Irrespective of what business you run, it is inevitable for all the industries across the globe to have a virtual presence in the Internet world. If you are planning to scale up your enterprise and reach out to other potential customers beyond the physical reach of your company, then building your business’s website/blog or a page on the social media site is crucial.
The Internet opens up the door for you to expand your trade worldwide, but that is just the beginning.
From paid advertisements to regularly posting and promoting content in your social media page(s) becomes an integral part of your business. Since you are investing money, you need to keep track of how they are performing, and this is where the social media metrics come to play.
Before discussing the most imperative metrics of social media, let’s first understand what metrics really mean.
What are social media metrics?
The impact of all the social media activities done for your business, on your company’s quarterly or annual revenue is measured with the use of data, which is known as social media metrics. In pursuance of finding out how a particular product or brand is performing, various social media monitoring software is used extensively by digital media experts.
Top 5 social media metrics
Read on to find out the 5 social media metrics that really matter.
Brand awareness: During a specific period of time, the attention that your product or brand is able to get across all the social media platforms is known as brand awareness. This is gauged through the number of shares, impressions, links, and @mentions your posts get over a fixed period of time.
Growth rate of the audience: It measures the growth rate of your brand or company by the number of followers it gains over a certain time period.
Average engagement rate: Every social media post gets likes, shares, and comments, which are known as engagement actions. This metric calculates the engagement actions with respect to total followers on your page.
Rate of conversion: Registering for a webinar or subscribing to your newsletter is the action that a person takes after clicking the link in your post. The conversion rate calculates the number of visitors who took action among those who just viewed your post.
Measuring influence: Simply because your page on social media has thousands of followers, doesn’t mean that all of them are your active followers or friends. The social influence of your brand is measured by the online social capital and the potential ability to influence others.
Testimonials: For any brand or product to be successful, you need to build your customers’ trust and satisfaction. The testimonials are reviews, comments, or assessments the customers do regarding your brand or product. With better customer reviews, you can ensure to build substantial brand value.
If you are looking forward to building better brand value and reaching out to more potential customers, then it is highly recommended that you go beyond the freely accessible vanity metrics.
Your social media metrics should not just showcase dry statistical data; rather you should be able to paint a picture with those data, which are going to add value and also aid in the growth of your business.