- December 18, 2019
Social Media Metrics you should be Tracking
Social media metrics are your chance to demonstrate the value of your work and the impact of the decisions you’ve made. As a creator, you would want to know how your content was received and acted upon.
So, here are the most important social media metrics you should be tracking.
One item you should take care of is your Audience Growth Rate. It’s simply a clarification of New Followers expressed in percent-change over time. The growth rate of your audience represents your social media performance. It directly connects social media data with business’ profits.
Audience Growth Rate also allows you to evaluate marketing efforts over time, without getting distracted by irrelevant information.
You will need to make sure that you’re speaking to the right people and that those people are actually listening.
Average Engagement Rate lets you know more about your existing network and see how much your social media efforts are paying you back.
It compares your posts’ engagement with your overall follower base. If you have a high engagement rate, the actual number of likes and shares and comments is irrelevant.
Tools like Google Analytics let you track website referral traffic from social media, see what percentage of overall referrals come from social media, and determine the frequency rates of your visitors.
Visitor Frequency Rate analyzes viewers into new and return visitors. Return visitor numbers indicate the depth of engagement and strength of your social networks. New visitors confirm that more ‘reach’ and ‘audience’ metrics accurately describe significant growth.
Conversion Rate is the number of visitors who, after clicking on a link in your post, take action on a page.
You should clearly define goals for how you want visitors to your website to convert into sales or other desired actions. At the same time, pushing or forcing your product is one of the certain ways on social media to lose your audience.
Assisted Social Conversions can show the value of your efforts to build trust and influence on social media. You can follow visitors referred through social channels and track their conversions over a period of time by defining specific conversion goals on Google Analytics and related tools.
Comparing Assisted Social Conversions with Direct Conversions determines which social networks are better at cultivating your specific customers, and which ones are more suitable for sealing the deal.
Combine your social media data with other data related to your business, and derive information like Customer Service Savings. Your business’ savings from social media equal the average time to complete traditional customer service, multiplied by the hourly cost of customer service.
Avg. Time x Costs Per Hour x Customer Service Inquiries Completed = Savings
Here are some other important metrics
- Bounce Rate
It is the percentage of page visitors who click on a link in your post, only to quickly leave the page they land on without taking an action.
It’s important to watch your bounce rate closely. Social media users lose their attention easily on the internet.
If your social media bounce rate is low, it’s proof that your social media campaigns are targeting the right audience—and, in turn, driving high-value traffic.
- Click-Through Rate
Click-Through Rate, or CTR, is how often people click on the call-to-action link in your post. CTR is specifically tied to a link that brings the audience to additional content. Keeping an eye on your CTR gives you useful insights into how effective your offer is to the target audience.
In the end, all social media metrics are important to your business. You should assess the analytics according to your business goals and support this information to make better decisions about positioning your brand.