You probably just started a new business or have decided to set up your company’s social media accounts, that is a great start but what does this entail? Butting into trending hash tags and putting up pictures of that blue OR white OR gold dress (we still aren’t sure) are quite common ways to engage prospective customers. But how do you track this engagement on your various social media platforms?
Social media can be a very important business tool. Tracking the right social metrics around your company, products, competition and more can give useful insights into your positioning and how effective your communications strategies are.
In this article, we will give you a few tips on some social media metrics you should be tracking, what they mean and the right tools to evaluate them with.
This is a key social metric. Tracking the volume of mentions your business attracts is critical to knowing what conversations are going on about your brand, the size of the conversation and its effect in the social media space. Certain keywords such as your company, the brand name, your products or services and competition are determinants for ‘mentions’.
Mentions are measured by volume; increases and decreases in volume have their implications. Are there spikes in conversations about your brand? Or are people simply not talking about it? Positive mentions are good for the brand, however if they are negative then actions must be taken quickly to resolve it and ensure that they remain healthy for your brand.
Here are examples of Mentions from our Twitter page, be sure to follow us @Ellaecreative!
Reach is the potential audience for a message in relation to the total number of followers a brand may have on Twitter, Facebook, LinkedIn, Instagram or Google+. Exposure is the increased potential audience your message may have as a result of the number of followers each of your followers have.
If you have a follower with a sizable number of followers, there is a huge potential for your message to have several impressions if it gets re-tweeted, shared or liked by that follower. In order to measure your reach, you can monitor the social media activities of your followers on your messages. Some social media platforms (SMPs) such as Facebook and Twitter do provide reports on reach and exposure.
Engagement measures how much and how often others interact with you and your content on social media. By ‘liking’, ‘favouriting’ or ‘commenting’ on a brand’s content, people are actually engaging with that brand’s content. Engagement metrics showcase audience action, which is important for social media health and growth.
Find below an example of engagement activity on our Twitter page, please be sure to follow us @Ellaecreative
- Replies, Re-tweets, Modified Tweets, Favourites
- Page Likes, People Engaged, Engagement Rate, Likes, Shares, Comments
- Interactions, Engagement Rates, Likes, Comments
- Likes and Comments
Engagement metrics can be used to guide content strategy, target the right demographic, measure the success of marketing campaigns and much more.
SHARE OF VOICE + AUDIENCE GROWTH
Share of Voice is a social metric that lets you know how your company is performing in comparison to your competitors. It calculates what percentage of social media mentions in the industry is yours and what percentage is your competitors’. It is not just enough to have the loudest voice but to make sure that your message has the most positive impact.
Audience growth rate measures the change in a brand or a company’s ‘following’ on social media networks. Tracking your audience growth rate will determine the average rate of increase and decrease of the fans/followers over time.
Identify which networks are generating the greatest growth and investigate how you can apply your success on those networks to others.
SOME FREE TOOLS FOR MEASURING SOCIAL MEDIA SUCCESS
- Facebook Insights
- Twitter Analytics
- Google Analytics
- Custom Social Media Reports
For more insight on how to make social media work to your advantage and bring in revenue for your business, click HERE and sign up for our Digital Marketing Courses available every month. Also please do not forget to comment, share and like this post, we value your opinion and stay tuned for even more interesting and innovative content from us, Ellae Creative.