In an age of data, it can be difficult to know which metrics matter. With so many different social media platforms and options for measuring success, it's important to select the metrics that align with your goals. Once you've chosen the right metrics, it's easy to see how well your strategy is performing and how you can improve upon it.
A key metric for social media marketing, audience growth rate helps you measure how fast your followers are growing over a specific period of time. This can be especially helpful if you're trying to increase your reach on new channels. To calculate this metric, select a reporting period and divide your new followers by the total number of your followers. Then multiply the result by 100 to get your growth rate.
A quick and easy way to measure how your content is resonating with your audience, engagement metrics are simple to track on most platforms. Typically, they'll be displayed in the form of likes, shares, and comments. Seeing a high engagement rate is a great sign that your content resonates with your audience.
If you’re creating content on your social media accounts that your target market finds interesting, informative, or helpful, chances are they'll share it. Tracking content shares allows you to see which posts are the most popular and how often your audience is resharing that content. If you find that your posts are getting a lot of shares but not reaching many people, it may be time to rework your content or post schedule.
Brand mentions on social media are one of the most important metrics to track. They're a powerful tool for building brand recognition and helping you to outshine your competitors. You can easily track these metric by counting your own mentions and those of your competitors over a certain period.
To calculate this metric, you'll need to count the amount of direct and indirect mentions that your brand receives on social media. Then, you'll need to compare this number to that of your competitors.
The speed at which your social media team responds to inquiries is important for customer care and conversions. Using a metric like response rate allows you to set clear goals for your team. It can also help you hold your employees accountable for the quality of customer service they provide.
Another important metric to monitor on social media is your bounce rate. This is the percentage of visitors who click on a link in your post and then immediately move away from the page they were redirected to. It's a good indicator of how much traffic you are receiving on your social media channels and whether or not it's worth your time and effort.
A high conversion rate is a strong indication that you are doing something right. If you’re getting lots of traffic to your website, but only a few sales or registrations, it could be time to rethink the direction of your social media strategy.