Do you ever feel that your social media metrics whisper secrets to or about you? They're telling a story to you about your audience, brand and online performance. You're not too far off.
Social media metrics constantly gather intel and are ready to provide you with vital insights into how your audience feels about your content, their loyalty to your brand, etc.
Each metric is a puzzle piece that shows you what works, what doesn't, and what can be improved. You're responsible for putting the pieces of the puzzle together.
We're going to share 14 key social metrics with you today and explain their meaning so that you can decode hidden truths in your data.
1. Average Engagement Rate
The Average Engagement Ratio (AER) is a measure of how well a piece of content resonates with its audience. It is a measurement of how much engagement a particular piece of content receives from its audience.
AER is simply a way to measure how your audience interacts with your content. This could take the form of
- Likes
- Shares
- Comment
- Social media platforms allow for any other type of engagement.
AER gives you a clear idea of the performance of your content. A high AER means that your audience is finding value in your content. A low AER, on the other hand could mean that your content doesn't hit the mark and requires some adjustments.
2. Conversion Rate
Imagine your Conversion rate as the finish of a race. This is the point at which your audience performs what you desire. It could be signing up for your newsletter, downloading whitepapers, or even making a purchase.
Conversion rate is important for B2B businesses. Not only is it important to get likes and shares but also to convert those social media users into customers or leads. This metric shows how your social media campaigns are contributing to the bottom line.
You need to know the following two things in order to measure your conversion rate:
- Conversions are the number of people that did what you asked them to (conversions).
- Total number of people that had the chance to participate
If 100 people visit your landing page, and 10 download your whitepaper, then your conversion rate would be (10/100*100 = 10%).
Image Source: Hootsuite
It is important to make it as easy as possible for your audience members to take action. This could be:
- How to create a compelling call-to action
- Making your landing page more user-friendly
- Offer something so valuable, that your audience cannot resist it
B2B companies can also benefit from understanding their audience's problems and demonstrating how they can be solved by your product or service.
3. Brand Awareness
Brand Awareness is important for all companies, but especially B2B. It is the first step of the customer journey. You need to be known by your customers before they can purchase from you. Not only do they need to know you but also like and trust you.
A high Brand Awareness level means that more people will think of your company when they are in need of the products and services you provide. However, measuring Brand Awareness is a little tricky. It is not as simple as counting shares or likes. Surveys and interviews are often used to determine how many people recognize your brand and their opinions.
You can also use metrics such as:
- Website Traffic
- Followers on social media
- Your posts will reach a wider audience
Improving brand awareness is about spreading your name and creating a positive impression. This could be:
- Creating engaging content
- Social media is a great way to stay connected with others.
- Partnerships with other brands can help you reach a larger audience
- Attending industry events
- Publication of thought leadership articles
- Offer webinars and workshops
It is important to demonstrate your expertise and gain trust from your audience.
4. Cost-Per-Click
You can keep track of the cost per click (CPC) to monitor your advertising spend. Your ads should be cost-effective, and provide a high return on investment.
CPC measurement is easy. Divide the cost of all your clicks by how many clicks you have. If you spend $100 on an advertisement and get 200 clicks, then your CPC is $100/200 = 0.50. This means that you pay 50 cents per visitor who comes to your website from the ad.
Image Source: Social Pilot
It's all about increasing your CPC to get more clicks at a lower cost. It could be as simple as tweaking the ad copy, or targeting your ads better, or even testing different types to see which ones work best.
B2B firms could focus on long-tail keyword phrases that are less competitive, but still highly relevant for your audience. They can deliver higher quality traffic and lower CPCs.
5. Impressions
Impressions are the first hello of a conversation. The first impression is the basis for any social media interaction. It's as if your post is invisible if it doesn't have an impact.
It's easy to measure impressions. Each time your post shows up on someone's computer screen, it counts as an impression. If your post appears on 500 screens then you have 500 impressions. Remember that impressions do not tell you whether someone has interacted with your posting or if they have even looked at it. They only tell you your post is there, saying hello.
Impression boosting is about increasing your exposure. Your posts should appear on as many screens and devices as possible. Posting at times your audience is active, or using hashtags that are relevant to your content can help you reach more people.
B2B companies could also create content that is super relevant to their industry. Relevance is key. The more relevant the content, then the more likely you are to see it in searches and feeds.
6. Click-through rate
The Click-through rate (CTR), tells us whether our content is on target. Clicking means people are interested and want more information. This is like getting a thumbs-up from your audience.
A high CTR for B2B businesses is an indication that your message resonates with other companies. You're speaking the language of your audience and providing them with something valuable.
CTR measurement is easy. Divide the number clicks you get by the number times your content was viewed (impressions). If your ad is seen 1000 times but only 50 people click on it, then your CTR will be (50/1000*100) = 5%.
Image source: Wordstream
Making your content clickable is the key to improving your CTR. It could be as simple as writing headlines that are more compelling, using images that catch the eye, or creating a compelling offer. This could mean tailoring your message according to the needs and interests of your audience.
7. Virality Rate
You can use your virality rate to gauge how well your content resonates with your audience. It is a sign that people find your content valuable and believe others will as well. A high Virality rate can also help you reach a larger audience with your brand, product, or service.
It is easy to measure Virality rate. Divide the number views by the number shares to get the percentage. If your post receives 100 views and 10 share, then your Virality rate is (10/100*100 = 10%).
Image Source: AdEspresso
Create shareable content to improve your Virality rate. Create content that is entertaining, educational, or inspirational. Your content should help your audience to solve a difficult problem, develop new skills or better understand a complicated issue. Your audience will be more likely to share content if you offer more value.
8. Cost-Per-Mile
CPM is the cost you pay to reach 1,000 people with your advertisement. This is like purchasing a billboard and counting how many cars pass by. This is important, because it allows you to understand how much it costs to get your message across.
Divide the cost of the ad by the impressions (the total number of times the ad appeared) and multiply it by 1000. If you spend $100 on an advertisement that gets 10,000 impressions, then your CPM is ($100/10,000*1000) = $10.
Image Source: ironSource
Getting more impressions at a lower cost is the key to improving your CPM. This could be:
- Make your advertisement more appealing by optimizing it
- Your ad can be targeted to a specific audience
- Test different placements of ads to see which one gives the best results
- Create high-quality content that engages and attracts your audience
Your CPM can be reduced by improving your content.
9. Bounce Rate
The bounce rate will tell you how engaging your website is. It could mean that people didn't find the information they were searching for or your website was not as user-friendly.
If you have a high bounce rate, it could be that you are missing out on leads or potential customers. You want visitors to stay, read more about your company, and possibly take the next step like making a sale or contacting you.
Your Bounce rate is the percentage visitors who leave after viewing only one page. If 100 visitors come to your site and 50 leave without clicking anything else, then your Bounce rate is 50%.
Image source: AB Tasty
Make your website more user-friendly and engaging to improve your bounce rate.
- Improving your website design
- Make your content more engaging
- Ensuring your website loads quickly
B2B businesses should also ensure that their website communicates clearly what they do and the value they offer. You want your visitors to stay on your website and be interested in what you have to say.
The Social Share of Voice (SSOV), tells you the amount of buzz that your brand creates. A high SOV for B2B means that you are leading the conversation within your industry. You are the industry leader and the trend setter.
You can measure SSOV by comparing the number of social media mentions that your brand receives compared to those of your competitors. If your brand receives 100 mentions, and your competitors get 900, then your SSOV is (100/1000*100) = 10%.
Image source: Augurian
If you want to improve your SSOV, then it is important that your brand be talked about more. This can be done by launching new products or engaging content.
Share valuable insights with your B2B customers, join industry discussions or form partnerships with influential people in your field.
11. Follower Growth and Count
The Follower Growth and Count is just what it says-it gives an idea of how big your audience is. If your follower count is growing, you will have more people interested in your message.
Check your social media profile to see your follower count and growth. Your growth rate is determined by the number of followers you have. If you have 100 followers at the beginning of the month and 150 by the end, your growth for that month will be (150-100/100*100=50%).
You can increase your follower count and growth by:
- Posting engaging content
- Engaging your followers
- Running social media campaigns
- Share valuable insights into the industry
- Showcase your products and services
- Customer testimonials
12. Amplification Rate
The Amplification Rate is your social media voice. This tells you the extent to which your audience helps spread your message.
B2B companies with a high Amplification rate can expect their message to be spread widely by their audience. Your content resonates with people, and they help to amplify your voice.
Divide the number shares by the total number of followers (or impressions) to calculate your Amplification rate. Then multiply this by 100 for a percentage. If your post receives 50 shares, and you have 1,000 followers, then your Amplification rate is (50/1000*100) = 5%.
Image source: Shnoco
Content that is shareable is the key to improving your Amplification rate. B2B companies could also tailor their content to what the audience wants.
13. Customer Satisfaction (CSAT) Score
The Customer Satisfaction (CSAT), which is a score that measures how satisfied your customers are, will give you an idea of their feelings. If your CSAT is high, you are doing an excellent job of meeting the needs of your customers.
Asking your customers to rate their satisfaction is a simple way to measure CSAT. It is done by asking customers to rate their level of satisfaction, usually on a 1 to 10 or 1 to 5 scale.
If you have 100 clients and their ratings total 450, then your CSAT is (450/(100*5)*100) = 90%.
Dialpad
Making your customers happy is the key to improving your CSAT. This could be:
- Improve your product
- Offering better customer service
- Listening to customers and taking feedback into consideration
Understanding your customer's needs and finding ways to help them achieve success is the most important thing.
14. Net Promoter Score
The Net Promoter Score (NPS) is your company's reputation based on word-of mouth. The Net Promoter Score is the likelihood that your customers will recommend you to other people. It's an important measure because it shows you how loyal your customers are.
Ask your customers this question to measure their NPS: "On a 0-10 scale, how likely are they to recommend our business to a colleague or friend?"
Subtract the percentages of detractors (those with scores of 6 or less) from those who are promoters (9 or 10). If 70% of respondents are promoters and 10% detractors, then your NPS will be 70-10 = 60%.
Image source: Qualtrics
You can improve your NPS by going the extra mile to ensure that your customers are valued. Understanding your audience, helping them overcome their challenges and providing exceptional customer service are all ways to improve NPS.
Marketing Insider Group can help you maximize your metrics today.
The right social media metrics are crucial. Each metric can provide valuable insights to help you refine and achieve your goals.
You need to understand what the data tells you, not just collect it. Are your customers satisfied? Your posts are reaching the right people. Are your ads effective? Your social media metrics will provide answers to all of these questions.
Are you ready to maximize your social media results? Start today by checking our weekly blog service or scheduling a free consultation to learn more.
The first time that Marketing Insider Group published the post "14 Social Media Metrics that Drive Results in 2023" was on February 14, 2013.
Frequently Asked Questions
What is the role of marketing in a business strategy?
Marketing is an integral part of any business strategy. Without marketing, no one will know what your company has to offer. Without sales, marketing would not be possible. Therefore, marketing is crucial to any business strategy.
Marketing is important, but not everyone gets it. Marketing is not just about spending money on advertising campaigns. Marketing encompasses much more than this. Marketing can be described as everything you do that communicates your company's identity or position in the market.
As you consider your business, think of these questions: What image do I want to project? What will my customers think of me? How can I best present myself to the world
If you don't answer those questions, you haven't thought about marketing yet.
What are the 5 Marketing Concepts?
The five marketing concepts are:
- Branding: A brand is a person's image. It's what they think of when they hear your name. You must create a consistent brand identity across all media.
- Positioning – How you position yourself in your market. What are you describing about yourself and why should others care?
- Message – This is your message's content. What is your point? What's the point?
- Marketing mix – This combines channels, pricing, and promotions to deliver your message to your target audience.
- Measurement – How do I measure success?
What kind of eCommerce Marketing Strategy Should I Follow?
There are three types in eCommerce marketing:
- Direct marketing
- Search Engine Optimization (SEO).
- Social Media Marketing
Direct marketing involves sending emails directly from the source to potential customers. These emails may contain coupons, special offers, and discounts. This type is used to build customer trust and loyalty.
Search engine optimization works by improving the ranking of your website in search engines like Google, Bing, Yahoo, etc. If your website ranks near the top for searches related to keywords, you will get more traffic.
Social media marketing can be done via websites such Facebook, Pinterest Instagram, YouTube and Instagram. Your audience to build trust. It's easy to set-up and use, and it's effective.
Each of these techniques has its strengths and weaknesses. SEO is time-consuming and requires effort while direct advertising is easy to do. If you are only focused on one aspect of eCommerce marketing, you may not see the full benefit. Combining different marketing strategies is a good idea.
Emails could promote your products. This would help you to rank highly in search engines. You could also advertise through social media and then link from that page to your website.
As you can see, there are many ways to market your eCommerce store. Pick the best for you and make sure to implement them regularly. Good luck!
What are the most effective digital marketing strategies I can use from my home?
Digital marketing is a powerful way to reach customers online. This is a great opportunity to generate leads and customers for your business.
You can promote your brand using social media platforms, such as Facebook, Twitter and LinkedIn. You can also make use of email marketing tools for sending emails to prospects and potential clients.
You can also market your product and service in digital media in many other ways.
You should not have any difficulty getting started as long you are able to use these channels effectively.
Why is it so important that your brand is defined?
Your company's promise to customers is a brand. A brand promises certain qualities and benefits that make your company stand out among competitors. Your brand is what distinguishes you from others within the same industry.
A brand establishes your authority and credibility. Prospective customers immediately recognize your company's logo and trust it to stand behind their products and services. They trust your company because you have earned their respect.
Your company's culture can also reflect your brand. Your brand is likely to reflect your passion for your product/service if your employees are passionate about it.
Your brand is not just words and images. It is a promise your company keeps. It's a promise to provide value to your customers.
You need to take into account several things when you are attempting to build your brand. First, choose a name and description that clearly describes your company. Sweet Dreams Bakery is a good example of a bakery name. If you run a software business, however, you would probably choose DreamSpark Software.
Next, decide how you want your brand to be represented. Will you use a recognized symbol? Will you use colors that match your corporate look? Will you use logos
You must also think about the perceptions of your target market regarding your brand. Will you portray yourself as friendly and helpful? Will you appear professional and trustworthy? Are you able to communicate your knowledge and experience?
These are all important questions you should ask before building your brand.
Statistics
- Today, 81% of brands around the world have affiliate programs. (influencermarketinghub.com)
- From 2020 to 2022, eMarketer predicts that digital marketing will grow by 36% and take up 54% of marketing budgets! (marketinginsidergroup.com)
- A poll earlier this year found that 14% of older Gen Z's had bought an item in the previous six months based on an influencer's recommendation. (influencermarketinghub.com)
- Companies that use personalization are seeing revenue increases ranging from 6-10%. (blog.hubspot.com)
- According to statistics, 60% of online shoppers worldwide actively search for coupons before purchasing from a virtual shop. (influencermarketinghub.com)
External Links
hubspot.com
statista.com
blog.hubspot.com
moz.com
- SEO Learning Center Moz
- [Case Studies] How Moz ranked #1 for a high-volume Keyword in 3 Months or Less
How To
Six Types of Ecommerce Marketing
How can I market my eCommerce shop?
Ecommerce marketing is one the most difficult marketing tasks. It is important to understand the buying behavior of your customer and how they interact in your products and services. This knowledge allows you to build an effective strategy to help you reach your goals.
There are six types or eCommerce marketing strategies.
- Product Strategy – The first step to deciding what product you want online is to determine your product type. There are three main categories. Once you have decided on the category you want to work in, you will need to decide if you are going to sell wholesale or retail. Wholesale pricing means you set the price you sell your products, while retail pricing means you charge customers directly for your products.
- Pricing Strategy – Next, figure out how much revenue you would like to make by selling your products. Profit margins, competition and shipping costs are all important factors. To increase your profit margins, there are two options: lower your cost of sales or increase your sales volume.
- Promotion Strategy – Now comes the fun part! Your business needs a promotion plan that is most effective. There are many options, such as free shipping, special discount, deals, coupons, or other incentives. You can also brainstorm new promotional ideas if you don't already have them.
- Shipping Strategy – Once you have figured out how to market your products, it is time to consider how you will get them to customers. Will you ship via USPS/FedEx, UPS, DHL or another delivery method? Do you intend to use a fulfillment facility or do all the work yourself?
- Merchandise Management System – Your merchandise management system includes software that helps you manage inventory, track orders, fulfill orders, and communicate with suppliers. You have many options depending on your budget and preference.
- Customer Service Strategy – You need to design a customer support strategy that will work for you business. Is your business going to offer email or phone support? Are you able to provide support via email or live chat?
————————————————————————————————————————————–
By: Lauren Basiura
Title: 14 Social Media Metrics That Drive Results in 2023
Sourced From: marketinginsidergroup.com/content-marketing/14-social-media-metrics-that-drive-results-in-2023/
Published Date: Tue, 01 Aug 2023 10:00:03 +0000