The rise in social media coverage and usage have transformed various aspects of our life. In the marketing sector, Social media marketing makes an integral part of modern marketing campaigns. However, just like any marketing effort, it is critical to measure the ROI of engaging in social media marketing. In this article, we will explore the various quantitative metrics that can help you assess the performance of your company in the social world.
The social interaction metrics can aim at measuring 5 main aspects of the company presence on the virtual world:
- Awareness: How many customers are your brand reaching
- Engagement: how audiences are interacting with your content.
- Conversion: How effective is your marketing campaign
- Consumer: What type of customers are interacting with your brand
- Miscellaneous: these are specialized metrics specific to certain platforms or use cases
Please Note that these metrics usually do not capture the overall picture of your social media profile, several other aspects are usually included like:
- Geo-locations: usually it is not enough to measure a certain metric over all the users of a brand and it is important to calculate the metric value based on different geographical locations.
- User-profiling: it might be as well important to segment the customers based using several features such as age group, gender, or interests. This process can be done manually but usually, data mining systems are used to fined not trivial market segments.
- Finally, these metrics usually aggregate several engagement factors like shares, likes, views, … . However, it is beneficial to measure the impact of your marketing campaign on each of these individual indicators since for example, subscribtions are more important than views
These numbers illuminate your current and potential audience.
Brand Awareness is the attention your brand gets—across all social media—during a reporting period, or a specific span of time that yields statistically relevant data.
Attention can be expressed through a variety of social media metrics, including @mentions, shares, and links. Reporting periods are also variable, usually lasting a week, a month, or even a quarter.
Audience Growth Rate
Audience Growth Rate measures the speed at which your brand’s following increases on social media. It’s how quickly you gain followers.
GR = net_new_cutsomers/total_customers
Post Reach denotes how many people have seen a post since it went live.
This metric is easy to find and even easier to understand. Most importantly, it’s actionable, since it’s affected by the timing (i.e., when is your audience online?) and the content (i.e., what does your audience find valuable?) of your post.
Measuring this require as well taking the time when users or followers are online to have a more informed opinion.
The average post reach can be measured as
avgPR = #mentions * mean(AFC)
where AFC is the number of followers that a sharing account has
Social Share Of Voice (SSoV)
Social Share of Voice measures how many people are mentioning your brand on social media compared to your competitors.
Ssov = brand_mentions / (brand_mentions + compititors_mentions)
These numbers show how people are interacting with your content.
Applause Rate is the number of approval actions (e.g., likes, favourites) a post receives relative to your total number of followers.
When a follower likes or favourites one of your posts, she’s acknowledging that it’s valuable to her. Knowing what percentage of your audience finds value in the things you post can—and should—inform
AR = #Approves / #followers
Average Engagement Rate
Average Engagement Rate is the number of engagement actions (e.g., likes, shares, comments) a post receives relative to your total number of followers.
It’s an important metric because higher engagement means your content is resonating with the audience. To prove that, track the engagement rate of every post. If you have a high engagement rate, the actual number of likes and shares and comments is irrelevant.
AvgER = #engagement_actions / #followers
Amplification Rate is the ratio of shares per post to the number of overall followers.
Basically, the higher your amplification rate, the more willing your followers are to associate themselves with your brand.
AmR = #post_shares / #followers
Virality Rate is the number of people who shared your post relative to the number of unique views (i.e., impressions) it had during a reporting period.
Impressions donate the number of actual users that viewed your post, in contrast to normal views where the same user might view the post multiple times
A post that gets 17,000 likes may only get 0.1% virality while another post that receives 10,000 likes gets 9.97% virality—and that’s a far better post
VR = #shares / #views
While normal awareness metrics measures How many people are talking about your brand influence asks Who is talking about your brand and what kind of impact do they have?
It fixates on the fact that audience size does not necessarily relate to influence. Just because someone has a lot of friends or followers, that does not mean they can encourage those followers to actually do anything.
Tools like PeerIndex assign people an influence score. Tools like these measure online social capital and the (potential) ability to influence others.
These numbers demonstrate the effectiveness of your social engagement. Nearly all of these metrics will require some sort of analytics service like GoogleAnalytics
Conversion Rate is the number of visitors who, after clicking on a link in your post, take action on a page (e.g., subscribe to your newsletter, download a gated content asset, register for a webinar) against that page’s total visitors.
A high conversion rate means your content is valuable and compelling to the target audience. From a social media standpoint, it’s a sign that your post was relevant to the offer. In other words, it kept its promise.
CR = #actions/ #click_throughs
Click-Through Rate (CTR)
Click-Through Rate, or CTR, is how often people click on the call-to-action link in your post.
Not to be confused with other engagement actions (e.g., shares, likes, comments), your CTR is specifically tied to a link that brings the audience to additional content.
CTR = #clicks / #views
Bounce Rate is the percentage of page visitors who click on a link in your post, only to quickly leave the page they land on without taking an action.
Bounce rate lets you measure your social media traffic—and, in turn, ROI—against other sources of traffic (e.g., traffic from a Facebook post vs. traffic from an organic Google search).
If your social media bounce rate is lower than that of other sources, it’s proof that your social media campaigns are targeting the right audience—and, in turn, driving high-value traffic.
Social Media Conversion Rate
Social Media Conversion Rate is the total number of conversions that came from social media, expressed as a percentage.
social_media_conversion_rate = #social_media_conversions / #conversions
Conversation Rate is the ratio of comments per post to the number of overall followers you have.
Tracking your conversation rate will help you understand how much of your audience is compelled to add their voice to the content you post on social
These numbers reflect how your active customers think and feel about your brand.
Customer Testimonials are any customer review, assessment, comment, endorsement, or interview relating to a brand.
Ultimately, great testimonials are the product of customer delight. If your brand makes people happy, they’ll be more likely to share their good experience with others.
The benefits are clear: a consistent stream of sincere testimonials on social media will garner trust and credibility while boosting your brand’s presence.
Customer Satisfaction (CSat) Score
Customer Satisfaction, or CSAT, is a metric that measures how happy people are with your product or service.
Usually, the CSAT score is the product of one, straightforward question: How would you describe your overall satisfaction with this product?
Customers are then asked to rate their satisfaction on a linear scale, either numerically (e.g., one to 10) or sentimentally (e.g., Poor, Fair, Good, Great, Excellent).
CSAT has become a nearly ubiquitous way to understand how customers feel about your brand, mainly because it’s clear, concise, and easy to administer, especially on social media.
However, newer technology that utilizes sentiment analysis can calculate such metric implicitly from the users feed-back.
Net Promoter Score (NPS)
Net Promoter Score, or NPS, is a metric that measures customer loyalty.
Unlike CSAT, NPS is good at predicting future customer engagement because it is the product of one—and only one—specifically phrased question: How likely is it that you would recommend our company/service to a friend?
Customers are then asked to answer on a scale of zero to 10. Based on their response, each customer is grouped into one of three categories:
- Detractors: 0 – 6 score range
- Passives: 7 – 8 score range
- Promoters: 9 – 10 score range
NPS is unique in that it measures customer satisfaction as well as future sales, which has made it a valuable, go-to metric for organizations of all sizes.
NPS = (#promoters – #detractors) / #responses
This section includes several metrics that are specialized for a specific use case or platform
This metric is specific to videos, it usually measures the average length of the video watched by followers divided by the length of the video
If you’re publishing 10-minute videos, but a majority of your audience only watches 30 seconds of it, you might want to consider cutting it down.
While usual engagement metrics applies to the videos as well, another important engagement metric specific for videos is clicks-to-play, Clicks to play measures the number of times people click on your video to play it rather than viewing it through autoplay in their feed.
There are several other video metrics including:
- Video Views
- 3-seconds Video Views
- Unique vs Repeat Views
- Tap Forward on Stories: How many people have tapped forward during your Story. Users tend to tap forward when they’re bored with a story and they don’t feel engaged.
- Opt Back on Stories : This represents the number of times someone has gone backward through your Story to view something again.
- Next Story: When someone is bored with a Story but they still want to see what you’re posting, they’ll skip right to the next Story
- Number of Live viewers
- Saved – from Instagram : This lets you know how many people have saved your content. In Contrast with likes and other types of engagement for additional information and a more well-rounded picture.
The definition of this metric can vary across various platforms, this is not related to the sentiment expressed trough followers posts but rather their actions,
Negative feedback is a “negative” action taken by a fan on your piece of content. For example on Facebook It can be hiding a specific post, hiding all future posts from your Page, unliking your Page or even worse, reporting it as spam.
Simply put, the negative feedback metric counts the number of users who really did not like your content or the fact that it appeared in their newsfeed.
This is especially important if you are using paid ads.
These metrics are specific to platforms where users can send questions of the company page, these metrics include
- Number of User Questions : The total number of received questions during a selected time range.
- Responded vs. Unresponded Posts/questions
- Response Rate for User Posts/questions
- Response Time for User Posts/questions (this can also be measured against the number of posts/questions)
In this article we explored various metrics to measure the performance of your company presence on social media, selecting the correct evaluation metrics is a pivotal step in building a successful social marketing campaign
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