Social Media has a lot of different ways to track the metrics and it’s importing to know where to put your time and effort. But which numbers? I have 7 key metrics that I always track.
0:55 Metric #1 | Reach
1:45 Metric #2 | Impressions
2:25 Metric #3 | Engagement Rate
3:04 Metric #4 | Amplification Rate
3:37 Metric #5 | Virality Rate
3:52 Metric #6 | Audience Growth Rate
4:15 Metric #7 | Social Referrals
4:45 Bonus Metric | ROI
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You might be on every single meaningful social media site out there but all your effort isn't really worth anything unless you're tracking what's driving your results and what's not. Trust me, there have been plenty of times I post something out there and I thought that was great. Well, I gained no traction. Sure, I may have gotten some likes or impressions but those things really didn't help my business grow. So, what do I do after a post like that? I go to the numbers.
So metric number one, reach. Reach is the number of people who see your content. It's always important to ask yourself two main questions with this one, whether or not you're reaching enough people. If you're reaching enough people why aren't they converting? Pay attention to an important subset of your reach. If you're targeting the wrong type of people you may want to adjust your content, look to see what some of your competitors do so that way you can target the right people and generate more sales.
Metric two, impressions. Meta saw impressions grow 10% in 2021. But when you think about this, if these social networks are seeing their percentages grow, your percentages should also grow. But on the flip side, if their percentages are decreasing and yours are decreasing, you're like, wait, I'm not getting as many impressions. What am I doing wrong? Well, let's say a social platform's, you know, impressions decrease by 20%, but your impressions maintain flat. That means you're doing something right. If they're actually gaining users, you would be doing better, but that's why tracking impressions is super important.
Metric three, engagement rate. The easiest way to figure out how you're doing on all the social networks is go look at your competition, see their engagement rate with how many likes and comments they're getting per post based on how many followers they have. If you're doing better than your competition, you're doing good.
Metric four, amplification rate. The ratio of shares per post to the overall number of followers. So, you want to really look at this because you can see what kind of content is helping you and which content isn't really getting you the amplification that you're looking for. You want to create more of the content that is getting you the amplification and less of the content that isn't getting you much of it.
Metric five, virality rate. Similar to amplification in that it measures how much your content is shared, but virality rate calculates share as a percentage of the impressions rather than as an impression of followers.
Metric six, audience growth rate. How many new followers are you getting on social media over a certain period of time as a percentage of your total audience? Here's a tip for you. If you want to grow your audience fast, get on TikTok. It's the fastest growing social network with 105% user growth in the US over the last couple years.
Metric seven, social referrals. According to HubSpot, consumers are 71% more likely to make a purchase based on social referrals. Now, social referrals are huge because it's other people vouching for you saying your product or your service is good. Think of it as a version of review or a rating on Amazon. That's the same concept with let's say, social referrals.
Now, a bonus metric for you and this is the most important one which is why I really want to save it for last and this would technically be number eight, is ROI. What is your ROI on social media? What posts are getting you the most return versus which posts are generating very little to nothing? And you can track this in Google Analytics. You can set up goal and conversion tracking. Also, when someone completes a lead form or a purchase or buys a service from your signs up you can also survey them and ask them how they find you and where they signed up from.
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