“What gets measured gets done.” – Peter F. Drucker
Social media has emerged as an important component of marketing strategy. But how do you measure if your social media marketing efforts are contributing in any real terms to your business?
The answer lies in social media metrics.
Social media metrics will help you understand if your social media marketing strategy is right or not.
But what exactly are metrics in social media marketing? How do you identify the metrics that are relevant in 2023? In this blog, we will answer these questions.
Key Metrics for Social Media Measurement –
- Social media awareness metrics
- Social media engagement metrics
- Social Media Conversion Metrics
- Social Customer Service Metrics
- Social Media ROI Metrics
What are social media metrics?
Social media metrics are data points. They help you understand how your social media strategy is performing.
They involve assessing aspects like awareness, engagement, conversion, customer service, etc.
Without social media marketing performance metrics, you will not be able to identify if you need to change your social media strategy.
Using social media audit metrics will help you make data-driven decisions for your business.
There are several metrics in social media marketing that you can use. You should keep in mind your objective while measuring:
- Do you want to measure your brand awareness caused by your social media posts?
- Do you want to measure the engagement with your posts?
- Do you want to measure the return on your investment?
- Do you want to measure your customer satisfaction with your social media strategy?
We will discuss social media metrics for the above by classifying these metrics into relevant categories.
What are the key metrics for social media measurement?
The metrics in social media marketing can be classified as follows:
1. Social media awareness metrics
Social media awareness metrics center around understanding your current audience and your prospective audience. The following are the awareness metrics you should be focusing on:
This metric answers the question, “How many times your brand has been mentioned in a specific time period?”.
Why is this relevant? Well, understanding when your brand gains mentions can give direction to your social media strategy to increase your engagement rates.
b) Follower growth
In itself, follower growth can be considered a vanity metric. But when analyzed in terms of age, interest, etc., keeping your ideal customer profile in mind can give you crucial insights into the effectiveness of your social media marketing strategy. You should assess your follower growth trends over an extended period to adapt your content strategy to their preferences.
In simple language, reach means the total number of unique accounts that have seen your post since it was published. This one is an actionable metric. Why so?
Because reach is impacted by when you post your content. So, you do have an element of control in this aspect. Identify when your audience is active and schedule your content posting according to that.
It lets you know how many times your content was displayed. It does not matter whether the content received clicks or not. More impressions are always better.
2. Social media engagement metrics
Social media engagement metrics are always the first ones to be tracked. They clearly help you understand whether people are appreciating your content or not. The following are the main social media engagement metrics that you should definitely consider and you can calculate social media engagement metrics in Vaizle.
a) Likes and Shares
These are basic engagement metrics. If your audience finds it appealing and likes your content, they will ‘like’ it. If they like it too much and/or find it valuable enough to be shared with others, they will ‘share’ it with their people. Thus, this metric gives you a direct estimation of how good the content is in your audience’s eyes.
Comments provide space for interaction. They reflect a deeper level of engagement. Analyzing comments can help you understand your audience’s sentiments and interests. They are also an important strategy for community building.
c) Engagement Rate
This engagement rate metric takes into account likes, shares, and comments. It provides you with a holistic view of your audience’s interaction with your social media.
3. Social Media Conversion Metrics
Firstly, what really is conversion?
It depends on the different aspects and stages of the marketing funnel. For middle-of-the-funnel, it might mean the expression of interest to gain more information. For bottom-of-the-funnel, it can imply a sale.
Let us understand some social media conversion metrics in detail-
a) Conversion rate
What was the goal of your content? Was it to encourage your audience to download something? Was it to encourage them to register for something?
How many actually undertook this action? The answer to this question will be your conversion rate.
b) Click-Through Rate
What is the number of clicks your content got? Now, divide this figure by the number of impressions of the content. This is the click-through rate.
A higher value of click-through rate is always good. It means your target audience is able to identify with your posts. A lower rate would mean it is time to reflect on your content.
c) Cost Per Conversion
We understood what conversion is above. You need to understand what has been the cost of conversions you got through your social media strategy. A lower CPC is better.
d) Cost per Thousand Impressions(CPM)
This is relevant if you sponsor your posts. What amount did you pay for 1,000 people to come across your post? This will give you your CPM.
4. Social Customer Service Metrics
Since the customer is the king, shouldn’t you assess how your customer’s experience was with your brand?
Social Customer Service Metrics is an important social media metric that precisely helps you understand that. They help reveal the customer’s perception of your brand.
a) Customer Reviews
This includes your customer’s feedback, whether positive or negative. This contains testimonials, comments, any reviews they have left, etc. They are the most powerful way to leverage social proof.
b) Customer Response Rate
It is normal for customers to reach out to brands for their queries, etc., through social media. How many of these messages or questions did you respond to? This will give you your customer response rate.
5. Social Media ROI Metrics
What are your financial gains relative to the costs of your social media marketing efforts? Social Media ROI metrics provide the answer to this question.
It is the ultimate metric in social media marketing for assessing campaign success. This is because it helps you understand what return you generated from your social media efforts. Eventually, for businesses, the ultimate objective of using social media is to generate more sales or revenue.
Here are a few social media ROI metrics that you should track:
a) Return on Ad spend
If you use paid marketing, Return on Ad Spend is one such metric you should monitor. It calculates the revenue generated as compared to the amount spent on running paid ads.
b) Ad Click-Through Rate (CTR)
This metric evaluates the effectiveness of your social media ad campaigns. A higher CTR generally indicates better ROI on ad spend.
Calculating social media ROI metrics is essential to understand the real effectiveness of your social media marketing strategy in driving revenue for your business.
How can you use Vaizle to track these social media metrics?
To conduct effective social media analysis, it’s crucial to monitor key social media metrics. This applies to anyone managing social media accounts, as staying updated on these metrics is vital. Although tracking these metrics can be time-consuming and demanding, it’s a task that can’t be put off.
Luckily, there are various tools available to simplify the process. Some popular options include Vaizle, Loomly, Hootsuite, Hubspot, Meta Business Suite, and more.
Vaizle stands out among these tools. It’s not just a basic tool; it’s a comprehensive suite for social media and ad analytics. Vaizle provides insights not only for social media but also for advertising campaigns.
Vaizle Free Tools also helps you to measure or give insights into some metrics of your account.
With Vaizle you can get the following features and metrics
Vaizle’s live dashboard helps you to get quick insights into metrics like impressions, reach, number of comments, likes, shares, clicks, video views, and brand activity.
- Brand Activity
- Post Likes
- Video Views
Day Wise Analysis
Vaizle provides a simple way to track the performance of your posts day by day, using metrics like reach, engagement, and post likes.
Let’s say you posted a video with a new idea on a Friday. With Vaizle, you can easily check how many people saw that video and compare it to other days to see if it worked well for you.
Content analysis helps you figure out what works best for your content. It lets you see how well your posts are doing by looking at things like engagement, reactions, likes, comments, shares, and video views.
For example, if you’re planning a new Instagram content strategy, content analysis helps you find out which types of content get the most engagement, likes, and reactions. This info is crucial for creating a successful and focused content plan.
With Vaizle, you can easily discover where your content is most popular among your audience.
By analyzing key demographic metrics such as page views, page likes, and page followers, you’ll be able to see how many people are visiting your page and where they’re coming from.
Vaizle offers more than just insights into your social media pages; it provides comprehensive information about the advertising campaigns running for your social media accounts.
Its ad analysis provides you the benefit of doing account, campaign, ad sets, and ad analysis.
If you want to check how well your campaigns are converting, Vaizle Free Ad Analytics Tool makes it easy to give some insights. You can see conversion rates by looking at these metrics like
- Link Clicks
- CPC (Cost per Conversion)
- CPA ( Cost per acquisition)
- AoV (Average order value)
- RoAS (Return on Ad Spend)
- CR (Conversion rate)
Vaizle also helps you stay focused on your campaign goals by providing objective-based analysis. This way, you can track your campaigns and make sure they’re meeting your objectives.
Vaizle provides a unique feature for tracking your performance through projections. This feature helps you see the gap between your goals and your daily progress.
It gives you information about your ad spending metrics and purchase value metrics, showing you what you need to achieve your monthly targets.
With the help of Vaizle, you can also create personalized reports under which you can display the relevant metrics according to you.
It will save you time to create manual reports. And, through these reports, you can make quick decisions and present them well in the meetings.
Last but not least, Vaizle provides a handy connector feature that effortlessly links your social media accounts with Google Sheets, automatically updating data daily, weekly, and monthly.
It will automatically sync the relevant metrics data to your Google Sheet. By automating this process, you not only save time but also ensure accurate data, enabling quick and informed decision-making.