You have been on social media for some time now, but besides posting, talking to customers, and paying for ads, what are you doing to determine whether your interactions are resourceful. You should start measuring your social media strategy to determine whether your efforts have paid off or not. It is the only way to know how you are performing.
What should you measure then? Below we have prepared a list of the most relevant tools you should measure in 2020. The metrics should help you make more informed decisions when planning and implementing your social media strategy.
Social media reach is a media analytics metric that identifies the number of users who have seen your content on a social networking platform. It is a measure of how far your content is disseminating. It gives you a measure of your potential audience size.
It is a resourceful tool when you want to see the estimated number of unique visitors that came across your post on either of the many platforms you have. However, on its own, reach will not give you everything you need. It becomes a powerful tool and gives you the best results when compared with engagement metrics. For instance, to get the percentage of engagement, you pick all the important engagement numbers, including retweets, clicks, or comments, and divide them by reach. You will get the number of people who participated in your campaign.
Engagement is one of the most critical areas to measure your social media strategy. It helps by telling you how people are participating in conversations related to your brand. Engagement metrics include shares, retweets, likes, comments, and replies. By measuring these metrics, you get to know about your brand performance among your prospects and customers. For instance, through retweets and shares, you can be able to tell who among your audience is helping spread your content. By measuring engagement, you will be able to choose content that has more engagement to help improve your social media strategy. What you think is more engaging could not be what your audience wants to engage with, so always test and see the type of content your audience wants. This you do by identifying the ones with the highest likes, replies, retweets, comments, and likes. Notably, the same way we have identified that reach works best when compared with engagement, engagement is also impacted by reach.
Most people might not be aware of the influence metric. This metric is all about who is talking about your company or brand and the impact they have. There are several tools today that can help you measure social influence like PeerIndex and Klout. One thing that brands need to understand about influence measuring is that just because someone has a large follower count doesn't mean they have high influence. For instance, celebrities have a higher count of followers than influencers, but that does not mean they have greater influence compared to influencers. By understanding the influential people who have more influence on their followers, it becomes easy for a brand to reach out to the right individual.
Referrals and conversions
In the digital age, social media is your best chance of getting more traffic to your website. By running social media campaigns, you can exponentially grow your leads, conversions, and revenues. To better understand your social media campaign performance, it is essential to measure the number of people visiting your site from social media. Using an analytics tool, you can be able to classify your visitors by the platform they visited from. The most important part here is where the visitor decides to take action. A successful social media campaign not only creates leads but also ensures increased conversions. This means there will be more sales for you. By measuring conversions, you get to know your social media campaign return on investment (ROI). It will be useful in understanding whether the paid adverts on social media were profitable or not.
So, although you may have a high referral rate and increased website traffic, it doesn’t always mean that you have succeeded. The visitors or the traffic could be entering your page and leaving immediately. A bounce rate metric is meant to measure the number of people who entered your website and left immediately. That means they were no conversions of traffic to sales. You definitely want your bounce rate to be as low as possible. Using the report, you can either change your content on social media or improve your site because the visitors either got something different from what was presented on social media, or it may be that your site is doubtful.
Now you can pick the metrics you were not using or your favorite ones to keep track of your social media campaign performance. Keep updated with your campaign's return on investment. Improve your techniques and get more from your social media campaigns.