January 25, 2024
In today's rapidly increasing digital world, social media is one of the golden opportunities to boost sales. I am sure everyone has complete knowledge about social media and how it can be helpful in this digital age. So, there's nothing to elaborate about. But, have you ever wondered what are the things you might need to keep up with when utilizing social media ideally? Apart from posting regularly on your social media, it would help if you also worked on monitoring your performance. Now, here's the question- how will you do this? Well, social media metrics are the answer to your problem. You can readily check metrics for social media success. Let's understand what different metrics you can track.
Social media metrics are data points which measure how well the social media strategy is performing. It helps you understand how to improve your social media and interact more ideally with your audiences. Not only this, it also reveals how much effort and money you are spending and how much you are getting in return.
Metrics is highly vital as without it you won't be able to create an informed strategy. Social media strategic planning requires you to track metrics to understand what's happening with your business in the social sphere.
Let's further understand what are the essential metrics needed for social media success.
One of the essential metrics is analyzing the Reach. With Reach, you can understand how many viewers are followers and how many are non-followers. If the non-followers percentage is higher, it helps expand your targets in front of the people.
It is generally similar to Reach, but there is only one difference. Reach describes the number of people who saw the post, and impressions tell how many times a post was seen. It is recommended to look for a post viewed multiple times, as it can help build compelling content.
Views determine each social network. Even if your video is viewed briefly, it will be a 'view'. It is a good glance indicator of how many people have seen or at least started your video.
Views on a video are great but it will only let you know that someone started to watch the video. To check how often people watch your videos throughout the end is highly necessary. It can be viewed through video completion rate.
It measures the engagement your content gets as a percentage of your audience. Finding the same can be tricky, but you can figure it out by measuring the percentage of followers. Not only this, you can also look for likes, comments, and shares on the post.
To calculate the engagement rate, you must add your total likes, shares, comments, and saves and divide the number of followers. After that, multiply it by 100.
Another important metric for social media success includes the amplification rate. It tells how many times the post was shared with your followers. This way, it increases the Reach and will hopefully enhance engagement. If the amplification rate is higher, it's getting more shares.
Calculate the amplification rate by dividing the post's total number of shares by your followers and multiplying by 100.
It is similar to the amplification rate. It tells you how many times the content was shared. Every Time someone shares your content, it achieves a fresh set of impressions via the audience. The virality rate measures how your content is spreading.
To calculate the virality rate, divide a post's number of shares by several impressions and multiply the same by 100 to get your percentage of virality rate.
It measures how many new followers your brand gets on social media within a certain amount of Time. It measures your few followers as a percentage of your total audience.
Getting around 10 to 100 new followers in a month can be really helpful when you are new here. To get an audience growth rate, track your new net followers. Now, divide the number by the number of total audience and multiply it by 100. Here, you get your audience growth rate percentage.
Response time is a metric which calculates how long your customer service team takes to respond to a query which comes through social channels. It is regarded as equivalent to Time spent on hold. With the help of AI customer service bots, you can significantly reduce response time for many simple requests.
You can calculate the same by adding up the total amount of Time taken for an initial response to customer queries and dividing the same by the number of queries.
It is another metric for social media success. CSAT is a metric which measures how happy people are with the product or service. It is based on one question: how would you rate your overall level of satisfaction? It is generally used to measure the level of satisfaction customers have with your social customer service. Brands usually ask customers to rate their experience with customer service agents.
Once you have the score, divide the sum by the number of responses and multiply it by 100. Here, you get a CSAT score as a percentage.
The metric measures customer loyalty. It is good at predicting future customer relationships. It revolves around one question: How likely will you recommend our company to your friend or family?
If you want to calculate it, subtract the number of promoters from the number of detractors, divide it by the total number of respondents, and multiply by 100.
CTR tells how many people have clicked on the link in your posts. It shows how many people saw your social content and wanted to learn more about you.
To calculate CTR, you have to divide the total number of clicks on your post by the number of impressions and multiply the same by 100. Here, you get your CTR as a percentage.
It is one of the essential social media success metrics as it shows the value of a campaign you run. It measures how often social media content starts the conversion process with subscription, download, or sale.
If you want to track your social media conversions, UTM parameters are what you need. Now that you have UTMs, calculate the conversion rate by dividing the number of conversions by the number of clicks.
Cost-per-click or CPC is the amount you pay per individual on social ads. Understanding the lifetime value of a customer of your business can be helpful in the long run. If your conversion rate is high and your client lifetime value is high, you can afford to pay more per click to drive traffic to your website.
It is a cost which you pay for every thousand impressions of your social media ad. CPM is about views, not actions. All you have to do is import the data from your social network's analytics.
It tells how relevant your brand is in the market. Generally, SSoV measures how many people are talking about your brand in public, mainly on social media. It can be done through mentions.
To calculate the same
Add up all the times your brand is mentioned on social media across all networks to determine it.
Apply the same principle to other companies.
Add the mentions from the two sets together to find the overall number of mentions for your industry.
Get your SSoV as a percentage by dividing the total number of brand mentions by the sector and multiplying the result by 100.
You can easily lead the universe of social media once you start playing the game of metrics. It is a highly essential part of those willing to make their social media reach the right audience. Start publishing your content and measure your metrics for social media success.