In the modern online world, you’re either on social media, or you don’t exist. Unless you’re running a strictly-nuanced business that resides in a niche market where everyone knows each other and nobody from the outside world needs to find out about your company, you need to use social media. Simple as that. After all, how else do you expect to reach the hearts and minds of an audience counting more than 2.5 billion people?
This is your golden opportunity to raise brand awareness, boost traffic to your website, and improve conversions, but only if you use the right kind of tools and if you learn how to track relevant KPIs. In doing so, you will be able to determine how well you are faring in the competitive online world, and thus build a winning social media strategy that will drive people to your blog, or your company’s website. Here are the seven metrics you need to track.
Tracking your audience growth rate
The first important metric you should keep an eye on is your audience growth rate. This KPI will tell you how quickly you are gaining new followers, as well as how many followers you’ve gained over a specific number of days, weeks, or months. The amount of time you spend monitoring this metric will depend on your goals.
While it is important to know how many people started following you in the last 30 days, the more important question that will help determine the success of your profiles is “how fast did I accrue this new following”. You can track this metric by determining the number of new followers per platform, in a specified timeframe.
Next, divide this number by the total number of your followers on each platform. Multiply by 100 and you have yourself your growth rate percentage. Use the same formula to compare your progress with that of your competitors.
Tracking the reach of every post
It’s important to know how many people have seen your post from the moment it went live. Because if you have no idea how well your posts are faring in terms of reach, there is no way you can devise a viable improvement strategy based on raw data.
Fortunately, it’s easy to get this information by simply using the analytics tool provided by the platform. To assess your reach percentage, take the reach of any of your posts and divide that number by the total number of your followers. Multiply that by a hundred and you have your post reach percentage.
Monitoring your average engagement rate per post
The average engagement rate, along with the conversion rate, is one of the most important metrics you need to monitor on a regular basis. Doing so will give you the actionable insights you need to improve your content strategy and dissemination on every channel. This metric will tell you how well your social media posts are faring in terms of likes, shares, comments, etc.
You can measure the average engagement rate in two, fairly straightforward steps. First, sum up the total number of engagement actions (likes, comments, shares) for every post. Next, divide the sum by your total number of followers and, again, multiply by 100. Keep in mind though, that every social network will have a unique point of reference you should go by – Instagram can have an average of 6%, for instance, but Facebook can have as little as 1%.
Monitoring your conversion
The conversion rate metric might just be your most important KPI. It will tell you how many people followed a link from your social media post to your website, and then made a specific action. This can be everything from downloading a free e-book, to subscribing to your newsletter, or even paying for your services.
Most importantly for your long-term success, you can use these insights to improve your Google Adwords management game and fuel your advertising campaigns. Learning what people respond to best and what drives traffic to your website is an excellent way to craft compelling copy for your search engine ads. Here is how calculate your conversion rate:
- Publish a post containing a strong CTA.
- Incentivize the visitor to allow cookies on their device once they land on the page.
- Use a reporting tool to track the number of clicks and conversions per post.
- Divide the number of conversions with the number of clicks.
- Multiply by a hundred.
This is your conversion rate percentage – use it to fuel your every other campaign as well as your entire social media strategy.
Tracking your share rates
Also known as the “amplification rate”, this metric tells you how many people have shared your every post, relative to the total number of your social media followers. The higher the rate, the higher the chances are that people will share your content across the social media world.
You can track this metric by summing up the total number of shares (retweets, repines, etc.) over a specified timeframe, per post. By dividing the sum with the number of your followers and multiplying it by a hundred, you will get your average share rate.
Assessing brand awareness on social media
Brand awareness is another crucial metric you should follow, no matter if you’re running a social media strategy for a company, or a one-human show such as a blog. This metric tells you how much attention your brand got in the social media world, over a specified timeframe. Brand awareness can be portrayed by a number of variables, such as mentions, likes, shares, comments, and more.
You can measure this by first determining the key metrics you want associated to brand awareness. Say you choose likes and mentions. Next, determine the timeframe in which you’re going to track these metrics. Now all you have to do is stay consistent and keep track of these variables diligently.
Social media is where the bulk of the online audience resides. By tracking your most relevant KPIs, you can gather the insights you need to fuel your entire digital marketing strategy, take your content to the next level, and pave the road to a successful future in the overly-competitive online world.