This week I was invited to speak to Marketing students at Manchester Metropolitan University as a guest lecturer for their Marketing Metrics course, in final year. I gave the students a whistle-stop tour of key social media marketing metrics and how we apply them here at the Co-op.
But, first thing’s first, I dispelled any misconceptions that ReTweets and Likes were the be all and end all of marketing metrics available to social marketeers. They’re a useful content KPI, yes, and certainly have their place, but there is a wealth of metrics available to us when analysing social as a marketing discipline.
As a means of helping the students understand social marketing for corporate business, I demonstrated a framework those at the Co-op have heard me mention before, the 3 Cs of social media (read about this here), which succinctly outlines the way we segment varying social disciplines and subsequently measure success in those areas.
So, what are these metrics?
- Conversation volume
- Conversation sentiment
- Response rates and times – particularly key with our regulated businesses
- Demographics analysis – gender, profession and age
- Location – even when only 2% geo-tag their social, the macro view is still useful
- Referral and CTR
- Ad impressions
- Engagement rates – as well as industry benchmarks provided by the networks
As well as this, I did still mention social actions like ReTweets and shares. I also touched on Influencers, as a means of assessing the viability and opportunity within a community conversation, but stressed that influencer outreach can include a whole scope of other metrics like influencer score and those outside of social, such as domain authority – I could spend an hour on Influencers alone!
Before we closed, I introduced two gentlemen by way of their Google Doodle, Mr George Boole and Albert Einstein. Boole because he founded Boolean, a means by which social marketeers can source social intelligence. I urged the students to familiarize themselves with Boolean operators, as it could be their differentiator when applying for roles in social and digital marketing.
Einstein got the closing line because he (may have, the jury’s out) once said: “not everything that counts can be counted, and not everything that can be counted counts,” reminding us that it’s our job as marketeers to choose the right measurement metrics for our activity to help reiterate the power of social for delivering business benefit.
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