Global Journal of Management and Business Research, E: Marketing, Volume 23 Issue 1

A Data-Driven Approach and Framework to Social Media Strategy and Performance Measurement for Brands Shashank Katare Author: Adobe, New York, USA. e-mail: shashank.katare@gmail.com Abstract- The pandemic, rising inflation, and dynamic changes in the market have increased the importance of having a solid and effective omnichannel strategy. Social media channels form a crucial pillar of a brand’s omnichannel strategy and can be used to achieve various business objectives such as acquisition, engagement, brand awareness, etc. This paper highlights the significance of having a well-defined and robust social media strategy. The report will describe the important pillars of a social media strategy and establish the importance of driving brand stickiness, deepening customer relationships, and driving business growth. It presses upon the need for brands to develop clear objectives, align content strategy to customer needs and continuously measure and iterate to optimize the social media strategy. Keywords: social media, strategy, marketing, metrics, measurement, kpis, facebook, instagram, twitter, tiktok, content strategy, content calendar, performance measurement. I. I ntroduction oday, with the ever-evolving digital landscape, social media has become a powerful force for brands to transform their business and accelerate growth. Customers are increasingly active on social media, spend countless hours, and consume tons of content. Therefore, social media channels have become indispensable tools for brands to acquire, engage, convert, and drive loyalty. Let us dive deeper into the key pillars of a social media strategy and measurement and look at critical insights by analyzing some of the leading brand’s social media performance. II. C oncepts Goals Aligned with Business and Marketing Objectives Setting a clear goal is highly crucial for the success of the campaign. Focusing on defining clear goals and a plan to achieve and measure the goals provides the utmost clarity in direction to the teams in executing the strategy. In addition, a brand should take additional steps to make sure that the goals tie back to the overall business and marketing objectives, such as increasing traffic to the site, generating leads, or increasing customer engagement, etc. Following are examples of a few of the metrics mapped to the overall business objectives. Table 1: Social Media Metrics Mapping to Business Objectives Sample Social Media Metrics Sample Business Objectives • Reach (#of users who saw the content) • Impressions (#of times the content was viewed) • Brand/Product Awareness • Acquisition • Customer Engagement • Followers/Mentions/Shares • Brand/Product Awareness • Customer Engagement • Loyalty • Traffic • Customer Engagement • Lead Generation • Acquisition • Conversion • Revenue • Customer Growth • Loyalty • Smart Goals: when setting goals, teams must follow the SMART technique - specific, measurable, attainable, realistic, and time specific goals for easier tracking and measurement. Let’s look at an example SMART goal – “Acquire 200 new email subscribers through a Twitter campaign in 3 months”. T 65 Global Journal of Management and Business Research Volume XXIII Issue I Version I Year 2023 ( )E © 2023 Global Journals a)