Though there is a metric to measure almost anything, the goal is to avoid analysis paralysis. As marketers, we want to focus on what is critical to our success and measure only those things. By tracking those metrics over time, we can see if we have moved the needle closer to our goal or not.
There are various programs out there claiming to have robust Twitter metrics, like the ones featured below. However, we fail to see how these apply to anything. They don’t tie into anything specific.
Tied Back to Goals
Critical success factors can generally be classified under three questions:
• Does it build revenue?
• Does it improve efficiency/reduce costs?
• Does it build brand loyalty?
Ask yourself why you tweet. Because all of your metrics need to tie back somehow to one of those overarching goals above. Otherwise, you will end up like these guys… Looking forward to Flutter Eyes, for sure.
For the rest of us that are trying to get real value out of Twitter, it’s time to incorporate Twitter analytics. Twitter analytics takes the existing tools and uses them to track metrics that are tied back to your marketing goals.
Last time I listed several ways businesses are using Twitter. This post is going to create measurable metrics for those as much as possible.
Drive targeted website traffic
o Tweet Conversion Ratio = # Site Visits from Twitter / # of Twitter Followers (or new Twitter followers)
Build brand loyalty and buzz
o Twitter Friends = # of Twitter Followers over time (watch for upward trends)
o Retweet Ratio = # of Retweets / Total Tweets in a given period of time
Obtain opinion data from a diverse group, perform simple market research
o Reply Ratio = # Replies / Total Tweets in a given period of time
Direct people’s attention to good information or valuable content
o Clickthrough Ratio = (# Clickthroughs per link) / Total Tweets with Links
Track memes and trends
o # of Tweets in given period vs. Google Trends graph of specific subject/topic
Gather competitive intelligence
o Competitive Intelligence Ratio = # of Tweets about Competitors / Total Tweets about Industry
e.g. The number of mentions Avinash gets vs. Omniture vs. web analytics in general
Manage customer service, create a brand index
o (Positive Tweets – Negative Tweets) / Total Tweets
Create a tribe
o # of New Followers per Tweet
Each of these ratios will give you a percentage. The higher the percentage, the better. If percentages are low, it’s time to experiment and try something new. Perhaps posting more frequently, or maybe less frequently, or adjusting the content you share, or the way you present information, will help you improve your ratios.
Try some of these and let us know what you think. Do they work for you? Would you like to see other metrics developed? Do you have other metrics to contribute? We want your thoughts.
We’ll have more on these metrics tomorrow and more on the tools to track and visualize twitter analytics later this week.