Top Social Media Metrics to Track in 2020

Top Social Media Metrics to Track in 2020

Before diving into social media metrics, let’s review the basic concepts :

  • Awareness: these metrics illuminate your current and potential audience.
  • Engagement: these metrics show how audiences are interacting with your content.
  • Conversion: these metrics demonstrate the effectiveness of your social engagement.
  • Consumer: these metrics reflect how active customers think and feel about your brand.

Awareness metrics

Brand Awareness:

Brand awareness is the level of recognition and association by a potential customer towards your products and services. For example, if you need a cold drink, the chances are that you will think of Pepsi or Coke. Attention can be expressed through a variety of social media metrics, including @mentions, shares, links, and impressions.

Obviously, you want to track mentions of your brand for brand monitoring, but there are other areas to consider as well. People won’t always talk directly about you and general industry talk can have a secondary effect on your business.
So, here are a few main things to track:

  • Brand and product mentions
  • Incoming links to your website
  • Major staff mentions
  • Industry-related publications, influencers, and terms

Audience Growth Rate

Audience Growth Rate measures the change in a brand or company’s following on social media networks. Tracking your Audience Growth Rate on each individual network will determine the average rate of increase or decrease in your fans or followers over time.

How to Measure Audience Growth Rate?

  • Evaluate performance on each network. Identify which networks are generating the greatest growth
  • Expand in the right demographic. Pay attention to the gender, age, or location of new followers
  • Research the competition. Measuring the Audience Growth Rate for top competitors will highlight what speed is realistic for your industry and help determine if you’re effectively growing your audience.

Engagement metrics

Applause Rate

The Applause Rate measures the average favorites or likes your posts receive on social media. For example- Let's say you have 112,320 likes on a post. We then need to dig deeper into your post to see why this post has received so much positive feedback. Is this post popular because people are interested in the 50% discount for next Sunday or because the post leaves a heartwarming message? It is important to explore the underlying reasons for the applause rate scores.

Engagement rate :

Monitoring engagement rate helps you determine the level of customer satisfaction and identify potential churns.

Engagement Rate Formula for Social Media:

Engagement Rate Formula for Websites and Apps:

Two Ways to Measure Engagement Rate:

1) Measuring Engagement Rate by Time

  • Define active users – activities that represent engagement, user behavioral analytics, user journey mapping, usage time, etc.
  • Track engagement
  • Apply formula and receive the percentage of how many users of a segment active over time.

Terms to consider in engagement rate :

Direct traffic – defined as URLs that people either type directly in the search bar or reach by clicking on saved bookmarks.

Paid search – often associated with Search Engine Marketing (SEM) or Pay-Per-Click (PPC); refers to paying search engines such as Google to appear at the top of search results.

Social media – organic traffic coming to your website or app from social media platforms such as Facebook, Instagram, and Twitter.

Referrals – traffic that originates from other referring sites, such as news and review sites, bloggers, and influencers.

Conversion metrics

Conversion rate:

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.

Click-through rate

CTR is how often people click on the call-to-action link in your post. It vary from campaign to campaign, and even from keyword to keyword. Everything involved in the way your ad is displayed plays a part, from your ad copy to the ad’s ranking on the results page.

Customer metrics

Customer Testimonials :

Customer Testimonials are any customer review, assessment, comment, endorsement, or interview relating to a brand.

How to track it:

  • Ask your best customers to leave a review.
  • Run a social media campaign about your product, service, or mission.
  • Link to your Google My Business review form to make leaving testimonials a simple, seamless process for your brand.

Net Promoter Score (NPS) :

NPS is good at predicting future customer engagement 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

If we dig deeper in social media metric, it takes a load of information to get through from product to social media advertisement for reaching customer to display the positive image of business.

Reference article : Important metrics to consider in Instagram marketing campaign performance