PS is a freelance marketer and copywriter. She is actively involved in market research to help entrepreneurs with brand-building.
Numbers are the most powerful of all languages, especially when it comes to marketing since you can’t identify the ROI for your work in any other way. Here, you are already done with planning and setting up your social media marketing strategies, now this is the time to take it a little further.
Marketing needs constant planning. It is all about researching and implementing new tricks to maintain the constant flow of your customers. Now, the question is how to find the new methods and how can they be implemented? Social Media Metrics is the answer. These metrics will help you figure out the outcomes of your previous strategies that lead to your goal.
Don’t fall for the number of likes and shares, these are not the main numbers you need to look for. There are many useful metrics that you must know about. It works on the basis of where your customers are in their buying journey.
Key Elements to Measure Social Media Progress Rate
There are three key elements you need to keep in mind to understand social media progress rate:
- Awareness: Awareness shows all the metrics that give you the details about your current and potential customers connected with your brand.
- Engagement: Engagement shows the ways your customers interact with your brand. This is all available in numbers.
- Conversion: Conversion shows the success of your social media strategies. You can find out the persuasiveness and effectiveness of your planned strategies.
It heavily depends on your activities and social media algorithms. Since most of the social media regularly change their algorithms, you must stay aware of these changes and modify your strategy accordingly.
Now, let’s understand the key elements in details:
Awareness relies on the statistics of the numbers of followers you have and the number of impressions on your posts. It has 4 major factors as discussed below:
1. Brand Awareness
As the name suggests, Brand Awareness refers to the attention your brand receives from the audience on the specific social media platform. It is easy to maintain the awareness level if you consistently publish content on a scheduled basis.
Do it for a specific time period, say for a week, a month or a quarter. This is very important to maintain the continuous response of your current audience and also to reach to the new potential audience. Each post requires a planned strategy. Many firms hire a social media marketing manager for the same.
Now, you are done with your scheduled posts. You can gather enough data to create analytical reports for your business pages. Consider mentions (@), likes, shares, click on links, and other related expressions during that time period.
Here are three points you must follow to rate your social media progress:
- Identify the type of awareness metrics you need to track that majorly affect your goals and possibly accelerates brand awareness.
- Decide the reporting time period during which you’ll be creating your analytical reports.
- Monitor the trends and improve the posting strategy accordingly.
2. Post Reach
Post Reach is the number of people who came across the post since it is posted on social media. This factor can help you make certain assumptions that you can work upon.
The most important is to figure out the right time and type of content you need to publish. It successfully answers the following two questions:
- At what time and which day, my audience is most active?
- What type of content do they prefer more?
Analyze any of your previous posts. Divide the post reach by the number of your followers and multiply the result by 100. The resulted percentage signifies your post's success rate.
3. Audience Growth Rate
Audience Growth rate refers to the rate at which your followers increase on the social media platform. In other words, the metric displays the number of followers you gain in a certain time period.
The best way to figure out the positive growth rate is to measure the reports with the past ones. You need to have exact figures in a decided time frame. Note down the possible steps that helped you gain these followers. You can divide the new followers with the total followers and multiply by 100. Compare the percentage with the previous one.
4. Social Share of Voice
Social Share of Voice or SSoV, in short, depicts the number of people who mentioned your brand on social media either directly or indirectly. Compare the mentions with that of your competitors.
This metric predicts your market position in comparison to your competitors. Certainly, an easy way to figure out your success rate.
Calculate the total of your mentions and that of your competitors. Divide your mentions by your previous total and multiply it by 100.
Engagement Metrics are the most interesting and easiest of all. You can easily keep track of them. They show how people interact with your posts. It can be calculated through the number of likes, shares, and comments.
1. Average Engagement Rate
Average Engagement Rate displays the statistics of engagement actions in the form of likes, shares, and comments with respect to your total number of followers.
Social media sites especially Facebook and LinkedIn display the engagement rate instantly. Clearly, if the engagement rate is high, your post is popular among the audience, else not.
You can also calculate it by dividing the total number of actions for your specific post and then multiplying it by 100.
2. Amplification Rate
Amplification Rate is the percentage value that shows the number of shares per post in relation to the number of followers.
You can find out your business page amplification rate by calculating the number of times your post is shared. Divide the result by your total followers and multiply it by 100.
3. Virality Rate
Virality Rate estimates the popularity of your post. You can calculate it using the number of shares and unique views impressions in a certain time period.
Divide the number of shares by the number of impressions and multiply it by 100. You have the virality rate as a result.
Getting the continuous high conversion rate is the goal of every social media marketer. The high conversion rate implies the success rate of every business entity. However, it takes lots of effort to achieve this rate. In short, you need to generate higher-quality campaigns with more views in comparison to other metrics. Here are a few key factors that affect the conversion metrics:
1. Conversion Rate
Conversion Rate depicts the effectiveness of a social media campaign and its engagement level. You can find it out by checking the number of visitors you received in a certain time period on your page or on a specific post. And how many of these visitors actually tried to interact with you such as,
- signing up on your website
- subscribing for your newsletter
- following your social media page
- buying your products, and so on.
To get the exact number, divide the conversions by the total number of clicks and multiply by 100.
Getting a higher conversion rate demands for more actions than the rest of the above-mentioned metrics. You must have a link with a call-to-action with respect to your latest published post. The trackable link will help you know the location of your visitors.
2. Click-Through Rate
Click-Through Rate or CTR, in short, is the most popular conversion metric that every online earner must be aware of. This is the most important component in measuring the real success of your social media posts. CTR is used to calculate the number of people who clicked on your posts and took the relevant action as desired by you. The better the CTR, the more actionable your post is.
Sites like Facebook and LinkedIn provide the CTR for every post. In other cases, you can calculate it by dividing the total clicks for a single post by the number of impressions and multiplying it by 100.
3. Bounce Rate
Bounce Rate also plays a crucial role in deciding the overall success of your social media marketing. This rate calculates the percentage of visitors who clicked the post and immediately left the page. A higher bounce rate proves that most of the people are not interested in your content. It may also be the case that you are trying to attract the wrong audience.
Compare bounce rates from different social media channels and divide the next steps accordingly. It will help you figure out the platforms where you are receiving the best and worst audience for your business. You need to have an account on Google Analytics to measure the bounce rate.
Cost-Per-Click (CPC) is a paid advertising term. This denotes the amount of money you need to pay for a click on your sponsored post. CPC varies for different social media channels and also depends on the type of content being promoted as well as the location of your audience.
I have been in talks with several professionals who wish to accelerate their business growth through social media platforms. While most of them talk about how they managed to generate leads in a specific time period and hope the better for the future. It is worth knowing that social media marketing demands constant effort. If one thing worked today, it might not work the same tomorrow. You need to carefully read the metrics and understand the trends to maintain the high conversion and engagement rates and lower bounce rates. Always make sure to create analytical reports that clearly show the above metrics in number.