With the advent of technology it has become impossible for brands to stay ahead of their competitors if they’re not willing to adapt with the trending methods of creating brand awareness across multiple online mediums —the most famous of them being marketing on various social media platforms.
Let’s face it, if you’re running any social media campaign, you best believe that your boss or your client is going to demand a detailed report of how much money was spent on that campaign , what was the end result of that campaign and what were the various metrics measured validating its success(pray to god not a failure).
The most interesting part about marketing on social media is that you can track every aspect of the result, right from follower counts to post engagement, bounce rate and much. On hindsight, for beginners who aren’t adept with the fundamentals of how these metrics work, it can be a very confusing and frustrating affair and to add the cherry on that cake, companies are coming up with newer and better metric systems on a weekly basis.
If all of these things are making your head spin, don’t buy any aspirin, we’ll cut you some slack with a handpicked list of metrics you need to track to set the ball rolling (and keeps it rolling).
Check out these social media metrics you need to track to get a clue about your brand’s social media presence to help you improvise on your strategy.
Reach
Reach measures the number of people your content has reached to. On its own, reach can help you understand the context for your content which basically denotes the potential audience size. It is a metric every social media marketer will closely monitor and continuously work on improving. Remember, a strong reach indicates how strong your brand’s awareness is. Bottom line, if your reach is not growing, this is a problem!
Engagement
Engagement denotes the number of people actively interacting with your content on various social media platforms in the form of like, shares, comments and clicks. Engagement is only possible if your reach is successful and the content you publish resonates with your audience. It also gives you a fair idea of what works and what doesn’t. Content can be both shared and replied to in the form of re-tweets and shares and it may surprise you what your audience interacts with.
Conversion Rate
Don’t you want to know what percentage of your audience have converted into leads and customers? Seems like a no brainer, no? Else why put in so much of time, money and effort into social media when you don’t know your conversion rate. Conversion’s come in different forms. For some it might be a direct website purchase and for others it might be someone subscribing to their newsletter, gated content, vlogs etc. In short, this is what determines an achievement of a business, without which, they would be directionless.
Cost Per Conversion
This is a very important metric to track which determine the success of your conversion rate. A cost per conversion basically means the amount you have spent to convert one visitor into a lead or a subscriber. This reflects directly on your return on investment and helps you determine whether the amount you’re spending to convert a prospective visitor is worth the investment or not. Keep a very close eye on this metric so you know you’re getting a positive return on investment from your social media campaigns.
Bounce Rate
That last and most important metric you have to track is the Bounce rate. A Bounce rate measures the number of people who landed on your website and with a blink of an eye, they left. There could be a myriad of reasons for this behavior, but a closer look at the bounce rate will help you identify the real problem. It’s a sign that your site isn’t providing relevant information to them for them to stick around longer. Remember, a low bounce rate is always good as it validates that your content has immense value to your audience.
That’s all folks. These are the real metrics every business owner needs to track for ensuring a smooth and successful social media presence (which will ultimately reflect on your balance sheet as well).
If you want more insights on how to go about deciphering these metrics, how to build your social media presence or just want to know why your audience isn’t interacting with your content the way you expected them to, feel free to contact Us! .
