While some businesses are skyrocketing in success through measuring their Twitter Key Performance Indicators (KPI’s) and adjusting their tactics accordingly, many companies are still struggling with this.
Achieving a good ROI is important to any marketing plan. Set your ROI benchmarks based on your company goals and objectives.
Remember, even though this social media stuff may be new and fun, and you think you need to be on this just because everyone else is – you are using it as a business tool, and you need to set business goals and objectives. It’s vital to be clear about what you are achieving, and how you are measuring success on these tools.
5 ROI’s you can achieve by marketing on Twitter:
- Reach new customers
- Increase engagement through content
- Promote your products and business
- Develop longer lasting relationships with your customers
- Ultimately, generate more leads and sales
To achieve your successes, you need to be measuring Key Performance Indicators, to continually improve your marketing tactics.
7 KPI’s to track when Marketing on Twitter:
- Number of followers
- Follower/ following ratio
- @connects: both @replies and @mentions
- Brand mentions
- URL mentions
- Click through rates
If you are not using a third-party platform, or KPI software, you can easily make a simple spreadsheet to track your KPI’s on a daily, weekly, monthly or quarterly basis.
Note: Twitter does not have an internal analytics system, which generally means using third-party tools – we will discuss third-party analytics tools in the next chapter.
1. Number of followers: This is easy to track. This is the unique number of Twitter users who are following your account. You can track this for you, and for your competitors.
2. Follower/ following ratio: This is a short bit of math, to track how many followers you have over the number you are following. Again, this is easy to track for your business as well as your competitors.
3. Retweets: This is measured on a post by post basis. The more one of your posts is retweeted, the better. If you are noticing a particular type of post or certain content themes that get retweeted more, adjust your strategy to increase those types of tweets.
4. @connects: Count and track both @replies and @mentions.
5. Brand mentions: Keep track of how often your business or product is mentioned on Twitter. To make your life easier, use a third-party platform such as Social Mention. In this example of brand mentions from socialmention, Walmart’s microblogging mentions are analyzed.
6. URL mentions: Like brand or product mentions, track how often your URL is mentioned. Again, use a third-party platform.
7. Click through rates: use tracking codes such as through bit.ly to track, measure and analyze the click through rates of your links, and the link to your website through your Twitter bio.
Always keep in mind that Twitter success is more than just the number of followers you have. It is about engagement, customer interaction, and creating emotional bonds with your clients and products. And ultimately, it is about more customers and more sales.
Check out Wishpond’s Twitter Campaigns to boost your ROI from Twitter using contests and promotions: