As social media marketing continues to mature into it's place in digital marketing, the effectiveness of campaigns are continuing to evolve as well. According to a study done by the Association of National Advertisers, a majority of the brands in their study are now measuring the effectiveness with the following KPIs:
- Daily or Monthly Active Users
- Conversation Volume
- Cost Per Conversation
- Cost Per Sale
What you can see from the graph is that brands are starting to use these metrics, but the question should be what KPIs actually matter? What do "Likes" even do besides become a pseudo scorecard for corporate dinosaurs to compare at the local golf club. And did you notice how ROI is only measured by 23% of the brands? Those same brands probably are measuring "Likes/Retweets" and "Clickthroughs," so what's so hard about measuring ROI? That's really the only number that matters when you measure any kind of digital marketing initiative, right?
Free Buzzsmith Download: The 6 Marketing Metrics Your Boss Actually Cares About
At the end of the day, the only KPIs that matter are going to be the ones that line up with the company goals, whether it be branding, awareness, conversions, sales, retention, etc. If you had to reorder the list above and choose only six metrics for a branding initiative, what would they be and in what order of importance? Here's a nice sales funnel to help you with the basis of your marketing flowchart: