6 social media metrics you should track
This post was updated on May 12th, 2021 to present the most effective social media metrics.
What is the value of social media marketing? How do you assess own performance? How to effectively measure social traffic and revenue generated by social channels? I bet you had to answer a question like this at least once. You always have to be able to show the ROI of your social media efforts. That’s why in this post, we present 6 social media metrics you should invariably track!
You may show the number of followers, tweets, engagement rate and post reaches to your managers, but the question is did all these really had any impact on the bottom line? The answer is a loud ‘No’ and that is where our concerns start. You need to be able to measure your social media performance.
That’s where important social media metrics come to the rescue! In this post I’ll explore the topic of social media metrics in further detail. Let’s see what’s ahead of us:
What are social media metrics?
Social media metrics are the statistics and other data you can pull from your social media accounts that are indicators of your marketing performance.
There are some social media metrics that are universal and can be applied to all social media platforms, while others are channel-specific.
In this post, I’ll focus on the universal social media marketing metrics. Even when applying the universal social media metrics, will give you a general idea on how your social media channels are performing. And once you have a social media analytics in place, you will know what to do, to improve your social media conversions.
I would also like to focus on more substantial metrics, metrics that will help you build a robust social media presence, boost your brand awareness or develop a successful social media campaigns.
That’s why you won’t find vanity metrics in this post. A growing followers’ count looks nice on a paper but isn’t, especially in the time of bots, an indicator of a healthy social media presence.
But before we start, you might wonder why bother with measuring the ROI of a Facebook post at all? Measuring the conversion rate from social media is crucial for your success.
What metrics to measure in social media?
So, what are the mystery social media metrics that will give you insights into your social media marketing strategy and set you ahead of your competitors?
I’m basing my social media analysis on results delivered by social media monitoring tool, Brand24.
Brand24 gathers all the brand mentions containing your predefined keyword and analyses the results.
You can use the metrics provided by Brand24 understand your social media presence better.
Let’s take a look!
What social media metrics should you focus on? It all depends on your social media goals.
As you know, you can use social media channels to achieve different results. You can implement a social media strategy that will:
- increase your brand awareness
- improve your customer service levels
- boost your social media conversions
- help you reach your target audience
- expand your social share of voice
All of these social media goals require a slightly different set of social media metrics. The good news is, you can find social media metrics you can easily track over time. That way, you will know what you are doing well, and, more importantly, what aspects of your social media strategy you need to improve.
Social media metrics for brand awareness
Brand awareness will help you establish your company as a business leader within your niche. Increasing awareness levels creates a level of trust between your customers and your brand, as well as helps to reach brand new audiences.
What are social media metrics associated with brand awareness?
1. Volume of mentions
Volume of mentions tells you how compelling and interesting your content is. While looking at volume of mentions you’ll get a general idea on how often people are talking about your brand.
Measuring the volume of mentions from social channels over time helps spot any seasonal changes in interest. Maybe there’s a time of year when you could reach potential customers more easily and deliver better results?
There might be spikes in interest for your product throughout the year. For example, in the SaaS industry we can expect a spike in interest around Black Friday in November and in the late October.
Potential customers probably conduct a research around the tools they would like to buy during Black Friday madness. Based on the volume of mentions metric we should invest a bit more in promotion a month before Black Friday.
2. Social media reach
Social media reach is a social media metric you should follow closely, especially if you’re running a social media campaigns.
Social media reach will tell you how many people have seen your social media posts and how the content is spreading across social networks.
Moreover, reach indicates the size if your desired audience. You can assume that social media followers are interested in your message and, possibly, product.
The higher social media reach, the bigger audience could have seen your product.
From a technical point of view, measuring the social media reach is a piece of cake.
All you have to do, is come up with a dedicated hashtag and set up a social media monitoring project with the hashtag as a keyword. And that’s it!
Social media metrics for customer service
You can use your social media channels to deliver exquisite customer service to your clients. Social media give you a chance to talk to your clients openly. It’s a goldmine of knowledge to spot any recurring issues your customers might encounter and solve them, turning clients into brand ambassadors. You can improve your social interactions and customer service by reducing average response time. What other important metrics should you follow?
The volume of mentions is the social media metric on which you’ll base your social media analysis.
Other metrics will give you context necessary to make the most informed decisions.
First thing on the table – sentiment.
Sentiment will tell you whether the talk around your brand (the volume of mentions) is positive, negative or neutral.
This social media metric is especially useful when you’re running social media campaigns.
Initially, a high volume of mentions might suggest that the campaign is a success. After all, people are talking about your brand.
But that’s not the whole picture.
A high volume of mentions and prevailing negative sentiment is a call for trouble. It means that social media crisis is on its way and you have to implement your social media crisis plan into action.
In Brand24 you can easily filter the negative and positive mentions and react to unsatisfied customers in time, preventing the escalation of the crisis.
4. Engagement metrics
To be successful on social media, your content need to ignite discussion and tempt users to leave some kind of interaction. That’s where engagement metrics come in handy.
Social media algorithms, which take into account whose content to show first on a timeline, take into account the number and type of interactions on your social media account.
In other words, the more comments, likes and shares your posts have, the more people will see your content and the bigger exposure you’ll have.
Number and type of interactions is, therefore, one of the most important social media metric.
Social media metrics for social media ROI
Social media ROI is a tricky metric to follow. You need to know what you’re getting in return for your social media investment. I would recommend to track part of your social media ROI with metrics related to influencer marketing.
Social media influencers can affect the bottom line of your business — sales levels. Choosing the right public persona to work with is crucial for a successful social media marketing campaign. Carefully chosen social media metrics will help you determine the right person to work with.
Influencer marketing sparks a love – hate relationship among social media marketers. The surge in negative comments about influencers is caused mainly by lack of research and basing the decisions on faulty premises.
Examining the right social media metrics will prevent you from making this type of mistakes.
A social media monitoring tool checks the talk around your brand or your industry niche (depending on your social media monitoring project) and prepares a list of the most influential profiles already talking about your brand.
Combine the influencer score with sentiment analysis (just to make sure you’re not going to work with someone who ignites a lot of controversy and negative emotions) and you’re ready to conquer the world of influencer marketing.
The share of voice and influence are metrics used to identify brand advocates. If one of your social media tactics involves influencer marketing, you should examine the SOV closely. The metric can be a substitute to influence scores.
Influencer campaign is one of the most effective ways of campaigning on social media, especially of your KPI is an engagement metric. Influencers endorse your product or service with the social credibility. An influencer will act as a digital marketing evangelist, spreading the good word about your brand.
Social media metrics for the social share of voice
The last metric I’d like to focus on is called the share of voice.
It indicates what percentage of the whole discussion was generated by the social media user or page.
The more people talk about your company online, the better your social media channels are performing. Combine this social media metric with social media sentiment analysis and you will know who is talking and how they feel about your company.
6. The share of voice
The share of voice is the creme de la creme of your social media analysis.
How influential is your own profile? Are you a starting point when it comes to sparking discussion among your followers?
The share of voice metric will help determine whether you’re the industry leader or not.
How to track social media performance?
You know what metrics to track. But how do you do it exactly?
Any social media marketer has many proven ways to track their marketing efforts. There are, however, some basics when it comes to social media analytics.
It’s hard to imagine measuring social media performance without Google Analytics. Does it sound counterintuitive?
Well, it’s true that GA primarily gathers data about your website traffic and not about any social media platform. But GA helps you track social referral traffic to your landing pages. This feature is especially important when you’re working on the awareness of your brand or have implemented sponsored social media post.
Media monitoring tool
Social media networks require constant attention. As a social media manager you have to monitor what is being said about your brand online. Monitoring social networks will inform your social strategy on the number of things:
- what social media network is the most popular among your target audience
- what type of content is the most popular among your target audience
- how your social media stack against your competitors
- how to report the results of your social media efforts to your supervisors
Brand monitoring tools make competitive analysis easy. All you have to do is, enter the keyword you’d like to monitor across the Web.
Moreover, many brand monitoring tools, including Brand24, allows you to define your reporting period and create customisable PDF reports. You can then share the reports with your marketing team, other stakeholders, or your supervisors. You can show the effect of your work on your company’s business goals.
Social media scheduling tool
Besides monitoring your online performance, you need a separate tool to schedule content for your social channels. Many social scheduling tools, apart from the scheduling option, give you other functionalities, for example:
- discover your audience growth rate
- track the total followers number
- discover different engagement metrics, including Facebook engagement metrics
- measure click through rate of your social posts
- track social traffic
What’s more, scheduling tools, for example, Buffer, will make posting much easier, especially if your social team is posting on many different social platforms. Depending on what you want to achieve, you can easily track the conversion rate from social media.
Social media marketing made easy
Collecting social media metrics isn’t a guarantee of success. But if you track your social media metrics consistently, you will have a ton of actionable insights that will help you measure and improve your social media presence. Tracking social media is the only way to improve and report social media ROI.
Information is power, and the more you know about your social media activities, the better decisions you can make.
Knowing the performance of your social media activity will also help you benchmark against your social media competitors. That way you can exploit your competitors’ weaknesses, examine their strengths and gain new customers.
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