Social Media Metrics enable you to measure the performance of your Social Media marketing campaigns so you can analyze & optimize it quickly. Unless you track the right social media metrics, you won’t know what’s working and what isn’t, you’re shooting in the dark. Here are 5 social media metrics that you can use to track & improve your campaign performance.
What are Social Media Metrics?
Social Media Metrics are the key metrics and performance indicators that enable you to track the performance of your social marketing campaigns and improve them quickly. Here are 5 Social Media Metrics that every business must track regularly to monitor the performance of social media marketing campaigns and optimize its social media strategy. You can use one of the Social Media Metrics Dashboard to track your key social media metrics for your business using real-time, online dashboards.
5 Social Media Metrics to Optimize Social Media Strategy
1. Audience Growth Rate
Audience growth rate is the percent change in the number of audience on a social network – such as followers and fans of your business page – over a period of time such as month, week, or a year. It’s a more refined way of looking at the number of new fans and followers added to your social media profiles due to your marketing efforts. Audience Growth Rate enables you to monitor your reach, and evaluate the impact of your social media marketing campaigns, and gauge your momentum on each social media platform.
Audience growth rate enables you to track the performance of each marketing campaign and growth hacking effort, over time, without being distracted by vanity metrics such as total number of pages likes or followers.
2. Average Engagement Rate
As your audience grows, it’s also important to monitor if you’re attracting the right people, and if they’re listening to what you have to say. Average Engagement Rate is a great way to measure how your audience is responding to your social media marketing campaigns. It enables you to understand if you’re targeting the right people, if your content resonates with your audience, and if you’re sending the right message.
Average Engagement Rate allows you to compare the engagement rate for each post against the overall audience engagement. In fact, you can even track average engagement rate for each target audience segment to understand how each segment responds to your content. You can even measure average engagement rate for each content type, or topic to find out the most engaging content and topics for your audience. You can use these insights to optimize your content marketing strategy and produce more content that engages your audience.
It’s great to have tons of likes and followers, but social media metrics like average engagement rate help you discover your most active audience amidst an ocean of silent fans and followers.
You can also read How to Increase Twitter Engagement, How to Do Social Media Audit of your website, and our list of Best Twitter Hashtag Analytics Tools to find the best hashtags for your social marketing campaigns.
3. Visitor Frequency Rate
Web Analytics Tools like Google Analytics allows you to track referral traffic by each source. This allows you to find out what percent of your visitors are driven by each social media profile. Google Analytics also enables you to track new vs returning users to your website. If you combine these two information together, you end up with a really insightful metric – visitor frequency rate from social media platforms.
Visitor Frequency Rate enables you to classify your visitors into 2 groups – new and returning visitors. Returning visitors indicate that your social media marketing activities are engaging your existing audience, and also tell you the usefulness of each social network. New visitors tell you that your social marketing campaigns are able to attract new audience and grow your reach.
Check out our list of Best Facebook Automation Tools to automatically Manage your Facebook Pages.
4. Assisted Social Conversions
It’s not enough to simply grow your social media audience and attract them to your website. It’s equally important to convert them into valuable customers. However, you can’t push your products and services on social media much, unlike on other marketing channels. It will surely alienate your audience. So it’s difficult to track direct conversions for visitors from social media, since they don’t typically visit your website by clicking on your landing page. Then how do you measure the connection between your social media marketing campaigns and business profits? That’s why you need to measure Assisted Social Conversions. Direct-click conversions may not be able to tell you the influence and trust built by your social media profiles, but Assisted Social Conversions can.
Assisted Social Conversions is basically the number of conversions due to visitors who were referred through social media platforms, and converted after repeated interactions with your website over a period of time. For example, your witty Facebook Post may not immediately convert a visitor into your customer. However, it will create a potential customer who is likely to revisit your website. By defining clear conversion goals in Google Analytics, you can easily track visitors referred by social platforms, and measure their conversion over time.
By comparing Assisted Social Conversions with Last Click Conversions, you can identify which social media platforms are great for nurturing leads, and which social networks are best at closing sale.
Bonus Read: 7 Key Instagram Metrics you must track regularly to grow your business on Instagram.
5. Customer Service Savings
Social Media has become one of the most preferred means of customer service for businesses around the world. Companies seek feedback and resolve customer complaints & issues directly via Twitter or Facebook. In fact, social media platforms save tons of money, otherwise spent on traditional customer support software.
Customer Service Business Savings for each service request is basically the average time required to traditionally solve a customer issue multiplied by the hourly cost to do it.
Business savings = Average number of hours per request x Cost per hour x Number of service requests solved via social media – Cost of answering queries on social media
Now, if you solve 100 or even 1000 customer requests over social media, imagine the amount of business savings you can achieve.
You can also read our list of Most Important Facebook Metrics that you need to track the performance of your Facebook Page.
Hopefully, these social media metrics will help you monitor, analyze and improve your campaign performance. The key is to track only those social media metrics that help you achieve your business goals, and enable you to make better decisions to build your brand and grow your business.
You can also read our list of Best Social Media Metrics Tools that enable you to track key performance metrics & KPI’s about your social marketing campaigns, using real-time social media metrics dashboard.
What social media metrics do you track for your business?