30 May Social Media Marketing: The 3 Metrics that Actually Matter
Do executives really care about the retweets and number of followers your social media marketing efforts are producing? Most definitely, a ton of likes and followers are great at making you feel fuzzy and warm but do these metrics actually matter and contribute tangibly to your brand’s bottom line? If No! Then it’s time you begin to pay attention to, chase and track different metrics.
Your business objective is always the deciding factor when weighing if your marketing efforts are paying off and if you are chasing the wrong things. For instance, if your goal is purely brand awareness, then yes! Likes and followers are your go-to metrics but if your business goal borders on conversions – website traffic, lead generation et al, then you may want to use social media differently, – not just in terms of content but also, in terms of what metric you track.
So Yea! It’s time to step up. Let’s take things up a notch so that your social media analytics better reflect your efforts and goals. Below, I’ll mention the important metrics and why you should pay attention to them.
- Click Through Rate vs Link Clicks
Your click through rate (CTR) measures the percentage of people that click on the content you post. The higher your CTR is, the more you know that what you post is resonating with your audience.
While measuring link clicks is great, it is more important to pay attention to the percentage of people who not just viewed your post but also clicked the link on the content (of cause, this means that as much as possible your social media posts should always direct people back to your website/blog). CTR (click through rate) helps you measure this. The higher your CTR is, the more you know that what you post is resonating with your audience.
I mean, it’s easy to get caught up in the fact that the number of clicks on your link is very high, but paying more attention to the CTR puts you in perspective, as it makes you take into consideration the ratio of those your post is only reaching vs those who are clicks.
By monitoring the CTR of your posts you’ll know what content your audience chooses to engage with and what they ignore.
Also worthy of note is Bounce Rate! Your Bounce Rate is the percentage of people that leave your website after only viewing one page.
In a literal sense, your audience is seeing your content, clicking it, and arriving on your landing page. If they leave your bounce rate increases if they stick around and look at something else on your website your bounce rate decreases. So, while CTR is important, going further the conversion funnel, your bounce rate is even more important. Why?
Because, we all want our audience to spend more time on our websites/blogs, viewing and reading through other content, until they convert.
While each social media platform can show you link clicks and CTR, Google Analytics can help you track your Bounce rate per Channel.
- Conversation & Virality vs Engagement
We’d all agree that Engagement is the foundation on which social media is built. That is of cause the reason behind the crase to get followers. This has amounted to people buying fake followers to give them social proof but as when these followers do not engage, it rubs badly off badly on your page. It is much more better to have smaller following but great engagement than the reverse. Great Content births great engagement which in turn gives more room for conversion. But hey! More than just paying attention to vain metrics like likes and following, it’s important to chase after and pay attention to comments, mentions, replies and shares.
These metrics are what breeds conversation, and conversation bread brand advocacy and virality.
It takes more effort to comment and share a post then it takes to double tap, so give out content that incites conversation and shares (virality), then track these metrics.
- Leads vs Followers
Social Media Manager and Marketers need to start looking beyond the number of followers on their accounts and instead think of numbers in terms of lead generation. Are your social media efforts – contents & strategy and your metrics – link clicks, engagement, social shares etc translating into leads for your brand/business? Are you able to seamlessly transfer your followers from to the next stage of the conversion funnel from social media? These are questions, you need to pay attention to and these metrics are what you should most definitely care about.