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Did you know that more than 60% of marketers say that measuring ROI is their main challenge when it comes to social media marketing?
Social media marketing is a fantastic and cost-effective way to get your brand in front of a targeted group of consumers, however many brands still struggle with how to measure its impact. As such, it is very common for brands to rely on vanity metrics and not fully understand if their social media marketing is or is not driving tangible business value.
Just check out these surprising stats:
56% of marketers rely on engagement metrics as success indicators
21% focus on conversion data to prove value from social media
33% of marketers say that they have challenges tying social media efforts to business goals
Less than 10% of marketers say that they can quantify social media driven revenue
Community Growth – Month over month follower growth is a good metric to track, however it isn’t the most important by any means.
In theory, the more social followers you have, the more reach your content will get. Growing your social communities can help your content gain visibility, and even make your social advertising a little more cost effective.
Social proof is also something to take into consideration – growing a social following establishes a level of authority and projects that your brand is likeable.
When growing your community, do not cut corners. Buying fake followers won’t help your brand and will leave you looking foolish in the long run.
If growing your community is important for your strategy, invest some money in social advertising and attract a purposely built and targeted audience. Do it the right way.
Impression and Reach – Impressions and reach are two metrics that do NOT get the respect they deserve. The amount of people being served your content also known as the reach and the amount of times your content is being served also known as impressions can tell you a lot about how your content is performing.
The algorithms used in the social news feed dictate who sees what content, so a rapid drop in these visibility metrics can indicate that your content doesn’t mesh well with the algorithms, and thus what people are responding to. If you are running social advertising, you will want to reference these metrics to ensure the delivery of your ads, and to determine how engaging your ads are by looking at your click through rate.
Impressions and reach are important metrics to track because if you do not know how many people are seeing your content, you have no context on the amount of engagement that content generates.
For example, getting 25 engagements on 100 impressions is much different than getting 25 engagements on 10,000 impressions. Visibility metrics help add context.
Engagements – Engagements are probably the most tracked metric for social media marketing – we have all become obsessed with being the brand with the most engagements.
Don’t get us wrong, engagement is great and should be measured, however, you also need to assess whether they are driving actual value for your business? I would suggest that there is very little measurable value to your business being driven by only publishing content that is intended to get likes.
Sure, engagement helps extend your reach, but it is important not to use them as your indicator of overall success. You will want to have a balance of engagement and other metrics such as website visits to really get an idea of whether your content strategy is attractive to your social community and generating business for your brand.
Website Visits – Website visits tell you if your social media strategy is going the extra mile and attracting users to actively seek more information about your brand.
It is very important to measure website visits so that you can identify where your social strategy fits in with your overall digital marketing efforts. Also, you can learn tonnes more by looking at the number of pages your social traffic visits, how long they spend on your site and much, much more!
Conversions – With less than 10% of marketers being able to quantify their social media efforts, measuring conversions is a wonderful place to start.
We recommend measuring conversions from social media just like you would any other traffic source in Google Analytics – though the one thing to keep in mind is that Google Analytics doesn’t always tell the whole story.
Currently, Google Analytics measures last click conversions, meaning the traffic source that immediately caused the conversion gets the credit. The average internet user bounces around a lot before converting, so it is very rare to see someone respond directly to social content piece and convert. Therefore, social media sites usually get less credit than they deserve for conversions.
I recommend getting familiar with Google Analytics so that you can tie conversions to your social media efforts.
If you measure these five metrics on a month over month basis, you will begin to see how social media marketing is generating business results for your brand. So, that was our blog on 5 key social media metrics to measure, we hope you enjoyed let us know in the comments below!