Top Social Media Metrics for Your Performance Monitoring Arsenal
By the time you finish reading this sentence, 10 new facebook accounts would have been created. With a staggering 1.79 Billion monthly active users, facebook's audience is bigger than twitter, instagram, snapchat, linkedin and tumblr combined. Now that is an impressive figure even if you take into account the 82 Million fake profiles on facebook.
Monthly Active Users (in millions)
Social media allows you to reach your target audience and measure performance overtime, your campaigns should be constantly evolving and improving based on the data from your KPI/metrics. If you're not doing that, then you're just leaving money on the table.
Lets look at some popular metrics to begin with, you will find these being used everything mainly because they give you clear and simple insights into your campaigns performance.
Reach - This is the number of unique people who have seen your post in their news feed. Use this to evaluate what is the best time to post in-order for maximum visibility.
Engagement - Likes, shares, comments etc are all collectively counted as engagement.
Post engagement = Likes + comments + shares/number of people who saw the post.
This is a measure of how effective your content is. A/B test different content types to find what resonates most with your audience then start building your content strategy around that conclusion.
Conversions - Most important metric of all that includes sales, app downloads, newsletter signups, ebook downloads etc, whatever your goal is.
Conversion Rate = No of users who completed the goal / Total users x 100
Now lets dive into some unpopular metrics that if used correctly, can provide deep understanding of your campaign performance.
Lead Acquisition Cost/Cost Per Lead - This gives you a measure of how much your business is spending on acquiring prospect customers who are in the market for your product or service.
LAC = Digital Marketing Spend / No of leads acquired
This could be anything from newsletter sign up on your landing page to getting people to call your business for an inquiry.
Conversation Rate - A metric coined by Google's Digital Marketing evangelist Avinash Kaushik helps you understand the value of your content. Simply reaching a wide audience by all types of hashtags is useless unless your content is valuable enough to engage the audience. After all having 1000 engaging users is a lot more valuable than a million spectators.
Here's how you can measure it..
Conversation Rate = No of comments Per Post
Obviously looking at the conversation rate of 1 or even a couple posts doesn't won't give you an accurate assessment so let's modify this a bit and look at an example ( This is about to get tedious )
Average Weekly CR = Total No of Comments / No of Posts
Alright now for the live example i am just going to pull up Walmart and Tesco's Facebook pages and analyze the data.
Here we go,
Walmart: 13M Followers
Time Period - 1 Dec 2016 - 7 Dec 2016
Weekly Conversation Rate = 79.3
Tesco: 2M Followers
Time Period - 1 Dec 2016 - 7 Dec 2016
Weekly Conversation Rate = 823.5
Oh boy, that was a surprise. Tesco with their mere 2M followers have a conversation rate that is almost 10x more than that of Walmart. Now I understand this data might be skewed because of Christmas coming up but the purpose of this is to demonstrate the effectiveness of this metric and the importance of having an engaged audience rather than a massive pool of stale users.
Monthly Average Response Time - How long do your fans have to wait until they get a reply? An hour, 6 hours or a day. Digital experience is all about customer satisfaction and efficiency, ensuring your customer as well prospects are getting prompt and quality responses should be at the top your list when you are developing your social media strategy.
70% people who complain on twitter expect a response within an hour - SearchEngineWatch
Social Media ROI - Then there's the ultimate question your boss and his boss keep asking you every time you mention the social advertising budget. This metric can come in handy when you break the ROI down to each platform - Facebook, Twitter & Instagram. You can then optimize your social media spend by investing more on platforms that have a higher ROI. Pretty straight forward this one.
Social Media ROI = (SM return – SM investment) / SM investment * 100
I should also mention that basing your strategy just on ROI is a very bad idea. Social media is capable of providing so much more than that, each platform is best suited to achieve certain goals all of which have to be taken into consideration.
Case in point -
- Facebook - Reach
- Twitter - Customer Service
- Instagram - Engagement
- Google+ - SEO
There you have it, some interesting social media metrics you can think about adding to your performance arsenal. Hit me up if you would like to include a favorite metric of yours and I will put it in.
Now what better way to end a blog post on social media than to watch a 6 minute viral video created by YouTube themselves. #YouTubeRewind Enjoy!