Running a social media campaign can be quite stressful when you're in charge of everything yourself. Even if you have help and are outsourcing much of the menial work involved, you still have the burden of managing the project and making sure everyone is working on the right tasks. One of the most important yet commonly overlooked aspects of social media marketing is keeping a detailed record of everything that is happening within your campaigns. Oftentimes, marketers and company owners who have opted to do their own social media marketing are so focused on the future that they forget to document what they've already done. To make sure you're basing your next step on the results of the previous one, here are three tips you can use to keep better track of your social media campaigns:
1. Use an Accounting Software to Track Expenses
If you're shelling out ad budget and other expenses all willy-nilly without even sticking to a budget or trying to cut costs, you're probably not only wasting money, but also generating lackluster conversion rates. When you start to view social media marketing from the perspective of how many leads you're able to generate per dollar spent, that's when you can really start to refine your results. Using an accounting software can help you keep itemized records of every marketing expense. Before you rush to buy the first program you can find, you may want to try comparing Xero vs. QuickBooks online to gain a better understanding of the features.
2. Use Analytics Tools to Track Crucial Metrics
This is something that every marketer should already be doing, yet you'd be surprised just how many novices there are who haven't even started analyzing their marketing results within an analytics platform. There are plenty of options to choose from in this department, and you could even start with a free web-based tool to learn the basics. Overall, the main metrics you want to start tracking are conversion rate, click-through rate, daily visits, bounce rate, engagement rate, and total leads generated per week or month.
3. Use Competitive Analysis to Track Market Share and Niche Position
Keeping track of what your competitors are doing is also very important because it gives you an idea of where you rank within your niche and what steps you can take to outdo them going forward. Try to research how many customers, clients, or subscribers they have, as that number can serve as a milestone for you to aspire towards. Knowing where you stand in comparison to the competition is the first step in trying to become a leader in your industry.
Basing Your Efforts on the Past Will Improve Future Results
Like everything else in life, learning from your mistakes and success is the best way to make better decisions going forward when managing a social media marketing campaign. Heed the three tips above and you'll be on the right track towards becoming the most efficient and effective marketer you can be.
