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Social media report metrics are the data used to assess the impact of social media activity on marketing campaigns and a company’s revenue. They help to demonstrate the value of your work and the impact of the decisions you’ve made. It will also help you continue to make smarter, more data-driven decisions moving forward.
What Are Social Media Metrics?
The metrics are decided by your social media goals. For every goal, you need an associated metric that will help you determine if your social strategy is hitting the mark or not. For instance, if your business’s goal is to increase conversions. For that reason, your social media goal becomes increasing conversions from those that visit your site via posts that are part of your strategy. It is important to have a goal in mind. After that, you can identify which social media metrics to measure and a time frame in which to measure them.
Why Should You Track Them?
Social media metrics are important to track because they prove you can measure how successful a campaign is, how well your social strategy is performing, and ultimately if you will have an impact on your overall business. Providing consistent social media metric reports can lead to major shifts for your social team including budget increases and increased access to resources.
Breaking Down Social Media Funnel
A typical social media funnel is divided into four major customer journey stages. They are the awareness stage, engagement stage, conversion stage, and consumer stage. Metrics in the awareness stage show your existing and potential audience. Metrics in the engagement stage show how your audience interacts with your post. Metrics in the conversion stage show how effective your social engagement is. Metrics in the consumer stage demonstrate what active consumers feel about your business. Each stage of the social media funnel has its own set of metrics.
Social Media Metrics: Awareness
These metrics illuminate your current and potential audience.
Brand awareness is the attention your business gets across all social media platforms per reporting period. Brand awareness can be indicated through a variety of metrics, including impressions, shares, mentions, and links. Reporting periods may differ, some may last a week, others last a month, and they can also last up to a quarter. We can track it by deciding which attention metric you want to measure to show your brand awareness, by selecting the reporting period you want to use for your brand, and by using a brand monitoring tool to track all the time someone mentions your brand on social media with or without an @.
Audience Growth Rate
The audience growth rate is how quickly a brand gains or loses followers per social media channel. Brands will gain more followers when a lot of people sign up on social media platforms. The goal is not to check how many new followers you gained last month but to check how fast you have gained followers in the last month and if you gained them faster than your competitors. The best way to track this is by calculating your net new followers on all your platforms over your reporting period. And then divide the new followers by your total followers on each platform. Then multiply it by 100.
Potential reach is the number of people who have seen a post within a certain period of time. For example, if one of your followers shares your post with their network, between 2-5% of their followers will make up for the post’s potential reach. As a social marketer, you should always try to increase your audience.
Social Share of Voice
Social share of voice (SSoV) measures how many people have mentioned you on social media compared to your competitors. There are two kinds. They are direct and indirect. Most importantly, the social share of voice measures how visible and relevant your brand is in the market. This will help you to know if you should update your social media strategy or not.
Social Media Report Metrics: Engagement
These metrics show how people interact with your content:
One of the key engagement metrics is the applause rate, which indicates the number of approval actions a given post gets relative to your total number of followers. These actions include likes, favorites, thumbs-ups, etc. When a follower needs to acknowledge the value of your post they applaud your post. To know what sort of posts you need to make you should know the percentage of people who find value in your content.
Average Engagement Rate
The average engagement rate is the percentage of your entire audience that has interacted with your content during a reporting period. When your audience loves your content, higher engagement is gained by showing you the results of your social media efforts.
The amplification rate is the number of shares you get on average for each post. It shows the rate at which your followers take your content and share it through their networks
Virality rate means the ratio of people who shared your post to the number of impressions the post had during a reporting period.
Social Media Metrics: Conversion
These metrics show how effective your social media marketing efforts are.
The ratio of users who take the desired action on a page after clicking on a link in your post to the page’s total visitors is called the conversion rate. These actions can be to download gated content, subscribe to a newsletter, register for a webinar, or more.
How frequently our audience clicks on the CTA link in a post is referred to as the Click-through rate (CTR). A CTR is a link that takes people to a different page than the social platform they’re on. This is often confused with engagement actions like likes and comments.
Cost per click (CPC) is the amount of money you pay per individual click on your sponsored post. When we advertise on social networks like Facebook, Twitter, Instagram, or LinkedIn, we should not focus on the total amount we spent, instead, we should focus on Cost per Click which will help you determine if your investment is submitting good returns or not.
Cost per Thousand Impressions (CPM)
The amount of money you pay every time a thousand people scroll past your sponsored post is known as “cost per thousand impressions” (CPM).
Social Media Metrics: Social Customer Service
These metrics show you what your active customers feel about your business.
Customer testimonials refer to any positive or negative comment, review, assessment, or endorsement a customer gives about your brand.
Customer Satisfaction Score (CSAT)
How happy the customers are with your product service is known by the Customer satisfaction (CSAT) metric. The CSAT score is determined by how you would rate your overall satisfaction with this product or service.
Net Promoter Score
To measure how loyal your customers are to your brand, a Net Promoter Score (NPS) is used. NS can be used to predict how customers will engage with your product in the future. You can ask questions to the customers and based on their answers you can make decisions. For example, you can ask how likely you are to recommend our brand to a friend. You can ask the customers to answer the question on a scale of 0 to 10.
Social media metrics are used to grow your online business. By understanding what social media metrics are and optimizing their usage businesses have a greater advantage in attracting more potential customers.