Revenue is the ultimate indicator of success for social media marketing for professional services, but depending on your sales cycle, it can be many months before you have closed customers from a social media campaign, making it difficult to measure.
In this I’ll show you the 5 concrete metrics you should be tracking in order to report on your social media performance so that you can make strategic decisions to improve each campaign you run and prove its return on investment.
1) Start to Measure Social Media Networks Together and Separately
Every social media network has its own set of strengths. For example, you may find that Twitter drives the most site traffic, Facebook generates the most leads, and LinkedIn generates less but more qualified leads.Yes, you should absolutely analyze your social media marketing strategy as an aggregate of all social media networks so you can compare it to other campaigns, but then be prepared to break it down network by network. This will let you determine which networks are best helping you meet specific sales and marketing goals and which aren’t making the grade.
2) Track Visit-to-Lead Conversion
Social media helps drive traffic to your site, but traffic doesn’t pay the bills. Track (network by network, and as an aggregate) how many of those visitors convert into leads. Knowing exactly how much of a role social media plays in lead generation will help you meet your monthly lead goal by giving you the historical data to set an educated goal based on how much social media brings in, and what that rate of growth looks like month over month.
3) Track lead-to-customer conversion
Now that you know how many leads you get from each social media network and social media as a whole, make use of closed-loop analytics to see how many leads turned into customers. This insight will help you implement a mature lead scoring system so your sales team can focus time on the leads most likely to close.
When you use closed-loop marketing on social media leads, you can also learn metrics like how much social media customers cost to acquire, and how much they spend with you compared to leads from other campaigns.
4) Score Leads and Monitor the Sales Cycle
Score social media leads and monitor how much time it takes a social media lead to make it through the sales cycle. Not only does scoring leads help your sales team prioritize its time, but this insight will also help inform your lead nurturing program so you can shorten the sales cycle for social media marketing. It also helps you understand how valuable a social media lead is, and where it ranks compared to leads from other campaigns.
Lead scoring for social leads in Hubspot
5) Watch Site Behaviors from Your Social Media Traffic
Social media marketing for professional services will depend heavily on this step. By understanding where social media leads enter, leave, and spend their time on your site, you can see what type of content addresses their specific needs. So before entering those into a lead nurturing queue meant for, say, people in the middle of their buying cycle, you can provide content that addresses their specific problems.
To learn more about how to implement this step, we are offering a free one-to-one Inbound marketing consultation with one of our inbound marketing specialists. Click here to request your consultation where the specialist will do a full assessment of your marketing and social strategy.
Key take-a-ways from this article:
- Tracking all aspects of your marketing is on the only way you’ll know what’s working and what’s not.
- Knowing which social networks your customers are on allows you to focus on those networks.
- Setting up conversion paths with landing pages will boost your social conversion rates.
- Closed-loop reporting will allow you to measure your customer acquisition cost against other marketing channels.