Social media is a very powerful tool if used and tracked properly. Whether you are on Linkedin, Facebook, Instagram, or Twitter they can all help your marketplace gain a competitive edge. In a world where social media can make a video go viral overnight, shows the impact it can have on a business. With the right content and audience, your marketplace can take the right strides to becoming a big player in the industry. But let’s take a step back first. You will need to track and understand the metrics your social accounts are giving you in order to create a winning strategy. Let’s dive in and check out the top 4 metrics you need to track.
1. Steady Growth Rate.
Growth is something that should be on the minds of every business. Whether you are just starting out or a well-established, there is always room for growth. How are you managing your social media channels to maintain an upward growth? Let’s face it unless you are a big company like Apple or Microsoft, you can not just set up your social accounts and instantly get thousands of followers. Those big companies have worked many years to get where they are and with a new marketplace, you have to start somewhere.
How many fans or followers do you have? This should be your current benchmark in working towards growth. For example, if you have 100 followers the moment you want to work on gaining 100 + an X amount more in a set period of time and doing so repeatedly. This will help keep growing your account and not being stagnant on where you are. Your social media strategy will play a big part on how you will be able to achieve those numbers.
2. Growth Of Your Competitors.
It’s not only important to achieve growth in your own marketplace but keeping tabs on your competition as well. If you think you are the first one in your industry, more than likely there is someone else doing it already. Conduct your research to figure out who they are, what they are doing, and how they are doing it. A simple Google search with the right keywords can get you all the information you are looking for.
Once you have established your top competitors, add them to all your social media channels, CRM, and any other tools you may be used to keep track. It’s important to see their progress to help align with how your marketplace is doing as well. Start a spreadsheet with your social media numbers along with your competitors and mark today’s date. Fill this out every month to see how the growth is coming along and review the strategies. What are they doing differently or what are you doing differently? Compare the results and this can help you refine your growth marketing strategy.
3. Habit Of Tracking Engagement.
While it looks great if you have a big following on your social accounts, it means nothing if there is no engagement. What kind of strategy do you have in place to engage with your followers and those who are leaving comments on your pages? The best thing you can do to help your channels grow is to be interactive. Don’t just start following a ton of people because they are using keywords in your industry and forget about them. If you are going that route, be the one to reach out and leave a lasting impression. Interact with your audience by asking them a question about their profile or what they are currently doing. The easiest way to lose a fan or follower is to pitch them a sales offer.
Hire a few interns to do the dirty work for your team by getting active on social media. Train them to monitor, like, retweet, share, and any other way to boost your footprint. Get others to join in on the conversation and build the buzz. As a new marketplace, this is key to gaining some traction in the market. While your numbers may not be through the roof right away, keep track of it. See how you were doing last month and how or if you have improved. You’ll have months that are better than others but with consistency and transparency, the results will come.
4. Sharing Content.
Let’s start with your content marketing strategy. How will you go about sharing content and from what point of view will it be? Are you looking to come from an educational, promotional, or just strictly passing on information? Whichever stance you take, ensure you have enough content that is pushed out on a consistent basis. If you are looking to make a big splash in the industry, updating once a week won’t cut it. Updating (depending on the platform) multiple times a day is a must in order to trigger engagement with your audience. Even a simple comment or retweet can spark a conversation.
Keep an eye on how much content and when you are publishing it. With marketing, it’s not always about what but WHEN you post it. If it hits your target audience at the right time and place, someone who was at the beginning of their buyer’s journey 3 months ago, may very well be ready today. That same email they were sent at the time may have been ignored but have a stronger impact today.
Any successful social media account is one that is engaging, interactive, and more importantly sharing information. Do your channels include any of those? From a business perspective, it’s very difficult to build a following or establish thought leadership if you are not sharing content. Whether they are articles written by yourself or other influencers in the industry, don’t be shy to share it. Writers love it when their articles are shared (if given the proper credit). This can help you build a relationship with specific writers and members of your community.
Do you have any other social media metrics we should be watching out for? Give us a shout on social media and let us know.