Metrics include follower counts and post engagement percentages. However, the world of social media metrics can be confusing. On top of that, a new vital metric seems to be developed on a weekly basis. What should you be tracking? Is it even important for your business?
The trick is to know what social data is relevant. Then, know exactly what that data means. There are lots of metrics, tools, and services. They can help you make sense of your business’ social data. In this guide, I will take you through the social media metrics you should be looking at.
So, here are 5 social media metrics that your business should be tracking.
Social Media Metrics: Reach
Metric to track: Audience Growth Rate
Tracking benefit: Directly connect social media data with business profits
Related metrics: Audience Growth, Total Followers
One item you should be looking at is your Audience Growth Rate. It is a refinement of New Followers or similar stats. It tells you a percent-change over time. In other words, it is the growth rate of your fans that depicts your social media momentum.
Audience Growth Rate allows you to analyse your efforts over time. You can compare growth-hacking efforts in your business’ infancy with more sophisticated campaigns you are using today. What events match up with the highest growth-rate periods in your history?
Metric to track: Average Engagement Rate
Tracking benefit: Make engagement numbers meaningful and actionable
Related metrics: Reach, Overall Engagement, Audience Growth Rate
Your Audience Growth Rate follows a good level of growth. However, you also need to ensure that you are speaking to the right people. In addition, that those people are listening.
Average Engagement Rate enables you to view the pulse of your existing fan base. It allows you to see how your social media efforts are resonating with them. Your average engagement rate compares your average rates of engagement with your overall follower base.
Again, numbers such as shares, likes, favourites etc inform you to an extent. However, it is more vital to look at how your fans engage with your content.
Social Media Metrics: Acquisition
Metric to track: Visitor Frequency Rate
Tracking benefit: Optimize targeting of new and returning visitors
Related metrics: Click-Thru Rate, Impressions from Social Media
Tools such as Google Analytics allow you to track website referral traffic from social media. This helps you to see what percentage of overall referrals come from social media. In addition, it allows you to determine the frequency rates of your visitors. This last metric shows you how you have improved on standard click-through rates (CTR) numbers.
Visitor Frequency Rate shows you the viewers who have become new fans. These are two groups of value when it comes to targeting and understanding. Return visitor numbers show you more in depth stats of how your audience engage with your content. In addition to the strength of your social networks. New visitors mean that getting real ‘reach’. In addition, ‘audience’ metrics are accurate in showing meaningful growth.
Metric to track: Assisted Social Conversions
Tracking benefit: Directly connect social media data with business’ profits
Related metrics: Last Click (Direct) Conversions
Getting visitors to your brand’s website and then getting them to return is vital. However, you should clearly define goals for how you want these visitors to convert into sales. At the same time, you should not just push your product at them. This is because you could lose your audience by doing this.
Direct click-on conversion metrics may not show the value of your efforts to build trust and influence on social media. However, Assisted Social Conversions can. You can define specific conversion goals on Google Analytics and related tools. In addition, you can follow visitors referred through social. Then, track their conversions over a period of time
Not all your tweets and statuses will make a sale. However, you do end up with customers who are more likely to visit your site again. Now you can see when that pays off for your business. You can compare Assisted Social Conversions with Last Click (Direct) Conversions. This will show you which social networks are better at courting your specific customers. In addition to which ones are more sited for sealing the deal.
Social Media Metrics: Activity
Metric to track: Customer Service Savings
Tracking benefit: Show impact on business’ bottom line
Related Metrics: Customer Service Costs Social Media Posts
Go beyond post counts and content types to connect social media activity with profits. Add your social media data to your other business data. Then, use info like Customer Service Savings.
Your business savings from social media equal the time spent to complete traditional customer service. Multiply this number by the hourly cost of customer service. Repeated 100 or 1000 times over, this gives you the mass savings for your business.
Avg Time x Costs Per Hour x Customer Service Inquiries Completed = Savings. (If you want to get even more precise, subtract out the costs of answering those inquiries through social media)
All social media metrics should be used to assess your business goals. Analyse your results on the basis of how you are doing in meeting your goals. Then, use this info to drive your choices about how to better market your brand. Feel free to celebrate your numerical success along the way. However, ensure you are happy about the more meaningful metrics too!