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There’s always a big debate whether or not Social Media and/or Public Relations is effective… especially when it comes to generating new sales for your business. Our take is if Social Media and PR can develop your brand and build awareness about your business, then it’s also a very effective sales tool. But in order to determine how effective it is, you have to track the metrics as you’re using it.
Whether you have an internal marketing team, have hired external help or are doing it by yourself, below are the four types of media your business needs to know about!
- Paid Media
Paid media use to manages by ad agencies only. The days of Mad Men are gone. Today, small business owners have a huge opportunity to be able to take it on themselves. With growth into digital, small business owners have been able to reach their customers online, compared to traditional means like TV and print.
- Earned Media
Earned media got its name because you gain results from the relationships you earn with influencers (journalists, reports, and bloggers). To measure the effectiveness of your earned media program, consider the following two metrics:
- Web performance. Pay attention to how much new traffic a specific story, blog post, or social mention brings you. Is it qualified traffic? Do they visit other pages once they get there? How much time are they spending on your website? Is the bounce rate low? All these things will tell you how valuable that third-party influencer is to your campaign (and will help you decide to use them in the future).
- New audiences. It’s the job of marketing, public relations, and advertising to build those new audiences and loyal brand ambassadors. You can track your new audiences through the number of unique visitors to your website. Once your audience value is quantified, you can compute the ROI of your marketing and public relations in real dollars and cents.
- Shared Media
You have 5,000 followers. Great. Do those 5,000 followers generate business for you? Unless your goal is simply to garnish a larger following, then sure. But results should not be based on followings. The following two PR metrics, which you should measure:
- Social media advertising. Advertising on social platforms, specifically Facebook and Twitter, can help you get real numbers and metrics you can use to determine if the campaign is reaching it’s goals. Is your campaign driving traffic to your website? Is it turning into more sales? Social Media advertising will give you their own metrics, but also look into your website analytics to get the full picture.
- Unique content. This means unique URLs, landing pages, coupons, discount codes, and even phone numbers. The only place these unique URLs should be used is in social media to track pages and specific campaigns. This allows you to easily point to the success of one tactic or marketing platform.
- Owned Media
Owned media is your content that lives on your website, blog, and emails. The best thing about owned media is it completely integrates with the other three media types listed above. You can’t have owned media without paid media (increased reach), earned media (increased awareness), and shared media (increased distribution). Think about measuring these metrics:
- Social media shares. Social shares matter because they provide social proof. The more shares your content gets, not only does it help get your brand out there, but it allows people to view you as the expert in the industry.
- Sales. For small businesses, it’s pretty easy to track sales from your owned media. It’s also easy to ask people to tell you how they found you to follow their journey backward to see which buying process they used to make that purchase. By tracking these numbers, you can determine where the majority of your new revenue begins.
As you get familiar at measuring and analyzing these basic metrics, you’ll find that you can determine what effect your marketing and communication efforts are having on sales. Learn to tweak them as you move along to improve your results. If you have any questions on any of the four medias, contact us today.