If you have a website, you’re probably already connected to social media sites and if you are not, you should be!! The next most important thing after having a social media presence is to track the success of that presence and to find out exactly what it is bringing you in terms of traffic and revenue. Claudia Bruemmer of Top Ten Wholesale teaches us what we need to know about tracking social media using Google Analytics in the following article.
Tracking Social Media Campaigns with Google Analytics
Now that social media is so popular, with sites like Facebook, Twitter and YouTube leading the way, many wholesalers and retailers are using social media marketing tactics to drive traffic and conversions resulting in a better ROI. But how many of you are tracking your results for effectiveness? If your site has been up for a while, you can use your Google Analytics (GA) data to identify key metrics to monitor your campaign for efficacy.
Your historical data can help you identify the best targets for your social media efforts. First, you need to identify key metrics to track in your social media campaigns. Then, set up benchmarks with custom reports. Lastly, you derive benchmarks for key metrics to be measured in your social media campaigns. You can later compare your social media campaign traffic and revenue to that received from other search marketing campaigns, directory listings, etc.
Identify Key Metrics. Select a time period when your site was generating a lot of revenue. This will serve as your base period to measure campaign results against. Then select some meaningful metrics that are relevant to your business success. For instance, if you select “number of site visits” and “revenue,” you can correlate the number of visits required to reach a specific daily revenue goal.
Set Benchmarks with Custom Reports. To set benchmarks, you can overlay chosen metric graphs in GA. Depending on the metrics previously selected (number of site visits and revenue), you can use the ‘Compare two metrics’ option in Google Analytics. When you select that option, GA allows you to overlay six basic metrics (visits, pageviews, pages/visit, avg. time on site, bounce rate and % new visits. Since you can’t overlay “visits” against “revenue,” you can create a custom report, which is easy to set up. In your custom report, you can add other dimensions if you wish (source, keyword, product, etc.).
Deriving Benchmarks for Site Visits and Revenue. Your Custom Report on Visits and Revenue can help you decide on the approximate daily revenue and number of visitors required to meet your future campaign goals based on your previous benchmark period. Let’s say your lowest revenue during that period was $200 a day with 65 visits. Google Analytics will show that dollar amount on a specific date with the number of visits to make that revenue. So you can establish $200 as your minimum acceptable daily revenue. Then look for a high figure on another date during the benchmark period. Say you made $450 on another specific date and had 90 visitors. This gives you the revenue and number of visits you want to achieve or exceed in your future social media campaign.
By looking at the stats during your benchmark period, you identified the maximum and minimum number of visitors that produced revenue highs and lows, allowing you to deduce that the number of visitors required to achieve specific revenue goals.
Low: 65 visitors – $200/day – lower end minimum acceptable revenue benchmark
High: 90 visitors – $450/day – higher end of revenue benchmark (number you would seek to achieve or exceed in social media campaign)
The above example was very simple. Wholesalers can conduct more complex analyses in Google Analytics or with GA apps that simplify the tasks. For instance, Unilyzer (http://www.unilyzer.com/) collects, stores, trends and presents web traffic from GA and stats from Twitter, YouTube, Facebook and Digg. You can also enable fanpage tracking if you establish fanpage profiles in GA. Unilyzer compares metrics for traffic from social media channels to traffic from all sources (organic, paid search, etc.) and compares metrics for each social media network so you can determine where your best traffic is coming from and focus your efforts there for the best ROI. You can get a 7-day free trial without a credit card. Pricing is $7/month for Unilizer Lite, $24/month Unilizer Pro and $49/month Unilizer Premium.