What do you think accounts for a good social media strategy?
You have a clear goal in mind as to what you want to achieve through your social media activity. There is a well planned social media strategy in place. You post consistently on social media as well. But are you keeping a watch on your social media metrics?
Social media metrics is all the data you need to measure your social media performance. The idea is to consistently monitor the results on your social media activities. Are your social media efforts bringing any value? Your social media metrics help you measure just that.
Different social media metrics help you measure different aspects of your social media efforts. It depends on the stage as well as the goal that you want to achieve. If you want to increase brand awareness , you will focus on the reach for your social media content posts among other things.
You can use a social media Analytics tool like Unbox Social to measure these metrics. With Unbox Social’s Social media dashboard, you can get social media reports with insights on different metrics. These reports uncover all the important data you need for measuring your performance. Bifurcated into different metrics, these reports provide you with insights on each of these metrics.
But only knowing these social media metrics is not going to be enough. You need to align your social media metrics with your business goals. In order to give direction to your social media strategy, you keep focus on metrics that matter to you. Certain metrics such as the number of followers on platforms are vanity metrics. These are metrics that can be measured but do not actually matter. No matter how good these numbers may appear, they do not actually play any role in bringing business results.
Measuring and monitoring the right set of social media metrics is crucial to your social media efforts. You need to watch out for and measure metrics that add value to your business. Other vanity metrics can end up presenting an entirely wrong analysis. There are certain social media metrics that you need to monitor to be able to make the most of your social media metrics. It is important to stay on top of the most valuable social media metrics for getting clear direction for your social media strategy.
It can be an overwhelming and time consuming task to look at all your social media metrics and arriving at metrics that actually matter to your business. To make this easier for you, we have put together a comprehensive list of the most valuable social media metrics you need to monitor.
Here are the top social media metrics that will bring value to your business and which you need to focus on:
Metrics for measuring brand awareness
Metrics that measure brand awareness are valuable for knowing if your efforts are drawing the attention of your target audience. Different social media platforms have different metrics that depict your brand’s awareness. Broadly, it is the reach and impressions on your Facebook posts that determine your brand awareness.
- Impressions – Impressions is the number depicting the total views.
- Reach– Reach is the number of views by every unique user.
It is important to bifurcate these metrics into paid and organic efforts for better clarity. If your organic efforts are generating good reach and impressions, you can consider cutting down on your Ad spends.
For Instagram too, the reach as well as impressions on your posts are important metrics that brands need to keep a watch on. Profile views also important social media KPIs for brand awareness. For Instagram stories, you can look at the number of times your stories were viewed. You can look at the number of accounts your stories were reached by at the bottom of your story itself. The number of impressions is the total number of times a story was viewed.
On Twitter, you can look at your mentions, profile visits and impressions for measuring the social media awareness for your brand.
Metrics for measuring Engagement
One of the most important social media metrics are the engagement metrics. These are a measure of the audience’s response to your content strategy. The main engagement metrics across social media platforms are comments, likes, favourites, shares, retweets, reactions etc.The more you receive responses from your audience in the form of the actions mentioned above, the more engaging your content is. As a result, your engagement metrics help give direction for your content strategy.
- Likes and reactions
- Replies and/or reactions to stories
On Facebook, the prime engagement metrics are comments. Facebook puts emphasis on active interactions among audiences for better newsfeed ranking as well. As such it is important to track the number of comments you are receiving on each of the posts on Facebook. Likes, shares, reactions etc. too are signs that your content was interesting enough to provoke response from the audience.
For Instagram as well, the number of comments and likes on a given post determine how engaging your content is. Instagram posts that receive more comments and likes can be seen as inspiration for future content formats. The number of replies and reactions you receive on your stories is
On Twitter, you can measure your engagement in terms of the number of favorites, replies, link clicks and retweets on your content. You can derive the engagement rate for every post by adding the total number of retweets, replies, link clicks and favourites and dividing it by the number of impressions.
Metrics measuring conversions
Conversion is the point at which a user responds to the desired CTAs. Common metrics for measuring conversions are:
- Click through rates (CTRs)– The number of times people click on a call to action link in your post is the click through rate
- Cost per clicks (CPCs)– The amount that you pay per single click on your sponsored paid social media posts
The main idea behind adding calls to action is to compel your audience to take a desired actions. Monitoring your Click through rates will help you determine whether your CTAs are effective enough to push your audience to take action. If the numbers are on lower side, your CTAs or content may not be compelling enough. You may want to make changes to your content strategies so that people take the desired action.
Measuring the cost per clicks for your paid ads is also important. Since you are investing money on paid content, it is important to monitor the returns on the same. The cost per clicks will help you determine if the ads and paid content you are putting out is compelling enough to drive action from audience. If the audience is not taking the desired action, you may want to reconsider your strategy and approach content from a different angle. You may want to look at content with more CPCs for inspiration.
You can use Unbox Social to measure your CPCs and CTRs on different social media platforms. Based on insights on these metrics, you can take a decision on what your next step will be.
You should also monitor your conversions on links in ad stories and regular stories. This will help you decide whether your content is compelling enough to push your audience to take action.
The demographic metrics are one of the most important social media metrics to monitor. It is very important to understand your audience by their demographics and frame a social media strategy accordingly. The various demographic metrics across social media platforms include:
- Age, Gender and Location
- Lifestyle, Consumer Behaviour and Mobile footprint
- Time Points of Maximum Activity
On Facebook, you can categorise your audience by gender, location, age, and language. These metrics help you make strategies for targeting on the platform. Measuring your audience metrics helps you to understand what percentage of women and men are being reached and engaging with your content. It helps you understand which segment (s) of your audience need more attention.
On Twitter, the main audience metrics include lifestyle, consumer behaviour and mobile footprint. These Twitter audience metrics are further bifurcated into their interests, occupation, household income categories etc. All these social media metrics help you determine audience segments that need more focus.
For Instagram, you can use the Unbox Social analytics and reporting tool to uncover your demographic metrics. You can look at the audience insights for your Instagram handle on your social media reports.
With Unbox Social’s reporting tool you can segment your audience by gender as well as by location. Segmentation of your audience comes with 2 categories: One is segmentation by countries and the other is segmentation by city. You can also get an age-gender wise segmentation of your audience.
Apart from these segmentations, the tool also helps you identify the time when most of your audience is online on the platform. This is one of the most valuable metrics that you need to monitor consistently. You can leverage this social media metric to direct your content delivery.
- Average completion rate/ Audience retention rate– This metric is an indicator as to how long your video was able to capture the attention of your audience
- Peak Live Viewers– This is an indicator of the highest number of viewers that you had during a live streaming.
Average completion rate for Facebook and Audience retention rate for YouTube are core metrics determining audience metrics. These metrics show the duration for which a particular video had the attention of your audience. If, for instance, the audience retention rate metrics are on lower side, you may need to consider making changes in your strategy.
Peak Live Viewers is the Facebook video metric that shows you the point at which you had highest number of viewers during a live stream. This will help you in determining future video content strategies.
It is important for you to monitor your social media metrics in order to measure your social media performance. But measuring all the metrics makes no sense. There are metrics that do not bring any value to your social media performance. You need to focus on only the most valuable social media metrics.
Here is a snapshot of all the broader social media metrics that are valuable for your business:
- Awareness metrics for determining how well your social media strategy is doing for drawing the attention of your target audience
- Engagement metrics indicating the response that your audience shows to your content
- Conversion metrics depicting the point at which users hit the desired CTAs
- Demographic metrics show the segmentation of your audience
- Video metrics are metrics that show how your videos are performing