Let’s Talk Revenue: 4 Ways to Measure B2B Social Media

By November 21, 2016
b2b social media analytics

Trends like Account-Based Marketing and social media segmentation have made it increasingly difficult for marketers and upper management to agree on the right social media metrics that show how social is really moving the needle.

Yet, customers and prospects alike are consuming more information than ever before through social media channels. LinkedIn alone drives more than 50% of all social traffic to B2B blogs and sites, while 42% of users learn about products and services via Twitter. How can we all make sure that we are tracking the right social metrics?

As the ever-changing social media landscape is constantly updating, we wanted to help you navigate the social wilderness to track meaningful social media analytics.

Method #1: Track Action Metrics

When you post a status update on social media, you’re usually hoping for the instant gratification of someone interacting with your content. ‘Action metrics’ are a good gauge of what your audience thinks of your social content. There are obvious action metrics such as Likes, Re-tweets, and Shares that are easy to measure–others aren’t always that obvious.

An essential action metric for any company is link clicks. Much like the old’ ‘tree falls in the woods’ analogy, if your social media post has high reach but zero clicks, does it really make an impact? To get started with measuring your B2B social media clicks, set up Google UTM tracking codes for each link you use on a social media post. By setting parameters like the ‘source’ (social), medium (Facebook, Twitter, etc.) and campaign (Blog, Ebook, etc.)–Google Analytics will be able to tell you how many people are coming to your content via social.

social media analytics - google analytics

Take a look at our Google Analytics for the past two months. By using UTM tracking codes when we post on social, we’re able to see that social media posts from Twitter and LinkedIn were top referring sources for our website traffic! Overall, we discovered that 17% of our website traffic is coming through social posts. This statistic is very important for us as it helps with 2017 budget planning for social and can also show us where to direct our spend.

Method #2: Track Social Media Conversions

Clicks are great, but new leads from social are even better. Many B2B marketers struggle with figuring out if their social posts are actually having an impact on their business. To combat this frustration, we’ve been tracking the social conversions that get passed through our Marketo landing pages.

Essentially, we take our method of adding Google UTM parameters to social links one step further. To determine how many people have downloaded a gated asset like an ebook or white paper, we set up quarterly smart list campaigns for each social channel.

social-media-analytics-marketo

  • First, setup a new campaign folder for each channel. We do this process quarterly. So let’s use ‘Q4 Social Twitter’ as our campaign sample.
  • Next, make a new smart list campaign in your folder to listen for any visits that originate from social. (See the example above.) You’ll want to set your campaign to track any visits that have Twitter in the UTM parameter. Now you’ll be able to see how many people are visiting your gated assets via social!
  • Duplicate the step above once more, except this time you’ll want to set up your campaign to notice when someone fills out a form after they visited from a social media site. (Details below.)

social-media-analytics-marketo

With those two smart lists set up, you’ll be able to see how many people are visiting and downloading content from a social media link. Pretty neat, right? You can then use these social media analytics in your org to see which channel your audience prefers to consume their content on.

Method #3: Track Social Media Funnel Impact

OK, so tracking clicks and conversions is pretty important, but if you want to take your social media tracking to the next level, consider using a tool like BrightFunnel to track funnel impact. What this tool does is integrate your CRM data, in our case Salesforce, to determine which channels and campaigns our prospects are interacting with throughout their buyer’s journey.

track social media funnel impact

Take a look at this sample report BrightFunnel showed in their presentation during our recent Boss Marketer Bootcamp virtual event. It shows you how the platform can track which channels, whether it’s direct mail, email nurturing or social, are impacting your leads and pipeline.

In our Q3 social media results through BrightFunnel, we saw that social media had touched over 70 opportunities and had a very high monetary attribution for multi-touch influence on our pipeline. This helped us understand that social is helping prospects throughout the funnel and that our targeted social media ads were a worthwhile investment. We can even go a step deeper to see what opportunities were sourced by social and where social impacts the buyer journey.

Method #4: Track Social Media Share-of-Voice

Last but not least, we always think it’s an important to keep an eye on how many people are mentioning you on social, as well as your competitors. Convince & Convert has an awesome formula for calculating your social share of voice: “Add up all mentions for the category (you + your competitors), and then divide your mentions by the total to calculate your Share of Voice.”

social media share of voice

Here at EverString, we actually calculate share of voice easily through TrackMaven. Take a look at the example chart above. By utilizing TrackMaven reports, we can see the total number of interactions EverString, its partners and competitors had last quarter. In this example, we decided to look at the total interactions across all brands on Twitter. With 4.1K interactions, EverString’s social share of voice was an amazing 48%!

We hope tracking these social media analytics will help you benchmark your social media success from 2016 so that you can do more with social in 2017. For more detailed social media tracking tips check out A Step-by-Step Guide to Launching Your Account-Based Social Strategy. Happy tracking!

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