4 Metrics for Social Media that can Improve your ROI

You can’t avoid metrics. Did you know that when it comes down to tracking your social metrics, there are millions that you can be analyzing to reach your particular KPIs? (Well maybe not really millions, but there are quite a few to choose from.) KPIs are, of course, the values used by social media and marketing teams to measure the performance of your social campaigns. But the question is, do you know where exactly to find these numbers, and will those stats provide actual value for your business (aka. ROI)?

The only way to ensure that you’re achieving the best results from your campaigns is by tracking social media metrics—outside of the “vanity metrics” like followers count, comments and likes. Realistically, you can evaluate a variety of social media metrics. Still, you only need to focus on those that pertain to the following questions:

  1. Are you really engaging with the right audience?
  2. Does your web content reach the right people?
  3. How many of followers inquire about your services?
  4. How many of them convert to customers?

That said, in this blog, I’ll cover 4 key social media metrics that will improve ROI

  1. Engagement

I like to describe social media engagements as a longterm relationship—sort of like a marriage. A relationship takes time, and the ability to think about the future to ensure that everyone’s happy. According to a Forrester, “engagement is the level of interaction, involvement, intimacy, and influence a person has with a brand over time.” In simple words, social media engagement measures the number of likes, comments, and shares that your social updates receive.

As a social marketer, I believe that engagements should be the number one focus-area, for many reasons. It shows signs of growth and progress that you can actually assess and add to your planning. For instance, if your Twitter handle has a broad reach with low engagements, that’s usually a negative, because it shows your content hasn’t really resonated with your audience. Right?

Here’s are a few important things you should track:

Clicks. You posted a blog on your page, and now you want to track how many times people clicked on the link. Link clicks represent the quality of your content—whether it is the title or image you have used. Your fans are going to click on links that really interest them. Plain and simple.

Likes. The more likes your posts are garnering, the higher the possibility that your branding is reaching a much larger audiences. And that’s an excellent sign! Fans are attracted to the content they find valuable or eyecatching.

Shares. Or even Retweets. It’s always good to know that your followers are sharing your work. It shows that your content is valued by them! In short, shares are a very reliable indicator of the quality you have put into your content.

Brand Mentions. If your social handle is tagged, it shows that people are talking about you. This is a critical social media metric because it shows that your brand is making people aware and creating conversations amongst your audience. (Plus. It’s always good to double-check if your tags or mentions are showing positive or negative sentiments from people.)

  1. Reach

How far does your content go in terms of viewership? This is a question every social media marketers must ask, which is why ‘reach’ is a very important metric to track. Reach shows a variety of different things—from how far your posts are reaching, to the number of eyes that read it.

Furthermore, take note that reach is a measure of your audience size and the range of your link conversions. It can be very misleading since the metric does not tell you everything you need to know. For instance, reach only highlights how many people fell upon your posts. So, unlike an engagement, which provides actual stats, reach serves more as an estimate. But a crucial metric to track nevertheless!

  1. Leads

A primary challenge for social media marketers is to identify how your content is generating sales. You can get caught up raving about how many likes and shares your posts are having, but at the end of the day, it’s new sales that matter the most. Now ask yourself, how many of your followers end up making a purchase from your brand? this isn’t said often, but social media platforms can be one of the best tools to connect with leads and prospects, drive sales, and close your deals.  Every salesman knows that an essential stage in the sales is to establish a relationship and get to know your prospects. According to Sprout Social, 74 percent of shoppers make buying decisions based on their social media. So, if you’re not tracking them through your social media, now might be a good time to consider it.

  1. Conversions

Customer conversions are essential to the success of marketers, and no strategy is complete without measuring the number of acquired consumers. Is there a better feeling than getting your consumers take action based on the social media content that you have created?

The best way to track the number of leads you convert from social media is by using UTM in the link you are promoting. By doing this, you’ll be able to organize and see which of your posts results in the best lead conversion rate. Just in case you’re not really familiar with UTM params, they are merely personalized tags that are added to a particular URL. When the link is clicked, the releavant tags are relayed back to your analytics platform (for instance. Google Analytics) and eventually tracked.

Understand your audience. Focus on offering content that attracts them and keeps them really engaged. This could be the best social media advice you’ll get. But once you get your audiences engaged with your product or brand, you’ll start to find out who’s interested ready to purchase your product. Also, don’t forget to pay clsoer attention to which social media channels produce the best conversion rates for you. This will show you where actually to focus more time and energy and where your best leads are coming from.

Final Thoughts

Remember, the goal of measuring your KPIs isn’t just to validate your organization’s marketing strategy, but to actually help improve it. Analyzing your social media marketing metrics is important for every business. However, the key is finding which params are most relevant to the channels your brand is active. Run your analytics, make adjustments, and enjoy the process! Measuring your benchmarks is a beautiful thing and will ensure that you’re stepping in the right direction.

What other crucial marketing metrics for social media do you measure? Which do you find most useful? I would love to hear your thoughts!