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Social Media: Calculating Your Return In Terms of Customer Response

Posted on: March 13th, 2020

Social media should emphasize your marketing efforts and calculate the return in terms of customer response.

Social media allows companies to gage consumer response in correlation with brands.  This allows both short term investments including increasing monthly sales via a social media campaign, as well as, long term corporate investments. While businesses often think of social media as a way to introduce your brand to a local audience, the professionals at eXpect3 Digital Media Agency understand that returns from social media campaigns are not always measured in dollars, but also in consumer behavior tied to specific social media applications. These behaviors include the amount of time and number of visits, as well as interactions such as likes and/or comments.

In addition to controlled social and anthropological studies, observed behaviors in social networks allow computer scientists to investigate better interface design, richer studies of social interactions, and improved design of content distribution. Our ability to capture user data, in particular behavioral data, has grown in concert with the increased use of social networks bringing the possibility of large-scale mathematical modeling of human populations in a controlled environment. Macro-analyses of users’ behavior have helped researchers understand trends, attitudes, social contagion, in order to improve advertising and marketing techniques.

There are specific Key Performance Indicators (KPI’s) every business should evaluate. These include:

Share of Voice:

Share of Voice is a term that’s used quite often when talking about competitive research in digital marketing. In this field, share of voice (abbreviation: SOV) is used to describe a share of conversations generated about a given brand, product, or service in comparison to its direct competitors. The formula for calculating your SOV are as follows:

  1. Take the total number of social media mentions (yours plus your competitors) over the specified time frame and divide it by 100….
  2. Separate out your brand’s total number of mentions and divide it by the number calculated in the previous step.

Influence

According to Robert Cialdini, author of Influence: The Psychology of Persuasion, “we view a behavior as more correct in a given situation to the degree that we see others performing it”. In simple terms, people do what others do.  In order to analyze your influence use your Insights Tool. The formula for measuring your influence, for all social media platforms, are as follows:

  1. Divide the number of engaged users by the reach and multiply that by 100.

Engagement

The bottom line is that if your reach is growing so is your business. Reach is a measure to how many people your brand and content are getting in front of, and an optimized reach is an indication of strong brand awareness. Reach is a top-of-funnel metric, but still a metric that every social media marketer should be closely monitoring and continuously working to improve. To track your reach:

  1. Look at your follower growth, individual post reach, overall campaign reach, and your audience growth rate in your various social media platforms.

When you are ready to take your brand to the next level contact the social media managers at eXpect3 Digital Media Agency for a complimentary  Social Media Audit.