Metrics for Analyzing Social Media Marketing
Making use of metrics to analyze the success of your social media marketing is an essential component of your overall strategy, or at least it should be. If you are measuring the impact your social media marketing is having on your bottom line, then there’s no way you can know whether your efforts are being successful or not.
With no statistics to consult, you won’t know whether some campaigns need to be tweaked to become more effective, or whether some tactics should be dropped altogether. Here are some of the most important metrics to keep track of, so that you’ll have a good understanding of which of your social media campaigns are successful and which are not.
Metrics about content
By using metrics which analyze the content associated with your social media campaigns, you’ll be able to identify specific patterns when they appear. As an example, if 50% of your posts are based on images and another 50% is based on videos, you’ll be able to compare them side-by-side to see which are the most effective. You’ll also be able to tell whether your original content is more effective than any shared content which you make use of, for instance, those written by experts or influencers in a particular industry. Shared content can be very effective at generating positive comments about your company, and attracting the attention of influential people in your industry.
Metrics on timing
Another area you should be tracking is the time of day that you post to social media, and when your audience is most likely to engage with those posts. Recording this information will identify for you the best times for content posting, and it may help you identify gaps that should be filled by later posts. Some of the areas that you should be tracking with regard to timing include the number of posts you do each week, your most frequent time of day to post, the day of the week where most of your posts are made, the time of day where your audience is most engaged, and the day of the week where your audience is most engaged. By collecting this information across all your social media platforms, you should get a pretty a good idea on the days and times where most of your posts are being made, as well as how effective they are at reaching your audience.
Metrics about your audience
The value of tracking metrics about your audience is that it will help you decide whether or not your target audience is actually becoming engaged with the content you’ve posted. One of the key determinations that should come from these metrics is knowing whether your target audience is effectively being reached, or whether your actual audience is out of sync with your target audience. As an example, your target audience may be 40 to 60-year-old women who live in New York City, but your actual audience may be 20 to 40-year-old women who live somewhere in Nebraska.
You should also be able to identify whether your followers are real human followers who are engaging with your content, or just bots which are temporarily boosting the numbers on your likes. This is important, because bots don’t really help your company much with social engagement, and they can actually do a lot of harm. Most of the social media networks have algorithms in place which will penalize you for a high level of bot engagement on your account.
Metrics about listening
When you’re involved with social media listening, it takes you far beyond the simple process of tracking mentions. Social media listening requires that you delve deeper into what users are actually saying about your brand and your company, and it also determines whether those conversations are neutral, negative, or positive. This will help you to determine how you should respond as a brand so that you can adequately address any customer issues which are mentioned in these conversations. You can also express your gratitude to individuals who are making favorable comments about your brand.
Metrics on your competitors
Wouldn’t it be great to know what your competitors are doing on social media, and wouldn’t it be beneficial in terms of customizing your own campaigns? While it would certainly be worthwhile knowing what your rivals are up to, you shouldn’t fall into the trap of thinking that tactics which are successful for them would also be successful for your business.
However, it’s definitely worth having that information at your fingertips, because it will allow you to consider some new tactics and ideas in your own campaigns. The best way to keep an eye on your rivals is to simply become a follower and view all their posts and ads like any other user would. Take note of the kind of content which they share, and whether or not they’re making use of more advanced strategies, for instance working with industry experts or specifically paid influencers.
While this might be the very first item on the list of a marketing manager, engagement metrics should not be the ultimate authority in judging the performance of any social media campaign you initiate. The truth is, engagement metrics only contribute somewhat to the overall picture unless the sole focus of your campaign is to increase the number of lakes you get.
Some of the most useful areas to measure in engagement include the total number of engagements, the number of messages received, the number of mentions received, the increase/decrease of engagement, and the number of engagements by category. You can do some manual collection of engagement metrics, but it’s much easier to use some of the best available social media tools like Sprout Social or Hootsuite.
Metrics about traffic
Statistics on traffic can tell you a lot about how effective your social media campaigns are. For example, the bounce rate relative to your social visitors can be very informative and can tell you how many visitors are abandoning your site immediately and heading somewhere else. If you have a high bounce rate, it’s very likely that your social media posts and messaging are not aligned with your website content.
This means you should seriously consider making some adjustments, either on your website or with regard to your social media content. It’s essential for you to know what users are doing on your website, for instance, whether they actually fill out an online form that you want, or whether they’re simply clicking around on multiple pages before leaving. When you know what users are doing, you can customize your social media posts to accommodate those actions.