2022 Guide: Top Social Media Metrics You Should Be Tracking
The main strength of social media as a marketing platform is its ability to give you valuable insights into your content and performance through social media reporting tools. Social media analytics is an invaluable way of ensuring that your social media campaigns are actually working.
Metric tracking is one of the most invaluable social media tools for your brand. Through it, you can see which posts are performing the best (or the worst) on your social media channels. Having this information is crucial for meeting the objectives of your social strategy and marketing campaigns as a whole.
There are many social metrics to look out for when measuring social media performance. But which ones are most important to your marketing efforts and brand strategy? How does social media measuring work? In this article, we’ll go over the most important social media metrics to look out for when using a social media reporting tool as well as how to track social media metrics.
Why You Should Track Social Media Metrics
Brands and their marketing teams use social media monitoring tools as a way to benchmark their content strategy. By collecting meaningful insights about important metrics, they’re better able to identify trends and improve future strategies.
Any team with an experienced social media marketer will tell you that social media efforts are an ongoing investment. It’s okay to make some assumptions about what you think your customers might respond well to. Social reporting allows you to verify those assumptions.
Let’s say you run a business that sells homemade cookies. You’ve learned that your particular version of sugar cookies is an absolute hit and sells the most to your friends and family compared to your other recipes. You might start your social media campaign by promoting your sugar cookies, simply because you’ve already garnered some success from it.
However, the audience on social media goes well beyond your friends and family. If you use social media tracking, you’ll be able to see whether the interest in sugar cookies extends beyond your friends and family.
A successful social media strategy will always include a plan for your brand online to adapt beyond your initial social marketing efforts, and this plan is only possible if you have a social media analytics tool.
Conversion metrics are typically defined by your social media tracker as the efficiency of your social engagement in terms of conversions.
Let’s say your marketing team has created an ad campaign that includes a promo code to be used in an eCommerce shop. The social media report may include awareness and engagement metrics that measure how many views and interactions the ads have gotten. Conversion metrics, on the other hand, measure how many people used the promo code in a sale.
Below are some metrics in the conversion category:
- Click-through rate (CTR): CTR is the number of users who’ve clicked on an ad relative to the number of impressions. This metric measures whether people who’ve seen your ad are clicking on it.
- Cost-per-conversion (CPC): CPC is the cost of the ad campaign relative to the quality of its results. Let’s say you spent $100 on an ad and your page followers grew by 10. Your CPC would be $10, meaning you spent $10 for each of those new followers.
- Cost per thousand impressions (CPM): CPM is the cost of the ad campaign relative to every 1000 people who have viewed your ad. This is the top metric Google Display Ads typically focus on and is tracked by Google Analytics.
Customer Service Metrics
Customer service metrics in your social media tracker refer to how well your brand interacts with your customers. It’s a metric that is often underestimated, with many brands tending to focus more on engagement and awareness metrics.
However, this metric is absolutely crucial for the latter stages of your customer journey. Having excellent customer service on social platforms could mean the difference between a missed opportunity and a sale.
Below are some metrics in the customer service category:
- Customer response rate: This metric measures the ratio of messages you’ve received from customers to those you have replied to.
- Customer response time: Customer response time measures how fast (or long) it takes for your brand to reply to a customer’s message.
- Customer reviews: This metric refers to reviews, comments, and other opinions expressed by your customers regarding your brand. It’s important to track both positive and negative customer reviews.
As you can see, there are several ways to measure the effectiveness of your social media initiatives. Which key metrics your business should prioritise will largely depend on the type of brand you are and what objectives you’ve defined for your marketing strategy.
Understanding both will allow you to better refine your approach while making sure you don’t end up doing the same ineffective strategies.