The power of social media to tailor the shopping experience for each individual customer, guide digital strategy, increase brand credibility, and cultivate new leads has revolutionised the e-commerce industry. In today’s era of rapid technological advancement, it is essential for companies to use social media to connect with customers all over the world.
However, investing in social media marketing without first gauging its effect on organisational objectives is a waste of time.
Metrics gathered from social media can be used to evaluate the success of a company’s marketing initiatives.
What’s the Point of Monitoring Social Media Statistics?
The success of social media campaigns and how they contribute to broader business goals can be gauged with the help of appropriate metrics. Using these metrics, businesses can better understand what they must do to achieve their marketing objectives.
If you are releasing a new product, one of your goals should be to get people to recognise your brand. Metrics such as post reach and impressions can help you in this situation to determine how effective your social media content is.
Metrics monitoring is also essential for social media optimization. To improve future campaigns, companies can analyse the successes and failures of previous ones.
Seven Key Indicators for Social Media
1, Influence and Reception
Even though metrics like reach and impression are often dismissed as vanity, they are actually quite useful for brands in assessing the effectiveness of their content. While impressions tell us how often your content has been viewed, reach tells us how many people saw it.
When compared to the reach of a post, impressions tend to be disproportionately large. This is due to the fact that your followers may be revisiting your posts. Business owners can use these metrics to create engaging, relevant content for their target demographic. If these figures start to drop, you know it’s time to make some changes to your approach.
Activation of the Target Audience
The number of likes, comments, shares, and saves your content receives on social media are all measures of audience engagement. Your page’s average engagement rate can be calculated by dividing the sum of these actions by the number of your page’s followers on a given social media site.
Knowing your audience’s engagement rate can help you better understand what kinds of content they find interesting and engaging, which in turn can inform your strategy for creating more of it. As a result, you can rest assured that your followers trust and like your brand. Using engagement metrics, you can find out which of your social media followers are also fervent advocates for your brand.
The Third Most Important Factor is the Conversion Rate
The percentage of people who make the desired move is known as the conversion rate. It could be anything from visiting the linked website to subscribing to a blog to downloading an ebook. Simply multiply the percentage by the ratio of conversions to clicks.
The following screenshots, for instance, provide analysis of a featured section of an Instagram story. Look at how many and what kind of responses were made to the post.
Sharing of Opinion in Social Media
How many people are talking about your brand on social media compared to how many are talking about your competitors’ brands is known as their “social share of voice” (SSoV). These may be direct mentions (where the poster specifically mentions your profile or URL) or they may be tangential (where the poster simply mentions your brand).
With Pixlee TurnTo’s social listening features, businesses can monitor social media for mentions of their company, products, or hashtags, and then automatically import the relevant content into their own Pixlee TurnTo account, secure the necessary permissions, and share the images across their own channels.
#5: The Increasing Size of the Audience
The audience growth rate measures the percentage of new page likes or followers gained over a given time frame for a given business page. It quantifies the rate at which a given brand gains new fans on various social media sites.
Companies can use this data to see how their weekly follower growth compares to spikes in activity, like when they host a social media contest.
The audience growth rate allows businesses to establish quantifiable, attainable objectives and monitor the development of their fan base over time.
Ad Spending ROI is Number Six
An essential metric for companies that have been investing in social media advertising is the return on their ad spend (ROAS). It aids in assessing the efficacy of their current advertising initiatives and guiding the development of their future advertising plans.
This metric helps businesses determine if their advertising strategy is effective by comparing the revenue generated by social media ads to the amount spent on those ads.
Mood in Society
Another crucial metric for businesses to monitor in order to learn about their customers’ feelings, thoughts, and attitudes towards their brands is social sentiment. Brands can learn what their customers are talking about them by examining the comments, mentions, and shares their customers make.
By keeping tabs on customer feedback on social media, companies can better understand their customers’ needs, gauge how they feel about the brand, and provide satisfying service.