Monday, January 6, 2014

Measuring Success with Social Media

#1: Quantify Your Social Media Listening

#2: Create a Rating System for Your Social Engagement

#3: Add Tons of Value, Then Sell and Measure

You have to define how you want to attribute conversions to different referrers. For example, is it the original referrer (i.e. first touch attribution) because that’s where they first heard about you? Or is it the referrer of the visit where the conversion occurred (i.e. last touch attribution), because that referrer may have somehow convinced them to convert?

You have to deeply understand your business model and campaigns to make these kinds of decisions. Will it give you perfect data? No, of course not. Will there be exceptions? Yes, almost always. But regardless, it will give you an understanding of the impact social is having so that you can make informed future decisions.

While it does vary by business and campaign, here are two quick generalizations that can help simplify the process for you.

First Touch Attribution: Originally Referred by Social

Last Touch Attribution: Conversion Visit Referrer Is Social

Using custom reports, you can even more directly understand the impact social is having on your business. You can build out a report that gives you the exact stats you’re looking for.

For example, we can create a report that shows us each original referrer type with a column showing the average order value for each. This allows us to quickly compare the kind of customers we’re getting from each type of referrer.

Similarly, you could break this down further from “original referrer type” to each referrer host, as shown in the screenshot below. Getting more granular with your data will help you uncover insights that are easy to miss with a higher level view.