Many businesses use social media as part of their digital marketing strategy. Just like any other marketing efforts, social media strategy also needs measurement. Social media metrics enable you to track the success of your social media efforts. This is important as it helps you see how your social media was successful in driving conversions for your business and impacting your bottom line.
Without tracking these important metrics, you might not understand the value of your social media campaigns and you may not use it to its full potential. These metrics give you insights into your customers, brand awareness, engagement and customer satisfaction. Here are some important social media metrics to help you determine the success of your social media efforts.
Audience Growth Rate
Audience growth rate measures how many new followers a brand has gained on their social media platform over a certain period. It is an important metric to measure as it shows you the increasing brand awareness of your company. If you have a growing list of followers, it would mean that your brand is getting more attention on social media. You can track this metric during any promotional activity, campaign or new launches to measure the success of these efforts.
This metric can be calculated by dividing the number of new followers by total followers and multiplying by 100. This will give you the audience growth rate percentage.
Social Share of Voice
Social share of voice measures how many people are talking about your brand. It can help you see how many audiences are aware about your brand and mention your brand on social media. Along with your own brand, you can also gain insights on what people are talking about your competitors. Using this knowledge, you can make improvements to your own marketing efforts to have an edge over your competitors. Tracking this metric can help you see the success of any ongoing campaigns. Also, you can draw insights by listening to your customers and use it in your marketing efforts.
To calculate social share of voice, you can use analytical tools on platforms like Hootsuite or Sprout Social. This metric can allow you to see how relevant and visible you are to your target audience.
Applause Rate
Applause rate measures the approval actions on your post such as likes or favorites. When your followers like your post it means that the post is useful and relevant to them. This helps you gauge the value of your content. Based on this metric you can find out what type of content or topic is appreciated by your audience. You can make improvements in your future posts based on this metric.
Applause rate can be calculated by dividing total number of approval actions by total number of followers and multiplying it by 100.
Amplification Rate
Amplification rate shows the number of followers who share your post on their social media accounts for their followers to see. If your amplification rate is high it means that your followers are more willing to be associated with your brand.
It can be calculated by dividing the total post shares with the total number of followers and multiplying by 100.
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Conversion Rate
Conversion rate measures the number of visitors who click the link on your post and take the desired action to complete a conversion. This desired action could be anything depending on your business goals like purchasing a product, downloading a piece of content or signing up.
If your posts have a high conversion rate it means that your content is relevant and useful to your followers and it aligns with the promotions or offers that you have promised. Conversion rate percentage is determined by dividing conversions by total clicks and multiply by 100.
Bounce Rate
Bounce rate is the percentage of visitors who click on your post and go to the landing page but exit without taking any action. If your social media bounce rate is low, it means that your post is relevant to the landing page and targeting the right audience.
High bounce rate could be due to a lot of reasons. One of them is that audiences who go to the landing page do not find it relevant to what they were looking for. Make sure to create posts that align with the landing page and have all the correct information. Another reason could be a broken link or poor user experience on the landing page. Use correct URLs in your post and ensure that they are functional. Improving your landing page can reduce bounce rate.
To look at bounce rate, you can use Google Analytics to track the performance of your landing pages.
Click-Through Rate
Click-through rate is how often your followers click on the link in your post. These links could be any other additional information that lead your visitors to a landing page.
This metric can be calculated by dividing the total number of clicks by the total number of impressions and multiplying by 100.
Cost-Per-Click
This metric is useful if you are investing money on social media. The money you spend could be on boosting posts or running social media ads. Cost per click is what you pay when a user clicks on your sponsored content or ad. It can help you determine if you should continue investing or not.
CPC can be calculated by dividing the total ad spend by total measured clicks. This will help you see if your investment is bringing you any positive results or if it was a waste. You can either improve your content or stop investing.
ROI
Measuring the return on investment or ROI is important for all marketing efforts. It determines whether the amount you are spending on certain marketing efforts is bringing in revenue. Calculating ROI can be different for different businesses depending on their goals. If you are investing in social media through sponsored posts or ads, then you need to calculate the ROI.
You can do this by looking at the total revenue gained from your social media campaigns. If it is more than the investment you have made, then you have made a profit. Conversely, if it is less than the investment it means that you are in loss. You can use this insight to further make improvements in your campaigns or opt to limit or stop your investment.
Net Promoter Score
Net Promoter Score or NPS determines the loyalty of your customers to your brand. It measures how likely your customers are to recommend your brand. There are three categories through which you can determine the NPS score:
Promoters: The customers who are highly likely to recommend score 9-10.
Passives: This group likes your brand but are sure if they want to recommend and score 7-8.
Detractors: Customers who will not recommend and score between 0-6.
NPS is calculated by subtracting Detractors from Promoters, then dividing by the total respondents and multiplying by 100.
How much time or money a company is investing in their social media platforms depend on their business goals. In any case, it is always important to measure your metrics. Sometimes businesses may get confused about which metrics to track to measure their social media efforts. These metrics can make it easier for you to understand which metrics you should be tracking. Tracking your progress can help you leverage your social media to its maximum potential and help you get positive results in your future efforts.
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