The number of likes a Facebook post has doesn’t represent units of product sold. Vanity metrics like shares, likes, comments, and views look great on paper. It feels super awesome when your content is consistently growing your network online, but these statistics cannot be directly linked to your ROI.
If I have 10,000 referrers from Instagram to my website each month but only 4,500 from my newsletter, it would seem that Instagram is my most valuable channel. I may even want to put money behind advertising or ramp up my team’s use of the service. I would be incorrect to do that.
Looking at the number of people that converted (ex. filled out a demo request form) is the deciding factor on which channel is most valuable.
Vanity metrics have their importance. Brand awareness, general thought leadership, and share of voice are important as well. They just shouldn’t be used to make informed decisions. Digging down into the vanity metrics is key. In 2017 Business Insider reported that people feel more safe commenting on LinkedIn compared to other social networking sites. They are still the top ranked social media by trust metrics today. That lets me know the comments on my LinkedIn should be valued highly.
Social media and content are at the top of the funnel. As leads progress the funnel into becoming adopters the line from vanity metrics to conversion becomes murky. Was it my post on LinkedIn or the demo from sales that converted the lead into a prospect? Did the prospect convert to a user because of my targeted Facebook ad or was it the account executive following up with the value proposition?
It’s time for cannabis to get serious about marketing, the funnel, and ROI. That means moving beyond the vanity statistics and delving into the growth side of marketing.
Have you done the following:
It can take 3-6 months to start seeing real value from these efforts. Keep plugging along and you will begin to see a lead generation engine forming and valuable data presenting itself.
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