Nowadays, being present on social media is very important for every business, irrespective of its size and activity. Being present online and publishing various contents can help businesses generate profit and improve their overall visibility.
Businesses’ presence on social media and their activities can easily be verified and measured in order to create strategy for improved visibility. However, measuring one’s presence on social media, its activities and the impact generated is not simple.
In fact, it is a complex system of metrics which takes into consideration many factors and indicators, as well as waste amount of data that needs to be processed.
Due to enormous quantity of data, many business owners are not quite sure what they should take into consideration and what is important for their businesses. This is especially true for social media presence. Some may think that it is enough to post regularly and stay engaged on social media, but this is far from reality. Are you using social media and its assets in the right manner? Are you getting the best results for your business? How can you be sure that you are doing the right thing? Several metric tools allow business owners to assess their results and cope with the enormous quantity of data they get. Keep on reading to learn more about some of them.
The first thing business owners need to consider is the reach, that is, the growth rate of the audience. In order to get the best possible results, avoid using unclear and vague metrics. Instead, use more specific categorization tools in order to establish your audience growth rate. Audience growth rate allows users to establish the success of their marketing efforts within specific period of time.
Another important metric that needs to be taken into consideration is the average engagement rate. This objective of this metric is to give meaning to engagement numbers. The idea behind this concept is to discover whether you get a feedback from the people included in your audience growth rate. Simply put, this metric allows you to see if there is a benefit from the increasing of your audience growth rate, i.e., whether those people get your information and respond to them. The average engagement rate allows business owners to check in which way their social media activities resonate with the people in their network. The average engagement rate makes comparison between the engagement of your social media posts and the overall followers’ base.
When it comes to measuring social media metrics, acquisition is an important factor. Here, it should be mentioned that total acquisitions from some of the most popular social networks such as Facebook and Twitter are lower than the ones coming from Google, and there is a unique value to businesses coming from these networks.
The objective in this case is to measure visitor frequency rate in order to optimize the targeting of returning and new visitors and followers. There are several tools that can be used to measure this indicator. Google Analytics is one of them. It allows you to track and measure referral traffic from social media in order to check the percentage of referrals coming from social media with the objective of establishing the frequency rates of visitors.
Conversion allows you to connect your business profits and the social media data. What conversion is used for is to help you define how to turn or convert visits and followers into actual sales and profit. Google Analytics and similar tools can help you follow the number of visitors who have been referred from social media and follow their conversion within a specific period of time. Your posts may not generate incomes right away; however, they invite your followers and potential clients to revisit your website. Conversion tools help you monitor when such repeated visits will help you generate profit.
In addition, these tools allow you not only to identify which social media are better at increasing the number of your followers and potential clients, but also which of them are better used for making actual sales.
One should focus social media metrics equally as it does on social media marketing, as no marketing is fruitful unless it is done with setting objectives, achieving goals and learning from the mistakes. Though it’s difficult to say how each company should quantitatively measure their social media efforts without knowing more about the company, but in general, anytime a company can convert metrics and analytics into dollars, is usually the best approach.