5 Social Media metrics you can’t afford to ignore
When it comes to Social Media performance evaluation, there are a lot of Social Media metrics to analyse
This makes the task of Business owners too complex. There has been so much written about different social media metrics that the core essence is lost in the chaos. But, not any more!
Hi, this is Prem, founder & CEO of Web99, a full-service Digital Marketing agency. As the founder of an IT company, I often get questioned about Social Media Metrics. So I decided to craft a detailed blog on the topic. So if you are confused about what metrics to focus on, I understand your dilemma. But, here I am, to help you cut all the clutter & focus on the core.
In this blog, I will talk about some of the most important Social Media Metrics that you can’t afford to ignore.
What are Social Media Metrics?
Social Media metrics are the use of data to measure the impact of your various Social Media activities. Every Social Media campaign has different goals & hence different metrics are used to analyse each campaign’s impact.
The best way to identify the metrics you should focus on is by fixing your goals. Let’s say your goal for a particular Social Media campaign is to generate more leads. In this case, lead generation becomes your vital Social Media metric.
Why it’s important to track Social Media Metrics?
You have designed a fantastic campaign & spent big bikkies. But how do you measure your campaign’s success? How do you measure your Campaigns impact?
Enter Social Media Metrics. These metrics give a clear picture of whether your strategies are working & more importantly, how much ROI are you generating.
Now that you have understood the importance of Social Media Metrics, it’s time to check out the ones you should never ignore.
5 most crucial Social Media metrics
1. Engagement Rate
This is a pretty big one & therefore, a bit complex to track.
Engagement Rate is how actively your target audience interacts with your Ads, Posts & other visual content. The interaction can be in the form of likes, comments or shares.
Engagement Rate offers you a clear insight into how engaging your content is, how many “active” & “Real” followers you have & how much the audience is aware of your Brand.
2. Brand Awareness
This is a critical factor, especially for Businesses that are new or want to grow their Social Presence. The best way to measure your Brand Awareness is through Reach & Impressions.
These two are the most common factors you’ll hear during Social Media Marketing discussions.
Reach is the number of unique viewers of your Post & Impressions is the number of times your Post was visible on someone’s timeline.
Impressions & Reach helps you understand the visibility of your Post & how your ad spending is being utilised.
But just having significant numbers of Impression & Reach won’t get you anywhere. To determine whether you are getting the desired result, you’ll have to fuse Brand Awareness metrics with Engagement metrics.
3. Return on Investment (ROI)
This is the most important metric, especially for e-commerce platforms & businesses that depend on Social Media to acquire clients. The right to measure ROI is through CTR (Click-through Rate), Social Referrals & Conversions.
CTR is the ratio of the “number of times the ad was clicked” to “the number of impressions” you get. CTR gives you a clear idea of how effective your ad is.
Referrals refer to the way a visitor lands at your website. This will help you understand from which source you are getting maximum traffic.
Conversions refer to the number of visitors converted into several customers.
4. Share of Voice
Share of Voice compares your Conversation about your Brand in the market as compared to your Competitor. I’ll make it simple for you. Let’s say your Brand offers “Home Decor” products. There are 100 posts about “Home Decor” in the market. How many of these posts are talking about your Brand?
The more your Share of Voice is the more leverage your Brand commands in the market.
5. Customer Care
This is a metric that a lot of Businesses ignore. They don’t understand that Social Media is not just about marketing or advertising. It’s the most convenient way for you to understand your customer’s problem & offer the solution.
You can measure this metric by analysing your Response Rate & Response Time. A Higher Response rate & minimal Response time means you care for your customers. This will help you build a loyal customer base that will act as your Brand’s advocate.
Apart from the metrics mentioned above, there are a lot more of them that you can use to analyse your Social Media campaigns. But, tracking them all requires a dedicated infrastructure & a team of Social Media experts.
So if you have a budget & want to leverage the maximum potential of Social Media metrics, it’s better to for a top-rated Digital Marketing agency in Australia.
Or you can focus on the top 5 metrics mentioned above & grow your Business using Social Media.
I hope you find this helpful guide in your quest to grow your Business on Social Media.
If you feel stuck at any point, Me and My team are available to help you out.
Feel free to reach us.