“If you are not moving forward, you are moving backward.”– Mikhail Gorbachev
For any business to grow, it is very important to keep track of its performance. Understanding the fundamentals of social media marketing and the metrics related to it can help you know your status in the market. Why are social media metrics important? Simply put, they offer you an inside look at how your channels are performing. You also understand the response of your audience towards your brand with the help of these metrics. Knowing all this information aids you to improve your strategy.
Now the question is which social media metrics are important? Read the blog further to find out.
- Audience Growth Rate
Audience Growth rates measure the total change in a brand’s following on all social media channels. It determines the average rate of increase or decrease in your followers.
How can you calculate AGR?
Select a reporting period, calculate new followers over that specific period and now divide the new followers by your total number of followers. This is how you will know the increase or decrease in your followers. With this metric, you can directly connect your social media data with your profit f your business.
- Customer Engagement Rate
How frequently are your customers engaging with your brand? What actions do they take for your brand after they follow you on social media? How are your followers responding to your posts on social media? Answers to questions like these can easily be figured out by finding the data for this metric.
To find this metric, calculate your customer response rate by dividing the number of responses given to your followers by the number of followers engaging with your brand. Now multiply the product you get with 100.
- Return On Investment
This is one of the most important metrics of all that defines the growth of your brand. The ROI of your business can differ depending on the industry you are setting your feet in. When you calculate the ROI of your business, you will get to know if the amount of money and time you have spent on social media is increasing your sales or not. Google Analytics lets you measure the advertising ROI of your business along with tracking other details of your social media sites and applications.
- Conversion Rate
The conversion rate is the number of followers on your website taking the desired action. It can involve downloading your eBook, signing up for your newsletter, buying the product or service and more. In order to find out the conversion rate, it is important to ensure that your CTA links are trackable. A CTA or call-to-action is a button that you add to your application or website to compel your audience to perform the desired action.
- Cost-Per-Click (CPC)
This is another most important metric after ROI that you must measure to track the performance of your business. CPC helps in determining if your brand should continue focusing on investing or rather switch attention towards improving your social media marketing strategies. What are the types of ads involved in CPC? You can go for text ads, image ads, video ads, shopping ads and more. Calculate the average cost per click by diving the total cost of clicks with the total number of clicks. Social Media Analytics CPC can help you understand the metrics better.
Every social media metric has some or the other role to play in the growth of your business, but the ones discussed above are the most meaningful metrics that should never be ignored. So evaluate these analytics to drive decisions about better positioning your brand in the marketplace.