Which Social Media Metrics Should You Be Tracking?
If a company is not utilizing the most popular social media platforms relevant to their desired audiences, the reach of that company is severely limited.
Social media has all but become a requirement for successful business marketing. If a company is not utilizing the most popular social media platforms relevant to their desired audiences, the reach of that company is severely limited. Successful marketing reaches customers where they are. Only having a Facebook Page or Linkedin account, however, is not enough. There are specific strategies to follow to make the maximum social impact and generate the most return on investment through these platforms.
The best way to ensure a social marketing strategy is reaching peak effectiveness is by tracking the right metrics. There are four primary metrics to follow to best determine the performance levels of each platform. When a business’s marketing plan includes tracking these metrics, it is much easier to adjust to failures and success and cultivate the best execution of social media marketing.
1. Track the Content Posted—Tracking Content consist of two parts
Tracking the number of posts made and tracking which posts receive the most engagement. The most posts made the more opportunities for involvement arise. A best practice is to post to each platform at least three to four times per day. Observe competitor’s social platforms to determine their frequency and adjust posting schedules to match or outpost those companies. Posts do not have to consist of branded material solely. Use posts to retweet company allies, motivational content, industry expertise, and influencer opinions. After perfecting the posting schedule, pay attention to the posts receiving the most traction.
2. Track Engagements—Tracking engagements is a helpful metric to support the previous metric listed.
While it’s important to replicate posts doing exceptionally well, it is crucial to track all engagements consistently. Engagements count as likes, retweets or shares, and comments. The best interactions are your shares and comments. A tried and true method to boost engagement is to respond to as many interactions as possible. Take note of the types of post that receive the most engagement and replicate these postings to drive further interactions. Quality content drives engagement. Sarah Gurbach, author of One Size Does Not Fit All: Driving Conversions Through Audience Analysis, says
“When you’re a brand, you have a tendency to fall into the trap of wanting to make everyone your audience. But you aren’t right for everyone, which is why you have a conversion rate of 0.02%. You don’t need to be the best brand for everyone; you just need to be the best brand for someone…and then see if they have friends.”
When people comment, respond to their comments. Welcome new followers. Have conversations. The goal is to build a loyal fan base interested in the industry. These are the people who will indirectly become brand ambassadors for companies and businesses they follow and support.
3. Track Fans and Followers
The primary thing to remember when tracking followers is to do so consistently. It doesn’t matter if these statistics are to check on a daily, weekly, or monthly basis as long as a comparison happens on a regular timetable. Exponential growth upon each comparison determines success. For example: Acquiring 100 new follows in the first week is a huge success. However, if only 100 users follow in the second and third weeks, the metrics indicate stagnate or declining growth. As more followers join, more should be participating due to the expanding reach of the social platform. When follower metrics reach stagnation, it’s time to make a change in strategy.
4. Track Competitor Growth—Don’t plan social marketing strategies in a silo.
Take the time to research and track the metrics of successful competitors.
Keeping up with the competition, mainly when rival businesses have a strong social presence allows enterprises to alter strategies based on what their industry wants. Different audiences engage with social media in various ways. Check on competitors is an excellent way to keep up with the industry and audience trends.
Social media trends are always in flux, but it doesn’t have to be hard to keep up and stay relevant and successful.
Tracking the basic social metrics listed here allows business to set targets that matter. Not all analytics are useful forms of measurement for success. These four metrics reflect substantial growth and the success of a social strategy.
Fiona Roddis, author of In the Aftermath of Mobilegeddon, says,
“One metric alone doesn’t tell you what’s happening with your site; as ever Analytics is about taking your data and outside influences (i.e., time of year) and building insights from all of it.”
Don’t pick and choose which metrics work for you. Combine these to cultivate a robust social media marketing strategy that encourages and results in constant growth.
Learn the latest trends, insights and best practices from the brightest minds in media and technology. Sign up for SMW Insider to watch full-length sessions from official Social Media Week conferences live and on-demand.
Headline Speaker Announcement
Bestselling Author and Entrepreneur, Seth Godin to speak at Social Media Week New York on May 2
Watch SMW Live
SMW Insider is a premium video platform that streams more than 180+ hours of talks, presentations, and interviews from leading industry experts.
Write for Us
Interested in sharing your ideas and insights with the world? Become a SMW News contributor and reach 300k readers each month.