Following on from “An Introduction to Return on Engagement” I decided to elaborate a bit on ROE. With the marketing channel shift your brand has a great opportunity to be part of the ongoing monitization of Social Media. Brands have to figure out what is the best way to “influence” the consumers in a way that will ultimately get them to buy more of your product and tell all their friends just how great you are.
Facebook does provide many insights, but they can be difficult to interpret or understand. They include:
- “like” – your potential audience
- “friend of fans” – your 2nd level audience
- “talking about this” – a mashup of many metrics that tells you a little and a lot at the same time
- “total reach” shows the impressions of you posts or ads
- “total subscribers” is the people that can see your posts in their news feeds but are not fans
There are more useful metrics if you go further down the insights page, but again its hard to actually work out what they might mean. Avanish Kaushik utilises 3 metrics across his social media channels. They are the same as the ones I posted in my previous blog however they have nice titles that perhaps sum up the metrics in an even easier to understand way:
- Conversation Rate: # of Audience Comments (or Replies) Per Post
- Amplification Rate: # of Shares Per Facebook Post
- Applause Rate: # of Likes Per Facebook Post
Extra tips to measure ROE
- Incorporate web analytics to see where your traffic is coming from and going to (I’ll cover this later)
- Follow up with your customers or fans – offer a survey/poll to get the real voice of the people
Taking it to the next level
You should design Social Media activity that generates engagement, keep the fans interested and try to take them to the next level: super fans! Word of Mouth can make or break a campaign initiative or even brand. You can use ROE to measure how effectively you are building your relationships with your customers and influencers. Trying to understand why people actually interact with your brand is very valuable & helps your company to prioritise its activities.
So you have the measurements in place, its up to you then to determine the value or cost. Here’s just one example: http://www.slideshare.net/wearesocial/wearesocial-tns-bulmers.
Sources & Further Reading