Understanding Social Media Analytics
Creating captivating social media copy and graphics, posting at the optimal times, and designing social ads that drive a specific action are just tiny fractions of a larger social media strategy.
All of that hard work and planning needs to be justified by performance, and the best way to check exactly how your social media marketing is performing is through understanding the analytics associated with them.
By analyzing the important data, you can gain a deeper understanding of your customers, how to track ROI, improve your brand presence online, and ultimately walk away with happier customers. According to Statusbrew, the likelihood of a consumer to recommend a brand on social media after having a positive experience is about 71%. Social media is always evolving, and by analyzing the metrics of your posts, you can gain knowledge on if and how to improve upon your strategy and if your customers are happy.
A good rule of thumb is that for every goal, you need a related metric which will help in determining if your social media strategy is hitting the mark or not. So, what are the vital metrics to be tracking on social media and why?
- Engagement – To us, engagement is the most important metric to analyze. After all, social media is meant to be a conversational platform, so you want your engagement rate to be high. Engagement includes the number of reactions, comments, shares, clicks, and video views your post has. It displays how much your audience is interacting with your content and how effective your campaigns are. Engagement rate can be determined by: Engagement Rate = Number of Engagements/Number of Followers x 100
- Impressions – Impressions display how many users were exposed to your content. This metric shows how far your ad spend can go and can help you determine ad budgets and max spends for future ads. It will also showcase how your content is affecting your audience. The goal is to have a high impression number.
- Click Through Rate – If your goal is to drive traffic to your website, then the click through rate (CTR) is a great metric to dive into. CTRs compare the number of times someone clicks on your content to the number of impressions you get. The higher the CTR, the more effective the ad. The more people clicking through to your website, the closer they are to purchasing products or services.
- Frequency – Frequency refers to how many times you have reached the same person with a specific piece of content. This is a tricky metric to measure because you want your content to be seen multiple times by the same person to encourage them to purchase your product or service, but not too many times as to come across as spam.
Each social platform has its own built-in analytics tool to help you dive deep into the data. Alternatively, you could invest in a third-party analytics tool — most have social posting capabilities to help you save time as well. It’s important to take the time to see how each social platform differs in what they consider impressions, engagement, and more.
If you’re stumped or need assistance with your social media strategy (trust us, we get it — social media is an entire beast of its own), then we’re here to help! Give us a call or send us a message and we would be happy to share how we implement successful social media campaigns for our clients.