Four of the Most Useless Social Media Metrics to Avoid
Social media is no doubt filled with big egos and empty metrics. While I am a huge fan of social media metrics analytics, I find it somewhat frustrating with those who tout pointless social media metrics to measure.
With social media, it is important to know what social media metrics matter and which ones don’t. I am not saying that you should completely dismiss the metrics I discuss below, but you should take them lightly and understand how they impact the overall picture.
Let’s take a look at 4 of some of the most overrated social media metrics and what you should focus on instead.
I might as well start this list of with the most pointless social metrics of them all. Klout “measures” a users social influence and determines a score that falls within the range 1-100.
The higher the Klout Score, the more influence a person is said to have. While I understand the concept, unfortunately it is rather easy to influence/inflate Klout Scores. Therefore, I just can’t justify Klout as being a social media metric to give much credibility to. I will say, that I have enjoyed a few nice perks from Klout due to my Klout Score.
2. Number of Social Shares
Twitter Retweets, Facebook Likes/Shares, LinkedIn Shares, Pinterest Pins, etc. are not the social metrics you need to be focusing on. Sure, it means someone is sharing your content and increasing your brand visibility. But are those shares driving traffic to your website? Maybe a little.
I bet if you looked at the number of social shares for each channel and compared it to your Google Analytics data, chances are that the shares far outweigh the number of visits from that source. A large number of people share a link without actually reading it.
Therefore, concentrating on social shares is somewhat misleading if you are looking to social channels for traffic generation. You should be focusing on the number of visits referred to your site through a social channel instead.
3. Traffic From Social Media
While this definitely conflicts with the advice I recommend above, I think it is something that should also be looked at a little closer.
Not all traffic is created equal. In fact, of the website visitors you get from social media, do they visit more than one page of your website? Do they subscribe to your RSS or signup for your newsletter? Do they submit a contact form?
Basically, do they do anything that will ultimately increase your bottom line?
To really know, I would recommend tying Google Analytics goals to social media traffic to fully understand the value of the traffic and results of your efforts.
4. Number of Followers, Fans, Etc.
There is no denying that social media is a numbers game. The larger your follower base, the more people you can potentially reach. However, to really grow these numbers it takes time if you are doing it right. Even when you try to do things right, your profiles can fall victim to fake social media accounts.
Not only do you have to worry about fake social profiles, but what happens when one of the social sites you spent so much time on has become the next Myspace?
The social vanity metric you spent so much time on growing is now irrelevant. A better approach than measuring the total number of fans would be to attribute meaningful goals achieved as a result of your social audience. For example, track the number of newsletter signups or users who downloaded a guide that occurred from a social channel. These type of actions have more of an impact on your bottom line since they are showing signs/interest in what you offer and are ultimately moving further down your sales funnel.
Social Media Metrics Are Important
There is no doubt that social media metrics are important. You definitely need to measure the results of your initiatives. However, you need to be sure that you are measuring social media metrics that matter.
For example: You had 100 new Facebook Fans this month?
So what? Did they engage with your posts? Click through and visit your site?
You had a tweet that was retweeted 1000 times?
How much traffic did it result in and did that traffic convert a goal on your website?
While the 4 social media metrics listed above might seem pointless at a high level, you can see by digging deeper into each one of them you can find meaningful data to track. Data that means something. Data that helps your business focus on social media lead generation. Ultimately, data that can show an impact on your bottom line.
What Social Media Metrics Do You Focus On?
When measuring the success (or failures) of your social media initiatives, what are the core metrics that you focus on? What metrics do you wish you had more insight on? What do you find difficult to measure?
Advisors: How to Prepare Before Calling an Agency
Written by: Rachel Aelion-Moss
You’ve read my other posts:
Or are you?
I’m amazed how many prospects contact an agency without any advance preparation whatsoever. It’s not just that they don’t know what services the agency offers. The real issue is, they can’t even explain why they’re calling in the first place.
You might be raising an eyebrow at my suggestion that you actually need to prepare before calling a vendor. Don’t. I want to help you maximize your time, and potential investment.
Here’s why: The best way to use a vendor’s time during an initial call is to conduct a mini-discovery session. At FiComm, we will ask: What is your vision for your business? How do your services address your market’s needs? Where are you headed as a company? What will get you to the next level? What marketing obstacles do you face? That information shapes our remarks, ensuring that everything we say will be directly relevant to you.
Many advisors find those initial conversations enormously valuable in their own right. They help clarify their thinking. But others feel put on the spot. They freeze. They respond in standard brochure-speak: “We were founded in 1984, we have four advisors, we serve 200 households with an average account size of $400,000.”
Or they say, “We were hoping you would tell us the answers to those questions.”
Well, that’s helpful.
Imagine you’re meeting a potential wealth management client for the first time. They have $700,000 in a brokerage account, $400,000 in a retirement account, two kids, a dog and a house in L.A. Great. You start by asking their goals for themselves, their money, and their family.
Puzzled, they tilt their heads and say, “We were hoping you would tell us.”
See what I mean? How can you possibly come up with a solution for clients who can’t even articulate their goals, or speak to their financial pain points?
The same is true for us vendors. Before we can help you, we need to know where your business is going and how you think marketing can help you get there. The answers don’t have to be “right” (and we’ll help you get there), but it you come prepared to participate, our conversations can be very fruitful. If you don’t—well, it’s hard to deliver value for you. We know we’ll constantly have to prove ourselves and remind you why you hired us.
“But, Megan,” some advisors say, “we’re not ready for that. We’re just trying to understand the basics. How will we learn if you don’t tell us?”
If you’re calling an agency just to get a general marketing education, then that’s what you’ll get—general information, most of it irrelevant to you, and lacking the specifics you’re really looking for.
So, don’t call an agency to be your marketing tutor. Instead, read. Advisors have never had better access to self-help insights and information—through trade pubs, custodian relationships, blogs, podcasts, other advisors and industry pundits. Be curious. Be inquisitive. If you hear something on a podcast that intrigues you, follow the host back to LinkedIn. Read what they write there. Email your questions. Attend a webinar. Be an active participant at industry events.
At some point, you’ll understand the basics. You’ll have identified your own issues. And narrowed down your questions. Then, finally, you’ll be ready to call an agency.
Instead of saying, “Tell us what we need,” you’ll say, “We need help with this.“
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