Agent efficiency, automation, and operational insights
Social media success isn’t driven by who has the most followers or likes. Tangible success is measured by a brand’s ability to leverage social media channels to drive conversions, sell products, build awareness, help users, and improve engagement.
Faithfully illustrating social media's impact on a business has plagued marketers since its inception. How can you secure executive buy-in for marketing strategies and larger budgets if you can’t confidently demonstrate how social media contributes to an organization’s business goals? According to Forrester Research, nearly half of marketers struggle to demonstrate the impact of their social media efforts.
The first step to maximizing your effectiveness with social media is to understand which social metrics drive success for the unique needs of your brand. Social media analytics provide a variety of opportunities to both prove and improve social media's value.
Many businesses and organizations build their social media strategy before completing that first essential step: Determining which metrics they will measure, how they'll measure them, and why those KPIs matter. These metrics should be determined in the planning phase of a marketing strategy — you can’t back into social media measurement and expect reliable data and optimal results.
In this post, we’ll take a look at….
These seven social media metrics are focused on the data and statistics that can inform your strategies and generate parsable reports. They provide the insight necessary to align your social media and business goals, as well as communicating them to executives.
Social media metrics to track:
Each time you post to social media, it improves or diminishes your relationship with your followers. There is an ideal cadence for every brand and every channel.
Instagram Stories has more than 300 million daily users, per Facebook stats. Understand how people are watching your stories.
Like SEM on Google, Facebook uses a 1-10 “relevancy” score to give paid posts more or less exposure. Every ad on Facebook (and Instagram) has a relevancy score, based on how well an ad is performing, positive interactions, and negative interactions.
Total and average minutes watched are better metrics than video views, especially on Facebook where just three seconds counts as view. Video is growing in relevance and prevalence.
Speed matters. According to our survey, about half of social media users expect a brand to respond to their message or post, about a complaint, within three hours.
If social is driving people to your site or landing page, the click by itself isn’t really a success metric. What matters is what happens after the click. How many people do the thing you want them to do.
The formula for calculating ROI is always return minus investment, divided by investment, expressed as a percentage.
This set of social media metrics is focused on cultivating a larger picture of how your social media campaigns connect with your brand's goals. You will use the data and statistics from your micro metrics to help evaluate and evolve your macro metrics and strategies.
While you can’t attribute vanity metrics such as follows, likes, shares or retweets directly to sales, they shouldn’t be abandoned entirely. They will help the people who are executing social media marketing on an everyday basis to know what kind of content interests your audience. Engagement metrics such as call to action (CTA) clicks get us closer to proving business value. If your goal is to increase conversions on your website, conversion tracking pixels allow you to tie actions that people take on your site back to an action they took on social media.
Keep in mind that consumers do not necessarily need to overtly engage with social media content to notice it or be influenced and persuaded by it. Within paid social media, Facebook and Instagram offer a metric called Estimated Ad Recall Lift. This is an amalgamation of the types of actions that people can take with your content, including passive activity, such as dwell time. Bottom line — don’t underestimate your impact. The numbers you report should capture those who are reading your content as well as those who are overtly engaging.
Measure social media in the context of a larger marketing initiative. Customer lifecycle metrics help you measure against the particular lifecycle phase that you were targeting for that program. For example, measuring mentions when driving discovery, or measuring website traffic referrals when driving exploration.
We can now actually measure brand lift data, such as awareness, favorability, message association and purchase intent. Millward Brown and Nielsen Brand Effect offer paid studies you can invest in, or Facebook and YouTube offer similar studies with a lower price of entry.
Are your clients getting the value they were expecting? Are they loyal? There is no better way to measure the impact of your brand loyalty efforts than by getting direct feedback. With Net Promoter Score (NPS) and Customer Satisfaction (CSAT) industry standard question formats, you can survey clients in a structured way to better measure and more importantly, improve your customer service. To take this one step further, track how negative interactions change loyalty over time — identifying the rate of growth for customers from the time of their first negative interaction compared to those with only positive interactions.
Compare how negative sentiment changes loyalty over time.
Customer service metrics go hand in hand with customer satisfaction metrics. If you’re exceeding customer expectations, your customers will be more satisfied. Track decreases in social media response time, as well as the number of cases handled and the cost to resolve customer issues.
This is the hardest to measure because it’s very difficult to get specific data from social media platforms that will help you put social media into the conversation about attribution. The goal is to be able to show how any kind of social media engagement contributes to the entire customer lifecycle — so you can assign an actual portion of a sale and subsequently loyalty to each marketing channel, which includes social media.
One way to track lead attribution is to append tracking parameters to every link you share on social media so you can analyze your results through Google Analytics or another preferred analytics tool.