A Comprehensive Guide to Social Media Marketing Metrics
People have used social media to make new friends, but nowadays, it is being used to learn different subjects and explore businesses as well.
Do you promote your business on social media? If you do not, then it is high time to take help from social media marketing services to build marketing strategies. Such service providers also help to understand how your business is functioning, how audiences perceive it, and how you can make it better.
All of this can be done by tracking and analysing social media metrics.
They are the performance indicators that represent how your brand’s social media strategies are performing.
They also provide understanding of how many people view your business posts to how much money you make and everything in between.
They allow you to make information-driven decisions and improvements.
However, lengthy sheets of numbers, charts, and explanations are boring. Hence, representing them through social media maps is beneficial.
What is a social media metrics map?
A social media metrics map gives an overview of business goals, buyer’s journey, and other key performance indicators.
It is a visual representation of data that allows easy tracking and understanding of what works and does not.
Why is monitoring social media metrics essential?
Where will you end up if you do not know where you are going? – Anywhere or maybe nowhere.
Similarly, you will never know where you and your business are going if you do not track social media metrics. Moreover, you will also never know if you are making the right improvement decisions or not.
So, it is essential to hire a social media agency in London and track the right key performance indicators.
List of important social media metrics to track
Brand awareness metrics
Reach is just the comprehensive number of viewers of your content. You can monitor the average reach or the reach of every post.
The primary goal of checking the reach is to see how many followers and non-followers have seen your post. If the figure of non-followers is greater, your post is doing well and visible to a larger audience.
It states how many TIMES the audience saw your post. So, if the figure of your impressions is substantially higher than your reach, then your content is performing well.
- The growth rate of the audience
The audience growth rate is the quantity of new followers your brand gains in a certain period. It measures new followers as the total spectators percentage and represents the growth rate.
Initially, 10 to 100 new monthly followers represents a favourable growth rate. However, you will need more new followers to keep the power after your business and followers are set up.
- Social share of voice
SSoV monitors how many people mention your brand. They either mention directly by tagging your business or indirectly by mentioning it.
- Engagement rate
On the contrary to people seeing your content, engagement rate measures the number of shares, comments, likes, and saves.
You can calculate engagement by:
- Daily engagement rate
- Virality rate
It measures how many shares your content has got as a percentage of impressions.
- Amplification rate
As per Avinash Kaushik from Google, amplification is how many times your followers share your content across their network. So, when more followers are sharing your content and extending your reach, the amplification rate is higher.
Customer experience metrics
- Customer satisfaction score
It measures how happy and satisfied people are with your services or products. You can measure by asking people to rate their experience.
Hire a social media agency in London to conduct a successful survey of people’s satisfaction with your business.
- Net promoter score
This metric measures customer loyalty. For this, you can ask your customers – “Will you recommend our products to a friend?” Its success depends on how customers beat the drum for your brand.
In addition, you can put customers into three groups:
- Critic: 0-6 score
- Passive: 7-8 score
- Promoters: 9-10 score
Now, subtract the number of critics from promoters to calculate NPS.
Return on investment (ROI) metrics
- Cost per click
Cost per click is the sum of money you spend for every person’s click on your social ad. Consider all the capital you have spent on social media campaigns and divide it by the number of conversions.
This will tell you if you can spare to spend more or less money to attract visitors.
- Click-through rate
When people click on the link you provide to gain additional information, it is said to be the click-through rate. The additional link in your content can lead anywhere from a blog post or store to a CTA page.
To boost your click-through rate, take help from a renowned social media marketing services provider.
- Conversion rate
It calculates how many times your social media content leads visitors and turns them into customers. The conversion event can be anything like subscription, download, or buy.
This is one of the most prioritised and important metrics that businesses care for. However, often they are mistaken to consider conversion as the only metric they need to check.
Additional metrics to consider during social media marketing
- Video views
Compared to text and image content, social video generates 1200% more shares. The statistics suggest how much the audience prefers video content.
So, if you are not producing videos, it is time you do.
Each social media platform has different criteria for counting a ‘view.’ But, generally, a few seconds of a watch is considered a ‘view.’
- Video completion rate
This metric indicates how many times people watch your videos till the end. It is one of the important social media metrics, and businesses should focus on improving it.
Social media marketing is proven to show significant results if done correctly. So, to empower and boost your social media presence, hire the best graphic design agency in London.
However, you will never know where and what to improve unless you measure how your campaigns work. Hence, you can use tools to track the metrics mentioned above and gain insights into your marketing performance.