Social media metrics are more than about the number of unique views your website has in a day. It’s more than the number of followers you have. It’s more than the number of shares that each post has. It’s a combination of values and components that make up the whole marketing strategy on social media.
When you are running a business, attending a Master of Science in Business Analytics programme is helpful because it teaches you to look beyond the surface. You know that when it comes to marketing, the numbers take a back seat to the impact each strategy has on your audience. You need to go beyond the “vanity” metrics such as likes, shares, and tweets. You have to focus on the data that matters—the ones that show your marketing efforts have a real and positive impact on the bottom line.
The easiest metric to measure is volume. It refers to the actual size of conversation about your brand or company. When evaluating initial interest in your products and services, the volume is the first thing that marketers consider. People talk about things they love or hate on social media.
Facebook has an interesting metric called “people talking about this,” which shows you how many times people have posted about your brand on their profile pages. This is a good indicator of how connected your audience feels about your brand. You can use this metric to post something on days when more people talk about your company.
Marketers talk a lot about engagement, but what does customer engagement really do for your business? This is one of the most important components to talk about regarding social media marketing. Engagement will tell you how people are reacting to your brand. Are they replying and liking your posts? Are they sharing and retweeting?
Retweets and shares will tell you who’s spreading your content. These are the same people who recommend your company to their network. Comments, likes, and replies show who takes the time to compose a message for your posts. When considering customer engagement, think carefully about your goals first. Be sure to use metrics that are reflective of what you are trying to achieve.
So you have about 1,000 followers today. That’s a good start, and it’s more than other businesses have. But are you going to be contented with this number? Do you want more? You should want more. Social media followers will continue to grow. If your audience rate growth is not increasing, that’s going to be a major problem. It means that you are not reaching new customers. It means that there is no interest from the new audiences emerging.
Share of Voice
Look at how much engagement your competitors’ have. Compare the conversations about your brand and those about your competitors. How much of the conversation in the industry is focused on your brand and compare it with that about your competitors?
You should pay attention to your social media marketing metrics. These will illustrate the value of your strategies. They will also assure you that your investment in social media is paying off.