Click here to get this post in PDF
With over four billion people using social media worldwide, chances are you’re already leveraging social media marketing to grow your business. But how do you know that your social media strategy is helping you achieve your business goals? The simple answer is social media metrics.
The basic rule here is: if you can’t measure it, you can’t improve it. How would you know if you’re making smart social media marketing decisions if you don’t track performance?
Here we tell you about social media metrics you shouldn’t ignore if you’re serious about improving your social media marketing strategy.
Audience Growth Rate
This is one of the most crucial social media KPIs. It will tell you whether your followers are trending up or leaving you.
To measure this rate, you should start by choosing a reporting period. Then, you calculate the number of followers you gain over that particular period. You will then divide your new followers by the total number and multiply the result by 100.
This social media metric would be interesting if your goal is to increase your social media following. Consistent growth over several weeks will justify your efforts to grow your social media followers.
The metric will help you determine your fast-growing social media profiles and pay more attention to them. You’ll also avoid slaving away on profiles with a stagnant audience growth rate.
Rate of Social Media Engagement
This metric will help you determine how actively your audience engages or interacts with your marketing content. You should be looking at the number of comments, likes, shares, click-throughs, retweets, and reactions that your content receives relative to the size of your audience.
Having a large social media following would be useless if the audience doesn’t interact with your content. To measure the engagement rate, you divide the total engagements by the total number of followers. You then multiply the results by 100.
Focusing on one metric might not give you the context you need to judge the effectiveness of your social media marketing strategy. However, it can help you become more agile in social media marketing.
For example, if you’re interested in more likes, tracking this individual metric will help you determine the best strategy to increase the number of likes on your posts. You can consider services like stormlikes.com to help you grow your likes on Instagram.
The conversion rate will tell you how many of your website’s visitors take the desired action. The action will differ depending on what your business is offering. It could involve downloading your eBook, clicking on your podcast, or subscribing to your newsletter.
The social media conversion rate will tell you whether your content piques your audience’s interest. You should begin by making your call to action clear. You should then identify the number of clicks and conversions on your page.
To get the conversion rate, you’ll divide the number of conversions by the total number of clicks and multiply it by 100. Your conversion rate may be low even with high traffic on your page. So, you’ll use this metric as the starting point for strategies geared towards converting more of your page visitors.
Social Share of Voice
This social media metric will help you determine how many people are having conversations about your products or brand. The data will tell you how your brand’s visibility is on social media. You can use the numbers to determine whether it’s necessary to revamp your social strategy.
To calculate your share of voice on social media, you’ll need data on the mentions you get across social networks. You can get this data from your social media analytics tools. The next step is to add all the industry’s mentions, including yours and your competitors’.
You’ll get the share of voice by dividing your brand mentions by the total number of mentions in the industry. Next, multiply the results by 100 to get the percentage share of voice.
Customer Response Rate
If you’re keeping an eye on the trends in the marketing industry, you’ve probably noticed that one of the hot trends is giving customers a world-class experience. One way of giving your customers a fantastic experience is by engaging them via social media. This means answering their questions and replying to the reviews or comments they leave about your business.
The customer response rate will help you check how well you’re interacting with your customers. To calculate this metric, you’ll divide the number of your responses to your customers or followers by the total number of followers who engage with your business. You should then multiply by 100 to get the percentage.
Social Media Impressions
This metric will help you measure the number of social media users who come across your content.
When curating killer content, your goal is to have many people come across it and see the message you’re communicating. The metric of social media impressions will help you determine whether your content marketing strategy meets this goal.
Data on impressions will give you valuable insight into your ad’s potential reach. The impressions will also show you how your content resonates with your social media audience across various platforms.
Each of your social media platforms will measure impressions differently. For example, if you’re using Twitter, the number of users who see your tweet will be your impressions. On Facebook, an impression will include the number of times people see your ad on their screens.
This is a crucial metric if you’re investing in social media marketing. CPC refers to the amount you pay every time a follower clicks on your sponsored posts on social media. The cost will tell you whether it is worth continuing to invest in paid social media ads.
You’ll get the CPC by dividing the money you spend on social media ads by the total number of clicks on the ad.
Begin Tracking Key Social Media Metrics to Improve Your Marketing
Social media marketing is one of the most innovative marketing techniques at your disposal. To be successful in this marketing strategy, you’ll need to track the crucial social media metrics.
We’ve informed you about several metrics that will give you a complete insight into your performance on social platforms. As the marketing industry changes, you can explore other metrics that resonate with your business.
Check out the rest of the blog for more informative articles.
You may also like: Why Your Startup Needs Social Media Marketing Strategy