To measure your social media marketing you do it in a similar way in which you analyze all your marketing strategies.
Measuring your firms reach is one of the most important first steps in this process. Reach is how many people are exposed to your account/advertisement. How many followers your Twitter and Instagram have and how many likes on a Facebook page your firm has are great measurements of how much exposure you social media marketing is receiving.
Next, you must look at the level of interaction from people who were reached. Social media marketing can be highly interactive, which in turn can increase your reach. You can measure this by the amount of clicks, shares, likes, reposts etc. These are easily measured and can be done by someone fairly inexperienced.
Most importantly you must look at your conversion rate. Your conversion rate is dependent on your original marketing goal…why are you advertising? Your call to action can be increasing visits to a store front or website, increase sales, or even increase brand awareness. It is all dependent on the firm and what they need to better their business. Google Analytics is a free tool to help you analyze your conversion rate, but there are many others out there too.
Just like any other type of marketing it is important to realize that this is a great way to advertise, but it’s also extremely easy to lose a lot of money and time. As long as you keep up on your reach, interaction, and conversion you should have no issues creating a cost effective social media campaign.