Measuring ROI in Social Media Part III: Twitter Metrics

by on January 04, 2013

Share |
Confluence on Facebook

Measuring-ROI-in-Social-Media-Twitter-Metrics
In a previous blog post we discussed how difficult it is to measure ROI in social media as well as which metrics currently exist for measuring ROI in Facebook.  In this blog post we will be discussing Twitter metrics your business can use to measure ROI in Twitter.   

Twitter is Designed to Help You Bring Visitors to Your Website

Twitter is a unique social channel with significant reach it can be easily and visibly integrated with your other digital channels.  Unlike Facebook where most users don’t typically venture away from the platform, Twitter is purposefully designed to take people away from the Twitter platform, directing them to other places online. That’s why successful integration of your twitter feed with your website is just one way to distribute content on your site you want to promote and drive traffic back to your website.  

Social Media Should Help You Reach Business Objectives

As we’ve previously mentioned, the end-goal of any social media channel shouldn’t be solely to gain more friends and followers, instead social media should be used to help you meet previously set business objectives.  Understanding what your business objectives are will help you determine whether or not your social media effort is helping you achieve those objectives.     

For example, say you are selling custom T-shirts.  Your primary business objective is to increase revenue and sell more T-shirts.  And so you want to be producing and distributing social media content that would appeal to the right kind of customer at the right time, and get them engaged.  Ask yourself:  am I creating content that is engaging to people who are interested in custom T-shirts (e.g.: holding T-shirt design contests)?  Is my content driving traffic to my website and is that traffic converting into sales?  If it isn’t, keep reading.  

Most people who are using social media are doing so in order to increase the reach of their network, brand awareness, and ultimately traffic to their website to sell their products or services.  However, just because you have a million followers on Twitter doesn’t necessarily mean you’re rolling in the mon-ay. You don’t want them to just like your stuff, you want them to buy it.  

How to Convert Followers into Customers?   

And how do you measure that? First, you need to figure out what standards you will set around your business’s use of Twitter.  These three can apply to any business:  

1. Quality: You are providing useful and interesting high-quality material for your followers.

2. Genuineness: Treat Twitter as a social media channel, not a marketing platform.  Give followers a look at your life, be genuine, honest, and clear.

3. Engagement: Listen to your community and respond with quality content (meaning that the content is useful and relevant to the engagement taking place).

By creating similar standards to these focused around building strong, loyal and engaged online communities, you will be able to use the following Twitter metrics to determine whether or not you are successfully meeting these standards and ultimately your overall business objectives.  

What Twitter Metrics Should You Be Tracking?

Whether you’re very familiar with Twitter or not, if you’ve used it before then you at least have some working knowledge of these three Twitter-specific metrics:  

1. Followers – the number of followers you have on Twitter is like the number of friends you have on Facebook, it’s a popularity contest.  People with more Twitter followers are often assumed to be more influential, however, the number of followers you have alone does not clearly reflect how much influence you have or how much action you can inspire.

2. Retweets – these happen when another Twitter user finds your tweet to be interesting or relevant to them or their followers in some way and they choose to “pass it on” by re-tweeting   your content to their network

3. Mentions – when someone mentions you or your business on Twitter, this most likely means that they consider you to be an influencer, they find your content to be of high-quality and helpful, and believe you or your business to be genuine.

However, Twitter-specific metrics alone don’t shed any light on whether or not you are meeting your business objectives.  The only thing Twitter-specific metrics tell you is how well you are doing in the Twitter community.   

In order to find out if your Twitter activity is helping you meet your overall business objectives check these areas of Google Analytics:  

1. The Conversion Report – which can be found in Standard Reporting (Traffic Sources > Social > Conversions), shows conversion rates as well as the value of those conversions that happened due to visits from your social channels.  You set the goals in GA, and GA tracks referral sources and directly links those to eCommerce transactions.  You can specifically track which tweets are leading to the highest conversion rates.

2. Social Sources – which can be found in Standard Reporting (Traffic Sources > Social > ources), tracks which social networks are referring you the most traffic.   Knowing which social networks refer the most traffic to your site will help you figure out which social networks are most relevant to your product/service/business.  Track which tweets bring the most traffic to your site to find out what types of tweets resonate most with your followers.

3. Social Sharing – which can be found in Standard Reporting (Traffic Sources > Social > ources and clicking the Activity Stream tab), tracks your content as it is shared off of your site and on other networks.  This gives you great insight into what’s happening in off-site engagement.  Track what content of yours is being tweeted about, and where that content is being shared elsewhere online.

The business value of Twitter is there, but for many cautious business owners the issue with measuring direct ROI is what is preventing them from using the channel.  Come back next week and we’ll explain the five off-platform benefits (non-Twitter) of using Twitter!  

Related Posts
Why Should Your Business Use Twitter
Five Free Twitter Management Tools
Learning Social Media: Should You Follow Everyone Back on Twitter?

Share |
Form
Form

Contact Us

  • Should be Empty:
    • Markel Insurance logo"After working with the folks at Confluence, I can’t imagine approaching a paid search campaign without their help." Kevin Behringer, Marketing Manager, Markel American Insurance Company Read more client testimonials...