One of the most important aspects of engaging on any social media platform is to develop a thorough understanding of how to effectively measure return on investment (ROI). In fact, how could you possibly demonstrate the effectiveness of any marketing program without clearly measuring ROI? Plain and simply, you can’t. And when it comes to social media, it’s no different. Measuring ROI not only helps healthcare brands and pharmaceutical companies track the impact of their social content, but also enables results to be directly linked to established business goals.
So how do you effectively measure ROI with Twitter? There are many ways – but at HashtagHealth, we’ve devised an extremely clear and straightforward way of interpreting available metrics and analytics so that they clearly ladder up to your business goals. Here’s how we do it:
Step 1: Identify your business goals
For illustrative purposes, let’s assume that you’re launching a new brand, and your primary business goals are to raise awareness and drive product use/uptake. Perfect! Like any healthcare marketing strategy, every initiative should seek to accomplish specific business goals – even your social media activities.
Step 2: Develop your social media strategy based on your business goals
Once business goals have been identified, those goals can be translated to a clear social strategy. Given the aforementioned business goals provided, and assuming a thorough analysis of the market identified Twitter as the premier platform to launch your social activities, social media goals can be set. In this case, we can assume the goals of your Twitter communication might be to, 1: Establish and grow Twitter network; 2: Build influence/Klout through engagement; 3: Drive product use/uptake.
Step 3: Craft social media content that enables you to achieve social strategy and goals
Content creation is of the utmost importance, as is the timing and execution of content. We have a proprietary method of measuring the weight of your business goals against core social messaging strategies to ensure your content enables the achievement of your business/social goals (at HashtagHealth, we call this the Content Matrix). As part of this process, we identify which messages will have a higher likelihood of leading to the achievement of each specific goal. For example, Tweets/posts that contain a direct link to a product savings card, or Website inherently have a higher likelihood to driving direct product use/uptake compared to a Tweet that contains a health tip. In essence, there is a method to the madness.
Step 4: Measure to Assess Return on Investment (ROI)
Once your strategy and content has been set and posted, measuring Twitter analytics to assess ROI is simple. Below is an example of some of the available Twitter analytics that might be used to assess progress towards reaching the aforementioned specific social media goals:
- Establish and Grow Twitter Network
- Followers: Total, New (growth), Audience Stats
- Profile Visits
- Tweet Impressions: Top Tweets, Organic Reach, Paid Reach
- Build Influence/Klout Through Engagement
- Klout Score
- Top Followers
- Content Engagement: Total Engagements, Engagement Rate, Favorites, Retweets, Replies
- Drive Product Use/Sales
- Link Clicks
- [Note: Analytics are typically cross-referenced with Website metrics to confirm follow-through]
Reviewing and comparing these metrics on a monthly basis is a great way to assess progress towards your social media goals, and can be a very intuitive way to share social media progress with internal stakeholders. Furthermore, analyzing the data it is a necessity in effectively adapting your social media approach overtime.
As you may have already noticed, this month we’ve been focused on Twitter. Why, you may ask? Well – truth be told it’s one of the most important social media platforms for any healthcare/pharmaceutical marketer looking to break into the social media world. In fact, Twitter is the most highly valued and leveraged social media platform by the top 15 global pharmaceutical companies, and its' application is ever expanding. For more information on how you can get your healthcare/pharma brand started with Twitter, contact us today.