With Statista predicting that social media users will reach 3.02 billion by 2021, expect sharp competition in the future. Facebook, Instagram, and Twitter are three of the most popular go-to social media sites for top brands. In this article at Daily Cup of Tech, Miley Dowling discusses 3 types of metrics to track social media activities.
Tracking Social Media Marketing
Surprisingly, market studies show that 90 percent of businesses do not know about social media marketing (SMM) approaches. You can either hire an agency or establish some metrics on your own. Below is a list of social media metrics that increases your relevance in the market:
Metrics to Measure Brand Performance:
- The Brand Awareness metric tells you the number of people that know about your company in the social media. Select the timeline within which you want to track your progress based on mentions and shares.
- The Reach of Your Posts helps to find out how many users have seen your post since you published it. Below is the formula to measure it:
The Reach of Your Posts = (Reach of a post/ Number of your followers) x 100
- The Growth of Your Following depicts the rate at which your followers are increasing in the social media channels. Use the following formula to calculate this metric:
The Growth of Your Following = (Net new followers/ Total number of followers) x 100
Metrics to Measure Customer Engagement:
- Applause Rate reveals the number of followers that have seen your post, liked it, and found it relevant. Here is the formula:
Applause Rate = (Number of likes per post/ Total number of followers) x 100
- Amplification Rate tells you how many of the social media followers value your content. Use this formula for measurement:
Amplification Rate = (Number of shares per post/ Total number of followers) x 100
- Virality Rate measures the number of people that shared your post versus unique views. Following is the formula:
Virality Rate: (Number of shares/ Number of impressions) x 100
Metrics to Measure Conversion Rates:
- Social Media Conversion Rate calculates the number of conversions you are achieving through social media marketing. Calculate correctly with this formula:
Social Media Conversion Rate = (Social media conversions/ Total sum of conversions) x 100
- Click-through Rate (CTR) finds out the number of users that are clicking your CTA link. It informs if you have the right set of audience. Measure it with this:
Click-through Rate: (Number of clicks on a post/ Number of impressions) x 100
- Bounce Rate gets higher if your content is not relevant to the users. It calculates the rate at which a visitor clicked a link, checked out the post, and left without further engagement. You can use Google Analytics for this.
To view the original article in full, click on the following link: http://www.dailycupoftech.com/essential-social-media-metrics-cannot-afford-ignore/