How can advisors gauge social media success?
By Maggie Crowley
The social media revolution is under way. Statistics show that half of the entire world uses social media, so you can bet that your target markets are already socially engaged.
From a business standpoint, social media can be defined as an interactive platform from which individuals and communities create and share user-generated content, a social software which mediates human communication.
In March of 2013, 30 percent of advisors reported that compliance is the biggest challenge with social media. Since the SEC’s decision to open the door for advisors using social media, there’s now few excuses for advisors to avoid the networking platforms. Still not convinced social media is right for you? This blog should be pretty convincing.
What should you measure in order to gauge your social media success? I’m glad you asked.
1. Traffic from social media
Begin by looking at which social media sites send the most traffic to your website. From this measurement, you can establish which social sites you should focus your time and resources on.
2. Social media engagement
Applying marketing analytics to your social media is crucial to help you prioritize where to allocate your time. One of the most revealing metrics is how engaged your audience is. Social media engagement indicates how receptive your audience is to the messages you share. This metric is also, arguably, the toughest to measure.
Using a tool like Hootsuite makes it easier, though. Hootsuite is a tool that allows advisors to streamline and automate social media messages. It’s also free. Hootsuite offers free reports that measure engagement indicators like click-through rates and the number of comments and likes your posts receive.
3. Conversion rate
Take it one step further and analyze which social sites offer the highest lead-to-customer rate. Compare your closed-loop data with how engaged your followers are from each social media network.
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