A guide to social media metrics
Get the best return on investment from your social media efforts
Arguably, the absolute bare minimum – in terms of a digital presence – for a business nowadays is to have a social media account. And regardless of the platform you choose to use (Facebook, Instagram, Twitter, etc.), social media can provide your customers with a way to find and interact with your business.
So, how do you know that your social media presence is performing well or not? There are some important social media metrics you should be paying attention to, and some… less so. Let’s take a look.
Firstly, what are social media metrics?
Social media metrics are data and statistics that provide insights into how your social media presence is performing. And they extend way beyond what’s often called ‘vanity metrics’, such as likes, comments and shares.
Secondly, you need to consider what your social media goals are
Having a clearly defined goal, or goals, will help you concentrate your efforts – in both time and money – and allow you to accurately measure whether those efforts are working or need adjusting.
Some common social media goals are:
- To get your brand/business ‘out there’. In other words, to reach more customers
- To get the conversation started with your customers i.e. to engage them
- To get customers in the door, aka visit your website. Essentially, have them click through from social media to your business and products
- To sell stuff. Basically, convert a ‘window shopper’ into a customer
The most important social media metrics and how they’re measured
With your goals in mind, the below metrics will be particularly important to measuring the success or failure of your social media efforts.
Reach is an easy one. It’s measured by the amount of people that have seen your post since it went live. This metric is important because it lets you know how many people you’re speaking to – and in many cases, who they are.
Put simply, engagement is measured by the number of people who have clicked, liked, favourited, commented, shared or re-tweeted one of your posts. This metric is important because it can let you know the posts and types of content that your audience likes.
Click through rate (CTR)
CTR is measured by the amount of people who see your post, versus the amount of people who click on a link in the post. For example, if 100 people saw your post and 10 people clicked through to the article, then your CTR would be 10%. This metric is important because it can indicate how compelled your audience is to engage with you.
Show me the money! Now some businesses will measure conversions differently, but for many it’s simply whether or not a post converted into a sale. This can be somewhat tricky to measure in its entirety.
For example, if someone saw your product online, then went in store to buy, you’re often not going to be able to measure that. However, you can measure/track it if they complete the whole process online. And this metric gives you a great picture or whether your efforts are providing a return on investment or not.
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