How to Measure Social Media for your Business
Here at BabbleHub, we don't lift a finger or activate any social media activity without first identifying the key metrics and KPI's (Key Performance Indicators) we would need to track in order to safely see our social media content and campaigns are a success!
Social media presents an unprecedented opportunity for businesses to generate new leads, reach new customers and connect with individuals on a new level. However, simply being active on social media doesn’t guarantee success. The social landscape is crowded and competitive. It is, therefore, essential to track and monitor your results to identify the most efficient strategies. Without examining your social profile and post-performance, you are only guessing as to what works and what doesn’t.
Here is a list of a few social media metrics you can start tracking right away.
Reach - (Follower Growth)
Your followers on each social platform represent a unique collection of individuals that have taken an interest in your business. Tracking follower growth allows companies to measure their marketing efforts over a set period. It is of particular importance as it can help provide valuable information on whether a campaign is a resounding success or a complete flop.
Follower growth can be measured by the increase or decrease of followers/ fans in comparison to last week, month or year. Ideally, you want to see an upward trend of new followers across all platforms. The best part is this information has been made readily available across multiple networks, and you can easily see how many followers or likes (on a business Facebook page) you have accumulated.
While attracting a large following can be an important measure of success, it doesn’t mean too much if no one is interacting with your content. Tracking engagement levels help measure how your audience is interacting with your posts. It also contributes to determining if your content is compelling. If your followers are growing, but your engagement levels are down, it may be a sign that you are targeting the wrong audience or you are generating content that your audience isn’t interested in.
Engagement can be measured by the total number of likes, comments, retweets and shares on a post. There are many tools out there that help manage this for you, including our own BabbleHub platform, which incorporates advanced tracking to monitor user engagement in one easy place.
Acquisition - Social Referrals
Another important metric to understand is where does your traffic come from? Tracking acquisition can help gauge the percentage of traffic your website is receiving from social accounts. It can enhance your understanding of how your visitors perform on your site when they arrive and the type of visitor.
Acquisition data is located through Google Analytics, under the Social and Overview tab. If you find one social channel is underperforming regarding click-throughs, this information can help you fine-tune your call to action and campaigns.
Conversions are the best way to determine your social return on investment (ROI). Does your effort on social media result in a quality lead? Or, even better, a paying customer? Conversions are the number of individuals who have performed the desired result. This may be signing up for a trial, completing an online form, purchasing a product or any other goal you have set for your campaign. Tracking conversions can give you an insight into how your social strategy aligns to your overall business objectives and profits.
A way to track this is to assign specific conversion goals on Google Analytics. This can help you track assisted social conversions and see which platforms lead to conversions on your website. You can even see a dollar value per conversion, although you will need to set this up for it to be visible.
Never Stop Monitoring
Social media analytics play a significant role in your brand’s social success. If you measure it, you can improve it. Continuously tracking relevant social metrics for your goals can help you develop a better strategy, drive action and ultimately move users further along the path to being a customer. If you would like to learn more about social media analytics at BabbleHub, make sure you get in touch with one of our friendly consultants.
If you're struggling with measuring social media performance, get in touch for a FREE SOCIAL MEDIA BUSINESS REVIEW by one of our social media business specialists.