When it comes to tracking your social, you may just think that using the in-app insights for each channel is all you need. But we believe there is a much bigger picture to your social media reporting (hint: check your website too).
Social media metrics that matter are comprised within three different categories:
Every category helps you understand the metrics that matter within each section and how they relate to that section’s part within the marketing funnel. Get started today by selecting the most relevant metrics out of what we believe are the most pressing ones. At Chapter, we like to use Google Data Studio dashboards, Facebook Business manager, Later social media analytics and Google Analytics to track these areas. Let’s get started.
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Audience Growth Rate or Followers
You can track your growth rate by watching the rate in which you acquire new followers. Don’t forget, besides watching your competitors against you, if you see a spike in their following, check out their recent posts, hashtags and ads to try and piece together what’s working for them. You may find some techniques or tactics you can try for your brand too.
You can also measure a few other stats such as mentions or tags on social media on a consistent basis (such as monthly or weekly). The more people are talking about your brand, the higher your brand awareness climbs. Brand monitoring tools are super useful for keeping track of this metric for you and watching your competitors.
Impressions are the total number of times people have seen your posts and stories (which also includes when someone revisits a post or story) whether it be organic or paid. If a post or ad was displayed 100 times on social media, impressions would be 100. Impressions are important because they can help us measure other stats like click through rate.
Reach is the number of unique accounts that viewed your post. If two people see your post but one sees the same post twice, your reach is still two people, but your impressions would be three. Reach is a great KPI because it tracks how much of your community is seeing your posts. .
Your impressions to reach ratio is a great performance indicator that tells you how often people saw the same post multiple times. This can signal how useful your content is and how often people are returning to it, and some great examples of posts that usually perform in this category are how-to, recipe or hack related.
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Conversion and ROI
Referrals are how a user lands on your website. If you use UTM links (free template here!) you can search for the Social referral traffic by searching your traffic via ‘Social’ as a source or medium. We recommend creating UTM links for all the links to your website that you share out to social. This helps you understand how much traffic comes from Social (and other channels) plus you can understand their behaviour better against other traffic sources.
Click through rate is the number of clicks divided by impressions, then multiplied by 100 to create a percentage rate. CTR will help you understand what content is pulling the most people to your website for more information about your product or service. It helps show how appetizing your social posts are towards this goal, and checking industry benchmarks can also help you set some goals..
This metric is calculated by taking the number of conversions (completed goals such as purchases or website visits) divided by the total number of impressions. It shows which posts or ads are converting more than others and you can use different goals against the same organic social posts- such as comparing how well a set of posts bring people to sign up to the newsletter vs convert into purchases.
When you advertise on social media, CPC or cost per click is a highly important stat. It’s the total ad spend divided by the total number of clicks and it helps to show you how efficient or wasteful that ad was. And again, the lower the cost per click, the more you should pay attention to the themes, design and messaging in your ads. Sometimes you’ll find that ads with male models work better for a certain unisex product than females. Or maybe you’ll find that brunettes work better than blondes. These are the kinds of micro improvements that can be made off the back of CPC rates linked to design. And if you don’t know where to start, look into A/B testing different messages, visuals, CTAs and more.
Cost Per Conversion
Cost per conversion takes a more in-depth route than cost per click when it comes to advertising. A click is just someone simply looking into your product or service (or whatever it is you’re showing within the paid ad), whereas a conversion is when someone completes the goal of your ad. Goals can range from making a purchase, following your brand on social media, watching a video, signing up for an event or newsletter and more. This metric allows you to measure how well you’re achieving the objective of the goal or if you need to lower your cost per conversion.
Cost Per Acquisition
Cost per acquisition is not the same as cost per conversion. CPA differs solely because it refers to, you guessed it, money. It is calculated by dividing the total cost (of the campaign, ad set or ad creative) by the number of conversions.
If you’re a subscription service or product, Lifetime Value or LTV is also related to CPA. LTV = the monthly contribution margin per customer (revenue from a customer minus variable costs for the customer) multiplied by the average lifespan of a customer (or number of months they stay a customer). If your LTV is greater than your CPA, you’re in a good position, but if it’s the opposite, it means your campaign is inefficient and it would be a good idea to press pause and investigate.
Sending traffic to your website and building a community is the key when it comes to social media marketing camapigns. Though many people stop analytics measurements outside of the social media platforms themselve. Using UTM links, you can also track how well the users from certain social channels perform on your site behaviour wise. Bounce rate tells you what percentage of visitors click through to your website then quickly leave without exploring more. If performing poorly, it can signal that your content is misleading or that you’re not putting enough effort into making sure there’s more for that person who lands on that page (such as links to relevant blog posts).
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Engagement Rate by Post
Calculate (likes + comments / total followers) x 100 to find your engagement rate percentage. This helps you identify the posts that are directly linked to better engagement vs those that aren’t performing as well. Evaluate the topics or themes as well as the content type (image, carousel, video, Reels, etc.) and then make note of the learnings.
Average Engagement Rate
Just like engagement rate for posts, you can also measure a collective engagement rate over the course of a certain number of posts or a certain timeframe. We like to measure our monthly engagement rates in our reporting to see if our content is resonating with our audience.
Measuring How Viral a Post is?
You can calculate viral rate by dividing the number of shares by the number of impressions, then multiply by 100 to get the percentage rate. It helps to share how viral a post went during a specific time period. The reason why virality matters is because a post could get 10k likes and be shared more vs. a post that gets 15k likes and is shared less. Although the second post received more likes from the existing community, the first one helps reach beyond your existing audience. For Instagram, you can also click the insights under a specific post to learn about how and what percentage of people saw your post that weren’t following you plus more impression stats based on how they found you (such as from the home page or via hashtags).
We hope this helps you understand the social media metrics you should be tracking in 2021. Whether you need help understanding the metrics themselves or how to calculate them, we’ve got you covered. Plus, once you nail down what metrics matter most to you, you can begin to make data-driven decisions when it comes to design and messaging.
We also understand that some of this can feel a bit overwhelming, so get in touch with us today, obligation free, to chat about your marketing needs!