Are you aware of what social media metrics are all about and why it’s important to track them while the marketing professional is managing an online campaign? As a professional, such kind of metrics can help to make the right decision at the right time. In case the management team requests you to talk about the performance of the campaign, then you could walk an extra mile to go beyond “vanity” metrics which are nothing but the number of likes, retweets, and shares. Rather, the professional needs to focus on data that is very much important and that can drive business growth. So, let’s look at the various social media metrics that really matter most. If you’re not aware of social media marketing and the trends prevalent in 2021, then you should enroll for a social media marketing course today.
The social funnel
Before going through the social media metrics, let’s first breakdown the funnel into stages of the customer journey:
Awareness – This metric presents or highlights the potential audience.
Engagement – This metric represents how the targeted audience is actually reacting to the content posted online.
Conversion – This metric demonstrates how effective social engagement is on different sites.
Consumer – Such metrics show how customers think are active online and what they actually feel regarding your brand.
Every single stage has its own set of metrics that need to measured, and KPIs that show how the marketing campaign is managed effectively.
Moving ahead, let’s look at every single metric one by one.
#1 Awareness (Social Media Metrics)
While these figures represent the potential audience, it includes brand awareness which pertains to attention the brand gets from the targeted audience. As the professional presents the report, it gives you data that’s statistically relevant. The attention can be expressed through many metrics along with links, impressions, shares and impressions. Usually, reporting periods last for a week, month and quarter.
How to track the awareness metrics
Step 1: Determine the attention metrics associated with brand awareness.
Step 2: Figure out the reporting period that is related to brand awareness.
Step 3: Lastly, stay consistent to keep a track of dependable data.
Note: A brand monitoring tool can be used to track the instance when someone states you on social media with ‘@mention’.
- a) Audience Growth Rate
Audience growth rate means the rate at which the number of followers is increasing steadily on social media. As people surf the internet, social media followings are bound to increase after a time span. But, the question arises: At what pace does the company perceive an increase in the number of followers? If you wish to gain expertise in online marketing, then you shouldn’t wait to apply for a digital marketing course in India.
How to track audience growth rate
Step 1: Determine the audience metrics associated with brand awareness.
Step 2: Measure the net number of followers over a period while the social media professional is reporting the metrics.
Do make a note that when you’re marketing on Facebook, the “When Your Fans Are Online” feature lets you know more about the optimal time to post online. Moreover, you need to use this data to enhance the online reach. A social media marketing course is what you need to enroll for in case you want to know more about online marketing.
- b) Potential Reach
Potential reach measures the number of individuals in real-time, who view the post during the reporting period. In other words, in case the followers share the post within his or their network, then 2%-5% of the followers are included in the post’s potential reach. While it’s important to understand this metric, it should work towards expanding the audience, which further enables to predict the progress way ahead.
How to track the potential reach
1: In order to track the total number of mentions, it’s essential to use the brand monitoring tool.
2: Now, you need to record the number of followers as seen on every mention.
3: To obtain theoretical reach, you need to multiply the aforementioned two numbers to see the brand mentions.
The potential reach then is equivalent to 2% to 5% of the overall theoretical reach.
- c) Social Share of Voice (SSoV)
Social Share of Voice measures the number of people who have stated your brand on social media platforms as compared to the competitors. These mentions can either be Direct or Indirect. SSoV is nothing but a competitive analysis which shows how relevant the brand is in the competitive business market.
How to track Social Share of Voice
Step 1: After measuring the mentions, direct and indirect, across social media networks, you have to measure the competitors’ mentions.
Step 2: To get the SSoV percentage, firstly the mentions have to be added to those of your competitors to get the total industry mentions. Then the figure needs to be divided by the grand total and be multiplied by 100. If you use a social media analytics tool, then it will make the process very much easier.
#2 Engagement (Social Media Metrics)
These numbers show how individuals interact with the content posted online. Under such metrics, comes the Applause Rate, Average Engagement Rate, and the Amplification Rate.
- Applause Rate
Applause rate refers to the number of likes a post gets relative to the individuals who are following the brand on social media. Whenever a follower likes a particular social media post, then he or she is acknowledging that the post is valuable to him or her. After finding the percentage of the audience that seeks value, it ensures that the content is driving engagement online.
How to track Applause Rate
After adding the total number of approval actions found out during the reporting period, it has to be divided by the total number of followers and multiplied by 100 to get the applause rate percentage. In order to simplify the entire process and track the approval actions, the marketing professional should use a social media impact tool.
- Average Engagement Rate
Average Engagement Rate is known to be the number of actions whenever an individual likes, or shares a post or comments online. This metric is very much important because it implies that the content is delivering value. If the engagement rate is quite high, then the number of likes, shares, and comments doesn’t matter much.
How to track the Average Engagement Rate
As soon as you add the total number of likes, shares, and comments, you need to divide it by the number of followers and multiply the number by 100. The final figure is equivalent to the percentage of the average engagement rate. It should be noted that this benchmark is different for each and every platform. While a lower engagement rate is observed on Facebook and Twitter, a relatively high engagement rate is observed on social media platforms like Instagram.
- Amplification Rate
The amplification rate is nothing but the number of shares for every post divided by the total number of followers. Hence, as the amplification rate increases, the followers are bound to engage themselves with the brand.
How to track Amplification Rate
After you add the number of instances when the post was shared, it has to be divided by the number of followers and further be multiplied by 100 to get the amplification rate.
- Virality Rate
Virality rate is known to be the number of individuals who have shared the post as compared to the unique views. Just like any other social media metric, virality rate lets an individual know more about the engagement online.
How to track Virality Rate
Once you get a fair idea of the impressions / views along with the number of shares, then the total figure needs to be divided by the number of impressions and needs to be multiplied by 100. The final figure will give you the virality rate percentage. If you take up a social media management course, then you will certainly learn about tips to enhance online credibility and presence for different kinds of businesses.
#3 Conversion (Social Media Metrics)
Under the conversion metrics, let’s take a look at the Conversion Rate, the Click-Through-Rate (CTR), Bounce Rate, Cost-Per-Click (CPC), Cost Per Thousand Impressions (CPM), Social Media Conversion Rate, and Conversation Rate.
Conversion Rate
When you find out the ratio of the comments for every post to the number of followers, you will get the conversion rate. As the social media professional tracks the conversion rate, it will help you comprehend how the audience would add voice to the content posted on social media.
How to track Conversion Rate
As you use certain social media tools, you can get the number of comments that have been observed during the reporting period. Further ahead, you need to divide the figure by the number of followers and multiply it by 100 to get the conversion rate percentage.
#4 Customer Metrics
Such a kind of metric represents how active the customers think about the business or the brand.
- Customer Testimonials
Any review, endorsement or comment pertaining to the brand, comes under customer testimonials. If the business you have been managing for many years is proud to offer world-class services or products, then the customers are always likely to share good experiences with others. This will not only help to enhance trust but also enhance the online presence of the brand. In case you wish to gather more testimonials, then you can request your long-term customers to leave a review. Besides, you can think about running a social media campaign that would encourage individuals to write down testimonials online regarding the products or services. Way ahead, you can also link the ‘Google My Business’ review form which could help to covert leads into customers.
2. Customer Satisfaction (CSAT) Score
Customer Satisfaction, or CSAT, is known to be a metric that can give you an idea of how happy people are with the product or services your company is dealing with. Most of the time, the CSAT score gives a fair idea about the extent to which customers are satisfied with the product. While asking for a customer satisfaction rate has been the usual practice for every company, it helps to understand more about the brand in an effective way and in concise way.
How to track Customer Satisfaction (CSAT) score
While you create a CSAT survey on social media sites, you need to find the cumulative score and divide it by the number of respondents and multiply it by 10. This will give you the overall CSAT score.
- Net Promoter Score (NPS)
Net Promoter Score is nothing but a metric that gives a better idea about customer loyalty. Such a kind of score helps to predict the future customer engagement and how customers are likely to recommend the product / services to their friends. While NPS measures customer satisfaction, it is a very important metric that every company must consider.
How to track Net Promoter Score (NPS)
While you create a NPS survey, you first need to find out the difference between the number of promoters and the number of detractors. Then, you need to divide the answer with the number of respondents and find out the score by multiplying it by 100.
On a concluding note, when you interpret the data relating to the social media marketing campaign, you must highlight the social media metrics that presents the efforts that you have put in for the particular campaign. You need to walk way beyond the vanity metrics and showcase your skills effectively through social media analytics. Your efforts wouldn’t be worthless as you work harder to measure the social media metrics. Learn social media marketing right away to know more on how you can boost a brand’s online presence.
