Measuring the Impact of Social Media

Can social media be measured?

Let’s say you have a small business, you’ve invested your time and effort into creating and keeping up to date with social networking sites like Facebook, Twitter, Pinterest, Youtube, and the list goes on.

How do you know these sites are even helping out your business in the first place?

Here’s some ideas (with a little help from the Social Media Examiner).

The unit of popularity for a business on Facebook is pretty straight forward, do you have any fans? Yes, the unit is “fans” and your business can gain fans, as well as lose them. Chose a specific interval of time (for example, every week, two weeks, or month) and check to see how many gains of fans and likes you’re getting. It’s also important to check and see if you’re gaining more fans than usual while¬†offering promotions or any special deals.

Twitter is quite similar to Facebook concerning the concept of measuring fans; however, with Twitter one must measure the unit of “followers”. On a month to month basis, are you gaining followers? You should be! Also, see if any of your tweets are getting retweeted, favorited, or responded to. If they are, this is surely a good sign.

For Youtube, check the amount of viewers, subscribers, and comments. As for blogs, check the amount of views and comments. These numerical values are quite significant, especially if the values are growing, because clearly, the goal is to grow.

While surfing the web I came across this neat, as well as helpful, chart explaining the five categories of social media (exposure, influence, engagement, action/convert, and money). This comes from the site The Social Media Examiner and I highly recommend you to check out the site, as well as the article! As you can see, the more action taken leads to more engagement with possible customers, thus the more influence you have, which ultimately leads to more exposure and profit.

The reliability of these numbers are quite significant. Yes, there are companies that do not take advantage of networking their business through social media and are very successful. However, I can guarantee you that if they did take advantage of it they’d be that much more successful.

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