Effective marketing needs accurate data. Unless and until you measure your performance, you will have no way of knowing if you are making sound choices and using the appropriate tactics. This is true for the majority of marketing techniques, and it is most emphatically true for social media. What are some good key metrics for social media?
As a marketer, we must continuously demonstrate our worth. You must demonstrate that your firm needs your services just as much as any salesman or business analyst does.
You already know you’re excellent, and now it’s time to demonstrate it to the rest of the world.
Why is social media return on investment critical?
Almost certainly, your company currently utilizes social media. Whether or not you have a robust social marketing campaign, you almost certainly post tweets and picture updates and respond to customer care inquiries.
And you ought to be. Your consumers, regardless matter the kind of company, are on social media. Therefore, if you want to contact them, you really don’t have an option.
The issue is that not all social media marketing strategies are created equal, and not all strategies will work for you. That means you’ll need a method to monitor your progress, determine what works and what doesn’t, and calculate your return on investment.
That is why it is critical to begin monitoring key social media metrics. These enable you to calculate the return on investment (ROI) of your marketing efforts (what you really get) and make more informed future choices.
Without a question, this is the statistic that catches the attention of business leaders. True, they’re undoubtedly concerned with site traffic, social media followers, and a few other metrics. However, the bottom line is paramount.
If you can connect your social media marketing efforts to cash in the bank, you can reliably calculate your social media ROI. Revenue is not the only factor to consider if it were, we would have shortened this list by nine. However, it undoubtedly draws the attention of others.
You may discover that social media marketing is just not for you. If it isn’t generating leads, boosting brand recognition, or converting consumers, it’s definitely time to call it quits.
Additionally, you may find that you’re losing out on possibilities and decide to focus your efforts on particular social networks. It is entirely dependent on your objectives. If you’re still unsure, you may see the webinar. It includes more questions, thoughts, and solutions that we were unable to include in this article. Additionally, videos are more enjoyable.
The number of followers
A critical statistic to monitor, follower count indicates how many accounts are following your brand. Each site has its own definition of followers or fans. These numbers may be accessed directly from your profile page.
The number of social media impressions is not the same as the number of people you’ve reached via social media. Impressions indicate the number of times a post or profile has been seen. It makes no distinction between distinct accounts but just adds up the views. Thus, one account may see the identical post four times in their feed, resulting in four impressions.
When it comes to social media, the number of unique accounts that viewed your post is known as post reach (a more precise measure than the general category of reach KPIs). Returning to the previous example, the post reach of that single account is one when it sees the identical post four times. Post reach is often combined with post impressions in the same analytics section. Due to the distinctions discussed before, post reach is likely to be lower than impressions.
Traffic on the internet
You can evaluate how well your website articles are doing by looking at the amount of online traffic they get. Web traffic is another excellent method to gauge the success of a marketing effort. The number of times someone clicked from one of your social media accounts to one of your website pages is referred to as web referral traffic. This information is easily accessible via Google Analytics or if you have one, a website builder.
The share of voice (SOV) metric indicates your online presence in comparison to your rivals. This one is not included in native analytics. Rather than that, you’ll need to decide on certain phrases, hashtags, or categories to target. For instance, if you want to examine your SOV around coffee-related subjects, you might create a list of relevant hashtags and phrases.
How many times have you seen an Instagram caption that piqued your interest so much that you had to read the rest? Historically, clicks were associated with articles that included clickable links. However, as social media postings evolved, so did clicks.
You’re probably acquainted with double-tapping an Instagram post to demonstrate how much you liked it. Likes and favorites show that the account was engaged with your content. And, although other platforms, such as Instagram and Facebook, have hidden the Like count from public view, these statistics are still visible in your analytics.
Shares of posts and profiles are a great method to track engagement. This indicates that your article was so compelling that you felt compelled to forward it to a friend or share it on another site.
Together with likes, comments are another integral part of every platform’s engagement. Comments on blogs and live streams are included. These may be tracked or in your native analytics, either per post or aggregated for a total count. As with shares, comments indicate an interesting post.
You get a mention when a user tags or discusses your company on their own account. It may occur inside a post, a remark, a narrative, or directly to you. Due to the fact that this statistic is not always monitored natively, you may need to utilize a social media monitoring service to determine how and how often your brand’s accounts are referenced.
Visits to profiles
To discover more about your business, a potential customer will do things like visit your website, subscribing to your newsletter, and look at your LinkedIn profile. The profile visit count indicates how often your page has been seen over a certain period of time. This metric is included in native analytics and serves as a helpful reminder to keep your profile updated with your most essential link destinations.
The lifetime worth of a customer
Client lifetime value indicates in dollar numbers how much money a customer spends with you over time. Following their first purchase, your objective will be to acquire repeat clients who will make further purchases. With the proper customer loyalty tactics in place, you’ll discover that your customers have a high lifetime value.