Social Media is an essential part of every marketing strategy. These days, around 4.62 million people use social media, which is 58.4% of the total population. Apart from this, people spend about 2.5 hours on social media. So, you can’t ignore such big numbers. It is the reason around 71% of businesses use Social Media for marketing. You need to track the performance of social media campaigns.
Now the question comes, are you tracking the accurate social media marketing metrics? To make things simple, we have created a list of the essential social media marketing metrics that every social media marketing company must pay attention to.
Let’s dive in:
Conversion rate
The conversion occurs on social media platforms when any follower takes an action you have provoked them to take. It might be sign up for the newsletter or visit your website. A conversion rate is a frequency at which you strongly convince your fans to take action or to convert them.
It is an essential social media marketing metrics to track as the organic social media content lies at the top of your marketing funnel: you use videos and posts to make people familiarize themselves and attract them. So, if you post good content, the audience will move down the funnel to visit your website and subscribe to your email newsletters, and eventually, they become your customers.
If you want to improve the conversions, you may consider the following:
- Make an Instagram shop that connects to your website.
- Always add a compelling CTA at the end of your post. It encourages the reader to click on the link mentioned in the bio.
- Use link-out options like Swipe Up or Stickers( If you have 10,000+ followers)
- Add a link in your bio to redirect a page to your website. It increases the chance of converting your follower into a customer.
Likes and Comments
Most probably, likes and comments are easy to measure and simple social media metrics. The high engagement rate indicates that your audience likes a similar type of content ( and vice versa). Measuring likes and comments is very easy compared to the other metrics, as you can notice them under every post.
Moreover, you can easily determine the top posts on social media platforms. For example, if you use Instagram, you can follow the below-listed steps to find the most-liked pictures.
Step1: Navigate to Insights.
Step2: Hit the arrow mark under the category Content you have shared.
Step3: Click on the option Any located in the top-left corner and select the photos category.
Step 4: Click the Reach option and select Likes from the dropdown list.
Step5: Now, you will see the most liked pictures and the count of likes on the photos.
You can use the same process to check saves, shares, and comments.
Audience Growth Rate
This social media metric helps to measure how fast your followers are adding to your social media profile. If you are consistently active on social media, the followers increase slowly. It is a useful metric as it helps to figure out whether your created content is grabbing the interest of your audience or not.
If you get an extensive reach and a lot of impressions, but your followers are not growing fastly, you need to optimize the content marketing strategy.
Social Share of Voice (SSoV)
SSoV is another essential social media metric that tells the number of people who mentioned your brand on social media indirectly or directly. In this, all your data is compared with your competitors. So, this metric informs you about your competitive position in the market. Measuring social media success is quite easy. You need to add the number of your brand mentions and your competitor’s brand mentions to get a total. Then divide your number of brand mentions by the total and multiply by 100.
Click-Through Rate
It is a ratio that shows the number of times people clicked on your ad after they viewed it. CTR helps to check the performance of your ads. By testing the different versions of ads, you can adjust until one campaign exceeds the other. With this method, you can see what works best for your audience and what kind of ads they find worth their time.
It is considered an important social media metric as it measures real user actions. It is good for a social media post to have a wide reach and a lot of impressions, but if the users don’t click on your content, you will struggle to get an ROI. So, it is important to optimize your CTR if you are planning to advertise on social media.
Bounce Rate
The bounce rate is a metric to check the number of users who visit your webpage from a social media link but leave it quickly without taking any action. It would be better to compare your social media bounce rate with the newsletter bounce rate or search engine bounce rate. If the social media rate is low, it means you are attracting more potential audiences.
Furthermore, you can easily track the bounce rate with the help of Google Analytics. Go to Acquisition> All Traffic> Channels, and then select Bounce Rate. It will rank the bounce rate of all your channels from lower to higher.
Virality Rate
It calculates the number of people who have shared your post and the count of unique views and impressions in a certain period. You can measure the Virality rate in just two simple steps.
Step1: Consider calculating impressions and post shares, respectively and calculate them.
Step2: Divide the count of shares by the number of impressions and multiply by 100 to get the percentage.
Final Words
Among the various available social media metrics, you must track the ideal ones to calculate the effectiveness of your efforts. These metrics give you a clear view of your social media performance and empower you and your business to persist on the path to creating a relevant brand presence with a profitable ROI.
