5 key metrics to track every month
In the current age of digital marketing, having an active social media presence is important. For many businesses, this means ticking the right boxes – you’ve set up the various social accounts such as Facebook, Twitter and Instagram; you respond to questions; follow fans; post important news; and thank your customers for their support.
But, what are you doing to track and monitor these social interactions? If you’re engaging on social media, then you should make the time to measure these activities, and understand what it all means.
In this blog post, I’ll explain five metrics you should keep track of on a monthly basis.
Engagement is queen
Engagement is, hands down, one of the most important metrics you should be concerned with on social media. It is the catalyst for improvement in all of the other social media metrics.
Simply put, engagement measures the number of likes, shares, and comments that your social updates receive.
Having a large reach with low engagement is a bad sign because it shows that you don’t have a marketing message or content that resonates with your target audience. Reaching tons of people means nothing if they aren’t interested in what you have to offer or share. , no matter how small that audience is, it will grow organically.
Never underestimate the power of influence
Based on past actions, we can make assumptions about how influential someone might be in the future. This type of potential influence is useful to decide who to reach out to when you’re preparing for a campaign.
The art of the chase – leads
Once your social media accounts start gaining traction, it’s easy to get caught up in how many likes and shares you’re getting. It feels good to see people enjoying your content, but what about the bottom-line? To ensure you are getting the best from your social media efforts, you have to ask the tough question: how many of these engaged fans are actually interested in purchasing my product?
You might have an enormous following on Instagram because people love your photos, but how does that translate to new leads or sales? To put it another way, say you have a small following on LinkedIn, but it consistently generates new leads. Which one deserves more attention?
If you aren’t generating leads, you’re either on the wrong platform or your content isn’t engaging to your buyer persona. The sooner you identify the problem, the better – but you have to start tracking the stats to find out.
Know what has been said – the share of voice
Finally, to really understand how well you’re doing on social media, you should consider a share of voice metric. How does the conversation about your brand compare to conversations about your competitors? Determine what percentage of the overall conversation about your industry is focused on your brand compared to your main competitors. And learn from your competitors’ successes; since so many of these social media conversations are public, you can measure your competitors’ impact just as easily as you can measure your own.
If you’d like to understand how your brand measures up, or build brand awareness and a meaningful relationship with your audience, then .
We’d love to help you better understand the impact and effectiveness of your social media activity.