“Are we improving?”
“What are we tracking?”
“What should we be tracking?”
“Why are we tracking these metrics?”
The questions above can make a social media manager’s head spin. Don’t worry; you are not alone! With so many metrics out there on social media, it can be hard to decipher which metrics to track for which objective.
Irrespective of the common notion that marketing is overpowered by creativity, insights are actually the most vital aspect at every stage of social media marketing!
Here are a few key metrics you should consider for various platforms and objectives to measure the performance.
1. SOV/ SOM: Competitor Analysis
Share of voice (SOV) or share of the market (SOM) helps you understand how popular your brand is compared to all your competitors.
Calculate share of voice using the formula below:
(number of mentions of your brand/total number of brand mentions (yours + your competitors') x 100 = SOV
2. Sentiment Analysis: Brand Reputation
Sentiment analysis is the interpretation of the text in social posts to understand the feeling or attitude of the person who wrote them. Sentiment analysis helps brands learn about their current customers, acquire new customers by generating leads, mitigate PR disasters and stay reputable.
Sentiment analysis - the way to track the heartbeat of your brand.
Example below shows how sentiment analysis should be represented
3. Leads, Conversion Rate, CPC, CPL: Platform Analysis
Whether or not the social media platform generates your results can be tracked by the number of leads generated, conversion rate, cost per click, or cost per link. The metrics may vary as per your understanding and need for success.
It is also essential to know which platform is bringing in what kind of engagement.
4. Reach, Engagement And Followers: Social Media Or Brand Popularity
Organic reach and engagement have dropped on almost every social media platform in recent years. However, accounts with higher authentic social media engagement are the least affected under any change. Social media giant Facebook uses “meaningful engagement” as an essential signal for brand popularity.
In other words, social media platforms with more active and thoughtful interactions will get more reach and engagement, which in turn reflects the popularity of your brand.
With Statusbrew you can use these and many more reports to understand the impact of all your social efforts. From the big picture to a single post, know how your audience receives your brand content. Make better strategies.