped by campaign.Right?If you don’t, you should be — link shortening and click tracking Check out bit.ly for a handy free URl short-is the most fundamental tool in your social media marketing ener or – ahem! – check out Argyle Social for an integrated, business-class offering.toolkit.Clicks data becomes most useful when viewed in trends. A month-on-month increase of20% is excellent, whereas a 20% decrease over the same time period is less than ideal.However, be careful when ascribing too much to this number. We’ll need some addition-al data to explain any trends we see. Clicks per postA raw clicks count doesn’t tell us much of anything. If we take clicks and divide by thenumber of posts made during the time period, we can start explaining the trends wesee.let’s say in month 1 we get 1,000 clicks and make 50 posts, for a total of 20 clicks perpost. Imagine the following situations that could arise in month 2:• 1,250 clicks on 50 posts; 25 clicks per post• 1,250 clicks on 63 posts; 20 clicks per postBoth results are good—you generated 25% more clicks than the prior month. But thefirst scenario is clearly better. not only are you getting more total clicks, you’re also get-ting more clicks on every post that you make. This indicates that whatever you’re doingseems to resonate with your audience!
  • 14. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social?When looking to increase clicks, you have twoprimary levers: you can post more often, and engagement per post also provides guid- ance regarding the quality of your con- tent. Keep close tabs on those “likes” andyou can post better content. Posting more often “retweets” as well!will only get you so far, so make sure you’relaser-focused on the clicks per post you’re gen-erating.The same logic works if you’ve had a particularly bad month:• 750 clicks on 38 posts; 20 clicks per post• 750 clicks on 50 posts; 15 clicks per postIn both situations your clicks went down by 25%. As before, the first scenario is clearlybetter. Your clicks per post have stayed consistent; the decrease in clicks is just becauseyou’ve made fewer posts. That’s easy enough to fix. Clicks per followerWe can also normalize clicks by the number of followers in a given period. This is espe-cially useful if you’re going through a period of high growth in your fan base.Continuing with the example above, let’s say in month 1 we get 1,000 clicks and have800 followers for a total of 1.25 clicks per follower. Imagine the following situationsthat could arise in month 2:• 1,100 clicks from 850 followers; 1.29 clicks per follower Remember from the “Awareness” part of• 1,100 clicks from 950 followers; 1.16 clicks per follower the funnel – make sure you’re aggregating the “right” followers that fit your target customer demographic. As your followerBoth results are good, but the first scenario is clearly better. base grows, you can expect a natural declineWhile it’s hard to make a definitive judgment about what’s in clicks per follower…just make sure yougoing on, it seems like the 150 new fans added in the second watch closely!scenario weren’t as interested in the content you were sharing,thereby driving down the average click rate.
  • 15. The Argyle Social Team support@argylesocial.com 1.919.408.7990 WhyClick response Social? Argyle rateThe ultimate way of normalizing clicks is both by fan base and by post count. A simpleexample: if you generated 1,500 clicks on 50 posts and 1,500 fans, your response rate is1,500 / 50 / 1,500 = 2%. What this means is that 2 out of every 100 fans click on everylink you post.We’ve found that this metric is the most easily understandable way to look at the levelof interest your fans are showing in your content. While results will obviously vary, wetry to aim for response rates of 1-3%. Anything higher than 3% is gravy, while anythingunder 1% needs work.Trust us on this one. If you don’t already know your average *Or activate an Argyle Social subscription!response rate, throw together a quick spreadsheet* and figureit out. You’ll be fascinated by how much you learn by the end ofthe exercise. What types of content are working?We now have plenty of information on our performance, including an understandingof the factors underlying that performance. But we still don’t know enough to maketactical decisions about what to do more, what to do less, and what to change. In orderto make decisions like that, we need to figure out what content is working and whatcontent isn’t.enter the Content Matrix. no need to decide between the red pill and the blue pill—we’re talking about a two-dimensional grid, not a 4-dimensional virtual reality built toenslave all humans. This grid is going to be your biggest tool to measure and improveyour content. let’s take a look.
  • 16. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social? The Content Matrix Your content has two primary dimensions: topic and content type. let’s say you’re a real estate developer. Your topics and content types will likely look something like this: Topic Content Type Real estate Trends Informative Financing guidance / How-To local real estate news engaging: Joke / question Owning a home Call to action Topics answer the question “What am I posting about?” and content types answer the question “How am I posting about it?” Once you have your topics and content types defined and have tagged your posts ac- cordingly, it’s time to report out your performance. Your quarterly report should look something like this:Take a moment to digestthis. There’s a lot there.Feel free to daydream ofall the insights you couldgain if only you had thisdata on your social mediaefforts. If your daydreamsalso involve rainbows andponies, we’re right therewith you.
  • 17. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social?Back to reality? Ok, good. let’s walk through this report step-by-step.First, note that one of the cells is grayed out—Financing / engaging. Who ever heard ofengaging content on home financing? Some cells in your matrix won’t make sense, andthere’s no reason to try to create posts in that cell if you know they won’t resonate.next, look at the color-coding. Colored posts are the outliers. Obviously, green is goodand red is bad. Take a look at your green cells. It looks like engaging content—ques-tions, polls, and jokes—about local real estate news is an absolute gold mine. Your postsin this cell lead all other posts by a long shot. Make sure you continue to continue doingwhat you’re doing here.now look at some of the red cells. It looks like informative posts onfinancing aren’t working well at all. It turns out that no one wants toread long articles on the details of interest rates and loan types.* What Who would have thought thatis working, however, is simple how-to posts on the same topic. It seems people wouldn’t find detailed articleslike people realize that they need to deal with financing, but they’d about the machinations of the home financing process to be interestingprefer to be walked through the process step-by-step rather than read and engaging?broad informational articles. In the future, you may want to considereliminating your informational financing posts.What’s even more concerning, however, is that your call to action posts are not per-forming as well as you’d like. Ultimately, you’re trying to drive prospects down the salesfunnel, and if your call to action posts aren’t getting clicks, you’re not achieving thatobjective. We’ll talk more about call to action posts in the next section on conversions.You don’t have to stick to the data we’ve highlighted above, either. Consider the follow-ing possibilities:• look at post count within each cell as a percentage of total post count. Where are you spending your time and directing your fans attention? does this align with your strategic objectives?• look at post counts for each content type as a percentage of total post count. Are you posting too many informational links? Sometimes people want to see that you have a personality. Are you posting too many calls to action? As a general rule, calls to action should be no more than 5-10% of your total post count.• Show trends over time. Your social media marketing is always evolving. Set goals at the end of every quarter for areas that you want to improve, and then report on your progress.
  • 18. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social?The social media content matrix is your ultimate tool to evaluate the efficacy of yourcontent. But it’s also action-oriented — the whole point is to allow you to make tacticaldecisions on where and how to improve. Use an iterative approach: make tweaks to thecontent you’re publishing, evaluate the response from your fans, repeat. HOW dO I BUIld A COnTenT MATRIx? At Argyle, we think it’s critical to define your content matrix at the beginning of your social media marketing efforts. If you don’t have goals set for your topics and content types, your content machine is a rudderless ship. That said, if you didn’t create this type of matrix during your planning phase, it’s not too late to do it now. Once you have your matrix planned out, you need to implement it. This involves tagging every single post you make with its topic and content type. The data in the cells of your content matrix is very difficult to construct after the fact. The only way to efficiently create this report is by using a social media management tool that allows you to tag your posts as you publish them and provides performance-reporting capabilities. look into the features of your platform and figure out how to get this data. You need it.
  • 19. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social? ActionThe final step of a good social media review *Once more with feeling: this reviewfocuses on how to get your fan base to act on methodology works best for marketers thatyour content. You got them to follow your social drive outcomes through online conversions. (Think ecommerce transactions, free trials,presence and click / engage with your content. whitepaper downloads, contest completions,How do you motivate them to act? In social video views, etc.)media, as in all online marketing, we measureaction in conversions.*Before we get too far into this section, it’s important to talk about measuring socialconversions. Most marketers use a web analytics tool such as google Analytics or — ifyou’ve got some cash — Omniture to track online conversions. These tools work well totrack marketing efforts that happen further down the funnel, such as email or search.But these tools don’t work well (or at all!) when it comes to social conversions — in partbecause social touch-points happen further up the acquisition funnel.So make sure you’re using a purpose-built social conversion tracking tool. See the noteson page 5 if you’d like more information on this. How much revenue am I generating?last month your social media marketing drove $32,590 in revenue. Congrats! But don’ttake that victory lap yet — just making judgments on a single revenue number isn’tenough. In order to more fully evaluate your performance, you’ll need to dig a littledeeper. The world of conversions is chock full of interesting numbers that you absolute-ly need to know.
  • 20. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social? IMPORTAnT WAYS TO Me A SURe RevenUe:• Conversion count: How many conversions did you What’s a micro-conversion? get last month? Pretty self-explanatory, right? e-commerce companies can track conversions back to revenue• Revenue generated: How much revenue was gen- generated very easily because they erated by the conversions you received? This can be actually collect cash from online transactions. If your conversions a hard dollar figure if you’re an e-commerce com- aren’t directly tied to a dollar pany, or an estimated dollar figure if you are using value (commonly lead forms or sign- micro conversions. ups) you can still tie these actions to dollars. Just estimate the value• Revenue per conversion: If you’re an e-commerce of a lead or a signup! company and sell products from $10 to $1,000, it obviously makes a big difference whether you’re av- erage conversion is for $20 or $700. Trends in this statistic can be very instructive.• Conversion rate: To find your social conversion rate, take your conversion count and divide by your total clicks. If you had 3,200 clicks last month and got 45 conversions, that’s a 1.4% conversion rate. A 1% social conversion rate isn’t bad—remember, social is a very soft sell, so don’t try to compare con- version rates with search engine marketing.
  • 21. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social? PUT TIng I T All TOgeTHeROnce you have your core data, it’s time to start looking at trends. let’s take a look atsome scenarios to give you a feel for the insight you can extract from this data.Conversions Revenue RPC Conv Rate diagnosis Congratulations! You’re successfully moving upmarket. You’re getting higher value conver- sions, but they are fewer and farther between. Overall, your revenue is up, so all is well. You’re moving downmarket, with more fre- quent lower value conversions. Unfortunately, the increased frequency isn’t making up for the reduced value, so your overall revenue is down. Solve this either by recovering some of your lost revenue per conversion or by increasing your conversion count. Your landing pages and offers have gotten way more compelling. Your conversion rate has gone up so your customers are clearly responding to what you’re putting out there, and it’s driving( symbols representing trends: up, down, and flat ) more conversions and more revenue.As you can see, there’s a lot more than a simple revenue number at play here. Make sureyou understand the underlying drivers of revenue so that you can explain what’s reallygoing on. What’s working and what isn’t?In order to get actionable information, you need to know more than aggregate numbers.You need to dig into the details.Once you’ve gotten a user to click on your call to action, which we looked at in the previ-ous section, it’s now up to the landing page to drive the prospect down the remainder ofthe funnel.
  • 22. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social?At Argyle, we use the following simple table to look at the difference in efficacy betweenlanding pages:landing Page A B C dClicks 190 240 210 180Conversions 13 10 9 12Conversion Rate 6.8% 4.2% 4.3% 6.7%When evaluating landing pages, conversion rate is king. Once a prospect gets to a land-ing page, there is a binary function that happens—either they convert or they do not.For a given goal, you will want to use landing pages that have the highest conversionrate and discard the non-performing ones. SummaryAnd that is how we conduct social media reviews at Argyle. The trick is this — no singleset of metrics or piece of advice will be perfect for your situation. Use this guide as astart and begin to create your own process based on your needs. In order to help you dothis, we’ve shared a spreadsheet that will get you started on your way.Click here for the sample spreadsheet: http://ar.gy/scorecardOf course, we ultimately hope that you won’t use spreadsheets to manage this data,as doing so is extremely time-consuming and inefficient. If you find you outgrow thespreadsheet, sign up for a demo of Argyle Social and we’ll show you how easy it can beto conduct a social media review when the data and insights are all right there in frontof you.
  • 23. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Social Media Argyle Social? Sheet Why Review Cheat KPIs Key questions Best Practices Followers do I have a “right-sized” audience? Index your follower count to anotherAwareness marketing metric such as email list Followers / leads (or Am I retaining my followers? size, leads per month, or page views. Followers / Uniques) do I have the right followers? Use follower churn to gauge the quality growth/Churn of your audience. Clicks What does my click data tell me Use compound metrics like Clicks per about the effectiveness of my Follower or Click Response rate toInterest Clicks per post content? normalize your data. Clicks per follower What content works best? Use a content matrix to organize your content and uncover performance Click response rate insights. Conversions How much revenue am I Use a purpose-built social conversion generating? tracking tool to measure socially-Action Revenue influenced conversions. Revenue per conversion Conversion rate
  • 24. The Argyle Social Team support@argylesocial.com 1.919.408.7990 Why Argyle Social? About Argyle SocialFounded in 2009, Argyle Social is an innovative software-as-a-service platform for social mediamarketing management and analytics. The platform helps marketers to easily organize andpublish social content, manage customer interactions across social channels and quantify thebottom-line impact of their social media marketing efforts. Argyle customers include ganderMountain, Sharefile.com, Blue Sky Factory and UnC Kenan-Flagler Business School. Thecompany is based in durham, nC. For more information, visit http://www.argylesocial.com

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