Even if you are using every meaningful social media platform available, your efforts will only be for something if you keep track of what is and is not influencing your outcomes using quality social media metrics.
We have posted things online many times that were fantastic but made no progress. Sure, we received a few likes or impressions, but those things didn’t truly aid in expanding our business. What, then, should we do in response to such a post?
We look at the quality statistical data rather than the most obvious ones, like “Hey, according to Statistica, there are 4.5 billion users on social media, ” which is obvious and doesn’t help us move the needle. When we refer to quality statistical data, we mean the social media metrics crucial to tracking and optimising to get the most out of your time spent on social media or your overall social media investment.
The Best Social Media Metrics to Track in 2023
The first of the social media metrics we will discuss is reach.
This one is simple. The quantity of individuals who view your material is known as reach. With this one, it’s crucial to consider two key issues: how many individuals are you reaching? Why aren’t they converting if you’re reaching enough people?
Social media is used by around 75% of adults over the age of 13. So, there is an audience for you. Pay close attention to your reach. How much of the population are followers versus non-followers? How does reach vary when you are running an influencer campaign vs boosting a post? There are many different ways you can cut it.
What portion of your followers are those who fall into the ideal age and geographic demographics you are aiming for and are thus qualified to purchase your good or service?
Change your content if you’re focusing on the wrong demographics, and examine what your rivals are doing to attract the correct audience and increase sales.
The second social media metric is impressions.
In 2021, impressions for Meta increased by 10%. Considering this, your percentages should increase if these social networks’ percentages are increasing. Let’s say a social media platform experiences a 20% drop in impressions while your impressions remain unchanged. That indicates that you are acting appropriately. How effective are your hashtags at creating impressions and which give you the best hash for your tag?
The third social media metric is engagement rate.
The benchmark for Facebook engagement rate is 0.06%. The standard for Instagram engagement rate is 0.68%. To give you an idea, you want to outperform your rivals. The most straightforward approach to determine how you’re performing on all the social networks is to check your competition and evaluate their engagement rate based on how many likes and comments they receive for every post relative to the number of followers they have.
The fourth social media metric is the amplification rate. Amplification rate is the proportion of followers overall to shares per post.
Amplification is a term coined by author and Google digital marketer Vinash Kaushik, and it refers to the frequency with which your fans spread your information among their contacts.
Thus, you should pay close attention to this to determine which information benefits you and which doesn’t provide you with the amplification you seek. It would help if you produced more of the content that amplifies your message and less of the information that isn’t doing so.
The virality rate is the fifth of the important social media metrics to track. While measuring how widely your material is shared, virality rate differs from amplification in that it estimates share as a percentage of impressions rather than as an impression of followers.
The audience growth rate is the sixth social media metric. How much of your overall social media audience are you gaining during a specific period? Here’s some advice for you. Join TikTok if you want to build your audience quickly. With a 105% increase in US users over the past two years, the social network is expanding the fastest.
Social referrals are social media metric number seven. Consumers are 71% more likely to purchase as a result of social recommendations, according to HubSpot. Social recommendations are now crucial because they come from other individuals who can attest to the quality of your goods or services. Consider it akin to an Amazon review or rating. The idea behind, say, social referrals are the same.
The last of our social media metrics is an extra measure for you – ROI. This is one of the most crucial social media metrics, so we want to reserve it for last.
How effective are social media for you? What posts are generating the highest revenue for you as opposed to those producing next to nothing?
Google Analytics allows you to monitor this through goal and conversion tracking configurations. You may also survey someone after they fill out a lead form, makes a purchase, or signs up for your service to find out how they found you and where they came from.
And if they said, “Hey, social media,” then which of my social media posts did you find? They might or might not recall. But everything is beneficial, particularly when combined with Google Analytics goal tracking. This can help you determine which channels provide the best investment return.
So, how many social media metrics did you track for your business in 2022? If the answer is “not many, ” we hope this article has been helpful and will lead you to better social media.