Irrespective of the size of your business, if you are using social media to promote your business and for sales enablement, you need to track certain metrics.
Now you may think, what are social media metrics and why should you care as an online business owner?
Let’s begin by defining these metrics.
Social media metrics mean determining the impact of your social media marketing efforts on your revenue stream with the help of data. Some examples of social media metrics include reach, impressions, conversion rate, average engagement rate, and loads more.
Without these metrics, you simply won’t know if the efforts you are putting in are even getting you business or not.
Today, social media continues to impact the lives of countless people around the globe. As per the latest statistics, the top seven social networks have over 1 billion active users combined on a monthly basis.
Hence, you must know what you need to do in order to create the maximum impact while reaching your target audience on different social media platforms.
This is where these metrics enter into the picture.
Such metrics give you clarity on what your audience wants. As a result, you are able to refine both your offerings and your customer support.
Tracking these metrics can be truly rewarding for your business. It enables you to offer an enhanced customer experience and drive loads of revenue for your business.
In this post, we are going to discuss the best social media metrics you need to track in 2022. If you are new to social media or simply want a refresher, this post will definitely help you. Let’s begin!
What metrics should we track on social media?
Spending too much time on determining which metrics are critical for your business leaves no time for you to actually analyze and act upon them. Here’s a complete list of metrics that you need to track to get happier customers for your business!
If brand awareness is your marketing and social media goal, you need to drive impressions to achieve it.
Regarded as one of the best social media metrics to track, impressions are the total amount of views your content receives.
Luckily, all social media platforms are able to measure impressions. You can easily check out the impressions on a particular post.
2. Average Engagement Rate (AER)
An average engagement rate is defined as the level of interaction between your posts and your audience on any particular social media platform.
This rate is a basic method to determine how well your social media marketing efforts are paying off. It is one of the most important social media metrics to track in 2022.
Now, how to calculate it? The process is extremely easy. All you need to do is:
- Add the total interactions on either a given number of posts or all your posts over a particular period.
- Divide it by your total followers.
- Multiply the result by 100.
Note: In case you wish to calculate the engagement rate on a particular post, add your interactions (for e.g. comments, reactions, etc.) and then divide it by the total number of impressions on that post. The result you get then needs to be multiplied by 100.
Reach is one of the metrics for social media you should definitely keep track of.
A lot of people tend to mix up reach and impressions, so let’s start off by discussing the difference between the two.
As we mentioned earlier, impressions are the total amount of times your content has been seen. Reach, on the other hand, is the unique amount of views your content gets.
Why is this metric important?
Reach helps you gauge the impact of your social media conversation. This is because it lets you know the number of individuals your content has reached.
Reach also tells you how far your content is spreading.
4. Click-Through Rate (CTR)
CTR is one of the social media metrics examples you may hear if you are advertising online.
Now, what’s CTR, you may ask?
CTR is the ratio of users who click on your ad to the total users who saw your ad.
So what does it tell you?
Basically, it helps determine your ad’s success in the digital landscape. This way, you get to know how much relevance your ad holds to your audience. The more your CTR, the better!
5. Bounce Rate
Bounce rate is one of the best social media metrics to track to know if you are targeting the right audience, the right way.
On social media, your bounce rate is the total number of individuals who click on a link in your post and then quickly move away from the page on which they were directed to. You can get to know about your social media traffic this way and check ROI (return-on-investment).
Note: If your bounce rate is low, particularly when compared to similar businesses, then you don’t need to worry about it.
Tip: Google Analytics can help you track your bounce rate.
6. Amplification Rate
Our list of metrics for social media cannot be complete without this one metric called “amplification rate.”
It is defined as the ratio of shares per post to the total count of your overall followers. To calculate it, you need to divide the total number of shares of a post by your total followers. Then, the result that you get needs to be multiplied with 100.
Why do you need to track this metric?
The higher the amplification rate, the more your followers are increasing your reach.
You can think of this number as the rate at which your followers share your content through their networks.
7. Conversion Rate
The conversion rate is another critical metric to track as it indicates how much revenue your social media marketing is bringing in.
Conversion rate is defined as the number of individuals who take some type of action on your page divided by the total visitors on the page.
Examples of these kinds of actions include:
- Subscribing to your newsletter
- Clicking on your site link or any other link
- Registering for an event
- Downloading something like a white paper or an eBook.
Your conversion rate speaks volumes about how valuable your audience finds you.
8. Virality Rate
We all know this — every time a person shares your content, it gets a new set of impressions through their audience.
Virality rate is one metric that calculates shares as a percentage of impressions and not as a percentage of followers. It measures how your content is spreading exponentially.
To calculate this rate, you need to divide a post’s number of shares by its impressions. Then, you need to multiply the result by 100. This gives you the virality rate as a percentage.
The Bottom Line
Social media metrics provide you with an inside peek into the performance of your channels. They shed light on how your target audience perceives your business. They even tell you how you can enhance your strategy. If you track the metrics we discussed, it will help you better engage your users, grow your business, and bring in loads of revenue through social media.
Now that you know what social media metrics are, you can also use the best social media metrics tools out there to improve your social media marketing and engagement strategy.