This is the last segment in the Franchise Social Media series leading up to our upcoming Webinar, Franchise Social Media – Beyond the Basics, and addresses the last step in franchisEssentials e-IDEA, Analyze.
Certainly, metrics are important in gauging the effectiveness of any online strategy. And, it’s vitally important to analyze and quantify results on a regular basis. However, the key metrics are actually simpler than that of algorithms, click-through rates, and impressions. It’s what I refer to as a Social Media P&L.
This P&L takes the objectives, expectations and desired results, as established in earlier planning stages, and quantifies them into hard numbers. Then, these numbers are analyzed against actual results. This should be done weekly, monthly and quarterly in order to view development and progression of trends which then creates the opportunity to tweak and revise the plan much like turning a ship at sea. As you know, turning a ship at sea is done in a very slow, deliberate manner as a quick turn could easily capsize the vessel.
Ultimately, the results achieved within the plan must line up with the initial objectives of getting involved in social media in the first place. Therefore, it’s imperative the initial planning stages include specifying desired results and defined numbers. It’s not enough to just say, “We want to increase business and franchise sales.” Well, how much of sales increase? And, where? What particular market(s)? Over what period of time? And, for franchise sales purposes the same holds true but from its’ own unique perspective.
Keep in mind the operational aspect that needs to be considered in the process, and in evaluating plan effectiveness. It’s not uncommon to drive leads to franchise locations and to franchise sales departments, only to result in poor conversion rates. Obviously, the poor results in this situation are not the result of a poor social media plan as much as it stems from a poor sales effort. It is essential to take into consideration all aspects of daily operations, at the appropriate levels of the organization. It’s imperative the information pulled from these various levels be accurate and timely to accurately evaluate potential issues, and to be able to quickly resolve problems.
Erik Qualman, Author of Socialnomics and the person behind the infamous Social Media Revolutions videos states that Social Media ROI is still being in business five years from now. A powerful statement, indeed! But one that I highly value and believe in as social media continues to gain momentum and becomes even more valuable, and essential, than it is today.
Expanding social media beyond its basic elements and utilizing it with specific intent and purpose can prove quite effective in generating multiple benefits at all levels of a franchise organization including increasing traffic at the unit level, creating brand awareness, generating interest in franchise opportunity and improving communications throughout the system. Understanding how social media need to operate in a franchise environment is critical to future success, and a primary reason for referring to it as Franchise Social Media, complete with functionality unique to franchising.
Join us tomorrow, Wednesday, April 20th at 12 PM CDT, for our complimentary webinar, Franchise Social Media – Beyond the Basics.