Do you want to boost your brand awareness on the internet, but you don’t know what to do? This article is here to help. This article provides you with the key social media metrics to track in order to experience a boost in your brand’s audience outreach.
In order to gauge the success of your social media efforts, you must track several indicators. Metrics are the foundation for constant development and progress since they provide information about anything from the totality of people who view your content to the amount of money you make from social media.
One of the greatest benefits of social media is the abundance of metrics available for monitoring almost any aspect of your presence there. Knowing which stats are most important for your company on social media depends on your objectives.
It is important to tailor the number of metrics you monitor to your specific company needs, as well as the resources you have at your disposal. In 2022, the following will be some of the most crucial measures for social media success.
Key Social Media Metrics to Track
Engagement metrics reveal how many people really engage with your content on social media, as opposed to simply passively seeing it.
1. Engagement Rate
The proportion of your followers that viewand interact with your content (via likes, comments, and shares) is what is called the ‘Engagement Rate.’ It all depends on who you consider an ‘audience.’ Consider how many followers you have and how it relates to the level of interaction you get.
However, keep in mind that not everyone who follows you will see every message. And it’s possible to attract the attention of those who aren’t following you.
Benchmarks of Engagement Rate
- Instagram = 0.68 percent
- Facebook = 0.06 percent
REMEMBER:The proportion of followers engaged is used as the basis for these benchmarks.
2. Amplification Rate
The Amplification Rate measures how many times a given post is shared relative to the total number of followers. What percentage of your content is being shared by your followers? If your amplification rate is high, it means that your fans are actively helping you to reach a wider audience.
The amplification rate of a post is found by dividing the total number of shares by the total number of the account’s followers. As a percentage, the rate of amplification is calculated by multiplying the rate by 100.
3. Virality Rate
In the same way that the amplification rate quantifies how widely your content is disseminated, the virality rate does the same.
Virality rate, on the other hand, measures success based on how many people saw the shared content rather than how many people actually followed the account.
Never forget that every time your content is shared, it reaches a new set of eyes. You can quantify the exponential growth of your content’s reach by tracking its virality rate.
The virality rate is found by dividing the number of shares by the total number of impressions. Divide that number by 100 to obtain a percentage representing how viral your content is.
4. Audience Growth Rate
Your audience growth rate is the percentage of new social media followers you get during a certain time period. It’s more complicated than just the number of people that have started following you.
In its place, it calculates a proportion of your entire audience that consists of new followers. When you’re just starting out, a strong growth rate can seem like 10 or 100 new followers in a month.
If you’ve already built a sizable fan base, gaining additional new members is essential to keeping the momentum going. Keep tabs on your platform’s net increase in followers throughout some kind of reporting period, and you’ll have your audience growth rate.
Next, increase this result by 100 and divide it by the total number of people that follow you across all of your platforms.
REMEMBER:If you wish to measure your success against that of your rivals, you can do so in the same manner.
The term “impressions” refers to the amount of exposure your item received. Because the same user can see your content more than once, your retention rate can be greater than your reach.
If a post has much more impressions than it does reach, it suggests that many people are seeing it several times. Try to find out the source of the stickiness and what causes it.
Your content’s reach is the total number of individuals who encounter it. It’s important to keep an eye on both your overall reach and the reach of particular stories, posts, and videos. The ratio of your followers to your total reach is an important component of this measure.
You’re doing well with the algorithms or sharing if many people who aren’t following you have seen your posts.
7. Video Views
Since you’re making videos, you’re probably curious as to how many people are really viewing them. Although the exact amount of time that constitutes a “view” is varied for each social media platform, even a brief exposure is considered a “view.”
Therefore, the number of individuals who have seen even a portion of your film can be roughly estimated by looking at the number of views, although this metric is not as significant.
8. Video Completion Rate
When it comes to your videos, what percentage of viewers really watch every single one to the end? This is promising evidence that you’re producing content that resonates with your readers. Increasing your video’s completion rate will send a strong signal to numerous social media engines.
Sentiment and Share of Voice and Metrics
9. Social Sentiment
While the social share of voice measures how much time you spend participating in social conversations, social sentiment analyzes how you feel about such conversations. Is the general consensus about you on the web good or negative?
10. Social Share of Voice (SSoV)
If you want to know how many more people are talking about your brand than your rivals, go no further than your social share of voice. Do you feel like you get enough attention when you go out in public?
Mentions can be either:
The essence of SSoV is competition analysis: how well known is your brand, and, by extension, how important is it? Simply sum up all of the social media platforms where your business has been mentioned. Perform the same actions for your rivals.
The overall number of mentions in your industry can be calculated by adding the two groups of mentions together.
To determine your SSoV as a percentage, divide the number of times your brand was mentioned by the total number of times it was mentioned in the industry.
Return on Investment (ROI) metrics
11. Cost Per Thousand Impressions (CPM)
CPM stands for “Cost Per thousand Impressions.” You can think of it as the price you pay to have your social media ad shown 1,000 times. Views, not actions, are what matter most in CPM.
Again, no math is required; simply get the necessary information from the statistics provided by your preferred social media platform.
Benchmarks of Cost Per Impressions (CPM)
- 1st Quarter of 2021 = 5.87 USD
- 2nd Quarter of 2021 = 7.21 USD
- 3rd Quarter of 2021 = 7.62 USD
- 4th Quarter of 2021 = 8.86 USD
- 1st Quarter of 2022 = 6.75 USD
12. Cost-per-click (CPC)
You pay CPC, or “cost per click,” for each user who clicks on your social media ad. Having some idea of the average order value or the lifetime value of a client can help put this figure in perspective.
If you have a strong conversion rate and client lifetime value, you can afford to pay more per click to attract new customers. Cost-per-click (CPC) is already calculated for you on the social media platform.
Benchmarks of Cost-per-click (CPC)
- 1st Quarter of 2021 = 0.52 USD
- 2nd Quarter of 2021 = 0.60 USD
- 3rd Quarter of 2021 = 0.71 USD
- 4th Quarter of 2021 = 0.70 USD
- 1st Quarter of 2022 = 0.62 USD
REMEMBER:Though these metrics are based on search advertising rather than social advertising, they nonetheless provide useful insight into the general trajectory of CPC.
13. Conversion rate
The conversion rate is the percentage of people that take the first step toward completing the desired action after engaging with your social content. This is a vital indicator for social media marketing as it demonstrates how effective your social content is at bringing in new leads.
UTM parameters are essential for monitoring the success of your social media campaigns. After implementing UTMs, you can determine the conversion rate by dividing the total number of conversions by the total amount of clicks.
Benchmarks of Conversion Rate
- Grocery = 6.8 percent
- Pharmaceuticals = 6.8 percent
- Beauty and Health = 3.9percent
- Hospitality and Travel = 3.9percent
- Furnishings and Home goods = 2.8percent
- Consumer electronics = 1.4percent
- Luxury = 1.1percent
- Automotive = 0.7percent
- B2B = 0.6percent
- Telecoms = 0.5percent
- Media = 0.4percent
- Financial services = 0.2percent
- Energy = 0.1percent
REMEMBER:Specifically, for online stores(sales), these rates of conversion are known as benchmarks. Don’t assume that “useful conversion” may just mean “buying anything.”
14. Click-through rate (CTR)
The CTR of your article is the percentage of readers that clicked through to the linked page. Anything from a blog post to an internet business fits this description.
The click-through rate (CTR) reveals how many people were interested enough in your social content to keep reading. It’s a useful gauge of the promotional efficacy of your social media content.
The click-throughrate (CTR) of a post can be determined by dividing the total number of clicks by the total number of impressions. To convert CTR to a percentage, just multiply the value by 100.
Benchmarks of Click-throughRate (CTR)
- 1st Quarter of 2021 = 1.1percent
- 2nd Quarter of 2021 = 1.1 percent
- 3rd Quarter of 2021 = 1.2 percent
- 4th Quarter of 2021 = 1.2percent
- 1st Quarter of 2022 = 1.1percent
REMEMBER:These metrics are calculated based on the click-through rate of sponsored social media posts, not organic content. Both sorts of content’s CTR should be monitored.
Customer Experience and Service Metrics
15. Net Promoter Score (NPS)
NPS, or net promoter score, is a measure of a company’s ability to keep satisfied customers coming back. When compared to CSAT, NPS provides more accurate projections of how your business will interact with its clients in the future.
There is just one question that factors in: “How probable is it that you would refer our (service, product, company) to a colleague?” Clients are prompted to rate their satisfaction on a scale from zero to ten. Each consumer is assigned to one of three groups depending on their response:
- Promoters = 9 to10 range of score
- Passives = 7 to 8 range of score
- Detractors = 0 to 6 range of score
NPS stands out from other metrics because it gauges both customer happiness and the likelihood of future purchases; as a result, it has been widely used by businesses of all sizes.
The Net Promoter Score (NPS) is obtained by subtracting the number of promoters from the number of critics. To calculate NPS, take the final tally and divide it by the total number of responders, then multiply that amount by 100.
16. Customer Satisfaction Score(CSAT)
Metrics for customer service go beyond simply how quickly and how often problems are solved. The level of happiness your product or service provides to its users can be quantified using a CSAT (customer satisfaction score).
The Customer Satisfaction Index (CSAT) is calculated from responses to a single question: “How satisfied are you with this experience overall?” In this context, it’s a tool for gauging how happy your social media followers are with the support they’ve received from you.
That’s why so many companies want to know how you felt about the service you received. And it is the precise metric by which you can evaluate it.
Use the same social medium in which the consumer received service to send a short survey with a single question asking for feedback on the quality of the contact. Robots can be quite helpful in this situation.
Total the points and then split the total by the total number of surveys taken. Afterward, multiply that number by 100 to obtain your percentage CSAT score.
Importance of Tracking Social Media Metrics
Mastering social media takes both talent and method. Forget about just releasing content and seeing what happens; it won’t cut it for businesses. Maximizing the benefits of your social work requires constant monitoring and reporting. The use of monitoring can help your social media initiatives in the following ways:
1. It helps you identify what is working and what isn’t working for your brand
Make use of monitoring to see what brand activities are yielding positive results and which ones are falling flat. Some communities will respond better to particular methods of interaction than others, and the methods that used to be effective can no longer be so as time goes on and your audiences evolve.
Tracking can help your brand determine the most productive actions to take for each campaign, saving time and money that might otherwise be wasted on useless ideas.
2. It encourages experimentation
It’s impossible to predict how social media will develop in the future. New platforms with their own communities and engagement best practices are appearing, while old platforms are always adding new features.
Your business can get back on its feet and adapt to the ever-changing social media scene with the help of social media monitoring.
Your business will have more leeway to experiment with cutting-edge technology if it has a firm grasp on what kinds of content perform best in what contexts and for what audiences.
3. It’s effective for identifying and rewarding dedicated followers
Your company’s social media community can benefit greatly from monitoring the actions of influential users and potential customers who show continuous interest in your brand. Using this data, you can create focused, unique marketing that helps humanize your business.
A company’s lead generation and conversion rates will improve if it pays attention to its consumers and responds to their feedback.
4. It’s useful for keeping tabs on how well an individual campaign is doing
If you want to know how successful your social media marketing campaigns are, monitoring is the best way to do so. Through tracking, your company can discover which campaigns are producing the most valuable leads and allocate resources accordingly.
Proper monitoring metrics also reveal the channels with the most potential for reaching your target audience. LinkedIn can be a better lead generator than Facebook, so focus your efforts there.
Q. How do you measure organic social media?
To calculate your organic social media (engagement rate), add up all the attention your post received and divide that amount by the number of individuals who viewed it. This is a reliable indicator of the level of interest your readers have in your content.
Q. What does social media frequency mean?
Your ads’ ad frequency tells you the average number of times each user who has seen your ads has seen them. For example, if your ad frequency is 4, that indicates each person who has seen your ad has seen it four times.
Q. What does social media impression mean?
Whether or whether a user actually clicks on your content is irrelevant to the total number of “impressions” your ad receives. Imagine your content’s reach as the total number of individuals who view it. If the world were ideal, everyone of your followers would automatically be privy to whatever you share.
A wealth of information about your target demographic can be gleaned from social media networks. To achieve your objectives and monitor your progress, it is essential to zero in on the most relevant indicators.In this article, I have shown you how to effectively identify and track each metric.