Determining which social media metrics to measure can be confusing and a bit overwhelming. From tracking your volume of followers to how well your posts are driving engagement, you might be wondering which social media metrics are the most important for your small business. We’re here to make it easier for you, though. Check out our guide on the social media metrics that you should be tracking and why.
The Importance of Social Media Metrics for your Small Business
Small business owners and marketers need to be aware of social media metrics because your campaigns' performance will have an impact on the profitability of your business. Having these metrics in place provides you the opportunity to showcase your business while also being able to report out how those efforts are moving the needle. You can create a correlation between business growth and campaign performance and can ultimately use these insights to grow your advertising spend.
Social media metrics also provide an excellent way for you to stay on top of your overall brand health. Your customers will tell you how they feel about your brand based on how they are interacting with your social media accounts. High engagement, shares, likes and reviews can mean that your customers are generally happy with your business and are ready and willing to come back for more.
One of the best ways to start measuring your social media channels' success is to invest in a social media analytics tool. Tools such as HubSpot, BuzzSumo, Snaplytics, Google Analytics, Keyhole and more make it easy for you to understand how your content is performing and if you are receiving the return on advertising spend (ROAS) that you should be. And though these tools can measure just about any metrics, as you can imagine, some are more important than others.
1. Social media engagement
This is perhaps the most important of your social media metrics. The engagement rate tells you how your audience is involved with your content and if they care about what you have to say. You can track engagement by looking at three different measurements.
- Likes, comments, retweets, etc.
- Post engagement rate
- Account mentions
2. Social media awareness
Awareness is measured in two ways, through both impressions and reach. Impressions are all about the number of times that your posts show up in a user's timeline. Reach expresses the potential unique views that a post could have. By looking at both, you can understand the possible size of the prize, but more importantly, what is most realistic. Growing both measurements will help you to get in front of more of the right customers.
3. Social media share of voice
If you are participating in paid social media advertising (and we recommend that you do this), then you will want to measure the share of voice too. This metric helps you to understand how much of the online space that your business is participating in. For example, if you are in the auto repair business, it can help you to understand how people are talking about your business compared to other auto repair shops that they could go to instead.
4. Social media return on investment
Whether you refer to it as return on investment (ROI) or return on advertising spend (ROAS), you need to understand that the dollars you are putting into your social media advertising are driving results. Measuring ROI helps you to understand what’s working and what isn’t so that you can make the appropriate tweaks in your strategy along the way.
As part of this, you also want to measure referrals and conversions. Referrals help you to understand how users get to your website. You can use Google Analytics to track the sources by which your traffic comes in. Conversions, on the other hand, help you understand how many people are transacting with you. For example, does a visit to your social media site turn into a purchase from your website?
5. Social media customer response time and rate
If you are going to have a presence on social media, you need to ensure that you have a mechanism to participate in a dialogue with your customers. If your customers leave a review, whether positive or negative, you need to respond 100% of the time. If a user posts a question on your page, then you need to answer it 100% of the time. If your customer posts a comment on your social media page, you need to acknowledge it 100% of the time.
Not only do you need to do this, but you need to pay attention to how long it takes for you to do so. As a rule of thumb, the sooner you respond, the better. And when you can, be sure to respond in 24 hours or less.
Social Media Presence and Social Media Metrics Should be a Part of Any Small Business Marketing Strategy
If your business doesn’t yet have a presence on social media, the time is now to change that. Getting set up on social media sites such as Facebook, Instagram and Pinterest, to start, is easy to do. And if you are in the B2B space, then LinkedIn is another excellent place to set up shop. With social media, you’ll find that it is easier than ever to get in front of the right customers and drive them to your website. Before long, you’ll see the needle move, and you’ll wonder why you waited so long.