Did you know? 2023 is all about measuring social media success
Brands must understand that any social media strategy or campaign that is worth its salt must be adequately measured. However, it’s astonishing how many marketers fail to consider looking beyond the data from obvious and upfront sources.
While keeping track of those reach and impressions statistics is important (hello, they are right there), we believe that digging deeper can yield more valuable insights, significantly helping brands grow exponentially.
This blog provides information on popular platforms and helps you in determining the best social media metrics to monitor for each to increase brand recognition and boost social media ROI.
Why Must Brands Measure Social Media Success & Why Track Them?
For brands to properly & authentically measure their social media success, the metrics are hugely determined by their social media objectives. Every objective needs a complementary metric that is used to assess if your social media strategy is succeeding or failing.
Social media metrics are crucial to:
- gauge a campaign’s effectiveness
- estimate your social media strategy’s effectiveness
- evaluate the impact on your entire business vis-a-vis campaigns
In addition to allowing you to demonstrate to executives the impact of your work, having these social media indicators can help your social team experience noteworthy changes, such as budget expansions and improved access to resources. Lastly, metrics keep you informed about the general health of your brand and social profiles; you can’t truly understand the value of your social media presence until you have the evidence to support it.
In the marketing world, you know the old and new saying, “Make data your best friend.” We can help you foster this friendship to accelerate your business growth.
How to Measure Social Media Marketing Performance?
Nowadays, we can evaluate the effectiveness of a social media marketing campaign in many different ways. The most popular methods include lead generation, impressions, engagement, and web traffic analysis.
- Web Traffic
Depending on the type of your business and the social media networks your business leverages, increasing website traffic should be a top priority.
Facebook, Twitter, and Pinterest are key platforms and to determine how much of your traffic stems from organic social media, you can also utilize a web traffic analysis tool like Google Analytics.
- Social Media Impressions
Social media impressions as a metric is worth tracking since it indicates the number of users vis-a-vis your content.
Understanding your social media impressions is crucial for maximizing your budget for the future as this data can offer insights about how far your ad spend can go.
Surprisingly, impressions are measured differently by each social media platform.
Twitter: Every user who views a tweet.
Facebook: Each time a paid ad is shown on a screen.
Instagram: Every time a user views content (such as a static post, story, or reel)
TikTok: Does not have an “impressions” statistic, may count each video view as an impression for data.
- Lead Generation
Measure other indicators, including web traffic, lead quality, and social media channel conversion rates, to assess the effectiveness of your social media in generating leads.
- Likes/Comments
A sizable following is useless if your audience isn’t engaging with your content frequently. Therefore, it’s crucial to gauge how frequently users like and comment on your social media, as measuring the effectiveness of your brand’s overall social media engagement also includes them.
- Overall sales and revenue
Metrics related to overall sales and revenue are crucial for evaluating the effectiveness of your campaign.
It is simple to track the relationship between your activity and sales and revenue on many social media platforms that allow for monetization since they are transparent about how much marketers and creators may earn from their platforms.
What’s Next in the World of Social Media Metrics?
With the help of this blog and some extra digging and calculation, you may develop digital marketing KPIs to help measure how effectively your social media strategy is doing from the perspectives of awareness, engagement, and consumer happiness. Here are five advanced social media marketing metrics worth monitoring.
- Follower Growth Rate
- Social Share of Voice
- Amplification Rate
- Virality Rate
- Social sentiment
(*More on these metrics in our next blog – keep watching this space!)
Time to Upgrade Your Social Media Analytics Powers
When you utilize social media marketing at its best (and we hope you already do!!), it’s vital to evaluate the data behind the content.
We’ve compiled the most crucial social media KPIs that are important for most brands and most goals.
Just a recap – engagement, impressions and reach, share of voice, referrals and conversions, response rate and time are the most common and frequently significant indicators to consider. You will have a 360-degree view of your social media performance when these are combined.
Which social media metrics are crucial to your strategy?
How were they monitored for your campaigns?
We want to know, so tell us about it @brandmender.