The way companies perceive social media marketing has evolved dynamically just over the course of the last couple of years. Along with the grand developments in social media strategies and methods, we have seen a revolutionary change in how companies measure their social media performance. Companies have now started measuring everything from their followers’ growth to their social media engagement rate.
Social media engagement is hands down the number one area your brand should focus on when dealing with social media. It is the impetus for any of the other metrics that companies would typically track.
Effective bottom-line KPIs you need to measure:
1. Unique Impressions
It may happen that a user comes across your content more than once. In this case, it becomes difficult to calculate just how much social reach your content has gained if you are only tracking impressions.
Which is why unique impressions is a good metric to keep a track of. To understand unique impressions better – let’s say a person views your content three times. This will be counted as three Impressions but one Unique Impression. Unique impressions give you a better understanding of well your content is doing.
2. Share of Voice, Mentions, and Brand Sentiment
As your brand grows, you will have to determine how much of the conversation happening around your audience is about your brand. You will also feel the need to compare that number with your competitor’s to gauge how much impact you have in the market.
Is your brand among the names people bring up in a conversation about the kind of products you sell?
Share of voice is a metric that indicates just that. It tells you how much buzz your brand generates as compared to your competitors. If your share of voice is less as compared to your competitor’s, it means you need to work on your campaigns and strategies.
Measuring share of voice is great because it tells you that people are having conversations about you, but do you know what kinds of conversations they are having?
Did you know that 96% of people that discuss brands online do not even follow those brand’s social media pages?
This is why it is so important to track your brand mentions on social media. It gives you an idea about your brand’s awareness. It also allows you to decide whether or not you need to take part in the conversation. 77% of Twitter users feel positive about a brand when they reply to their Tweet, so tracking your mentions gives you a chance to maintain good social media engagement rates.
It’s a good idea to also keep a track of how many of these conversations are positive or negative. Brand sentiment indicates the percentage of how many people discussing your brands on social media have a positive, negative or a neutral sentiment about your brand.
3. Audience Demographic
To understand your audience better, you also need to be tracking your audience demographic. What is the age-range of people viewing your content? How many of your audiences are male or female?
Audience demographic is a great KPI to track if you want to focus on tailoring your content for a specific demographic. If you don’t know who you are talking to, how can you connect with them?
4. Location Spread
Along with audience demographics, it is crucial to know which geographic location your primary traffic is coming from. For social media, this means you need to track which location your followers are from.
Knowing how many of your followers come from a specific geographic location can help you craft your campaign strategies with that location as a focus. It also helps to know where you should be putting in more efforts if you are not reaching an audience from a certain location.
For instance, if you are a global brand with only a small amount of social media traffic coming from Europe, where you know you might have potential customers, you might want to run a campaign specific to European countries.
On the other hand, if you already have a lot of traffic on Facebook coming from America, you can target American audiences in your Facebook Ads by turning on geo-targeting.
5. Story Insights
The Snapchat-like Story feature has been adopted by nearly every social media platform by now. And it is working even better on some platforms, namely Instagram, than it is on Snapchat.
Facebook Stories have just revealed to have 150 million daily users, and we already know that Instagram Stories had surpassed Snapchat’s daily users with 300 million daily users in 2017 itself.
This means that Story Insights are more important than ever, and have become an important outreach tool for many brands & influencers. Unfortunately, brands may have been ignoring these analytics for a while, but they cannot afford to do so now. Treat Story Insights just as you would a normal post if not more critical.
Here are a few metrics to look out for:
- Impressions, Unique Impressions
- Drop-off Rate For Story-Cycle (The rate of people exiting your story-cycle)
- Drop-off Rate For Individual post (The rate of people exiting your individual Story posts)
- Audience Reach Ratio Per Story
- Number of Replies
- Swipe-Up Rates
- Stories Ads Insights
Want to check Insights for your stories older than 14 days? Sign up to Unbox Social for free & start seeing analytics for your stories instantaneously.
6. Follower Growth
Keeping an eye on the number of followers your account has is great, but you also need to keep a track on how many new followers you are gaining. Follower growth indicates how many followers you have gained over a set period of time.
This will help you in identifying how much impact your campaign is having, for instance, if you have reached your targeted number of followers during your campaign. It will help you define your objectives and compare results.
7. Follower Activity
An active follower is someone who has logged in and interacted with your content in the past 30 days. To know how many of your followers are in fact valuable, you need to know how active they are on social media.
A follower is not likely to keep coming back to your profile to check for new content. To ensure that they are not missing out on your posts, it is necessary to keep a track of when the majority of your followers are active.
Knowing that most of your followers are active on Sundays between 1 PM to 2 PM, for instance, gives you an advantage. You can then make sure you post content between that time range to gain higher engagement rates.
Tracking Online Followers might seem difficult, but Unbox Social’s analytics tool provides you with all the information you need for knowing when your followers are most active.
8. Profile Views
Impressions and views on your posts are important, but so are your profile visits. What if you have a huge number of profile views but not enough followers? This metric presents with itself, an opportunity. You now know that there are viewers who are discovering your content across the platform and they like what they see enough to want to check out your profile. All you now need to do is strategise how you can convert these leads.
This is the kind of information that tells you if people have an actual interest in your brand beyond your latest posts. If your profile visits aren’t converting into followers, that means your profile is not leaving a good impression on these viewers and you need to revisit your conversion strategy.
9. Visits and leads
What all your social media efforts eventually come down to, is how many people are visiting your brand’s website through social media and making purchases. At the end of the day, simply having a good social media engagement rate means nothing if that engagement doesn’t convert to actual leads and you end up making little financial progress.
This is why it is so important to track your leads. Leads are conversions that have not yet resulted in direct sales. ItLeads indicates that you are one step closer to making a sale.
It could be someone filling up a membership or subscription form, someone signing up for your free eBook, or even joining your website. Your lead depends on your brand’s ultimate social media goal.
Once you measure your leads and which social media platform they are coming from, you can decide to focus your attention to that one platform. For example, if you are not generating the desired number of leads from Facebook, it is time for you to either improve your content strategy for Facebook or turn your focus towards other platforms like Instagram.
You can use Facebook Pixel or Ads Manager for conversion reports for your Ads. Tracking leads for Instagram can be a little tricky since Instagram opens a link directly in your mobile browser, but there are a few options you can work with. The easiest is using Google Analytics to add UTM parameters.
How to measure KPIs:
Measuring all these different KPIs may seem like a task, and it is. But you don’t have to do it by yourself. There are a number of social media analytics tools that can assist you by providing exactly the data you need.
Google Analytics, for instance, is a must-have for any business and gives you insights into all kinds of things – ads, emails, websites, apps. Most importantly, it can help you track lead conversions and your social media campaigns.
We would be remiss to not mention Unbox Social, whose social media analytics tool gives you insights into engagement rates, drop-off ratios, follower demographics and even insights into your Stories across multiple social media platforms. Unbox Social is especially great if your brand works with influencers on social media campaigns. Because it also lets you find influencers and track your campaigns from a single dashboard.
With social media analytics tools, it is important to test and experiment with some of them before deciding which one suits your brand the best.
Social media has come a long way. And so have the ways brands use it to spread brand awareness and ultimately, to drive leads to their website.
About half a decade ago, times were simpler – when brands only had to worry about having a good engagement rate. A good number of likes, comments, shares, saves, and followers meant that your brand content was good enough.
With so many changes occurring within social media platforms everyday. Brands must track more than just engagement and reach to ensure that their content gets noticed in the first place.
You should be tracking your unique impressions along with your impressions to get a thorough overview of how many users you are reaching. While impressions could be counted multiple times for the same user, unique impressions would be counted only once.