Picking the Right Social Media Metrics for Your Business
August 6, 2012
In the ever evolving business world it is essential to stay up to date with current technology to remain competitive in your industry. Many businesses are turning to social media as a tool for broadcasting through the venue that most people use today. Social media metrics success is key in ensuring that your business will be successful. First it is important you pick the right social media metrics for your business.
What are social media metrics and how can it help your business?
The term social media metrics refers to the tracking of various forms of social media. There are a variety of different social media sites such as blogs, news sites, wikis, Twitter, and more. Social media metrics have many advantages for businesses who utilize them as a tool. They can help you find out the visibility of your company on social media, measure the impact of campaigns, identify opportunities for engagement, view your competitors’ activity, and keep track of new trends and the consumers’ thoughts on topics, products, and more.
What are some of the key performance indicators and what do they to measure?
A common problem with businesses is that they can’t come up with accurate and measurable key performance indicators (kpi’s). This is often because the kpi’s your business will want to measure are the ones that are based off of your business specific goals and what you want to accomplish through social media. For example, some social media metrics success factors are:
- To measure brand awareness the kpi’s you might want to measure would be reach and exposure (i.e. who is getting your message and how far is it going?).
- To measure brand engagement you would want to measure comments, messages, retweets, shares, and likes (i.e. how often are people participating?).
- To measure traffic to a website you might want to measure clicks, conversions, and sharing of the URL (i.e. are people going to site and what do they do when they are there?).
- To measure brand voice and/or popularity you would want to track your competition (i.e. what is the social conversation about surrounding the industry, product, or brand?).
What are the most important kpi’s that you should be measuring to determine your success in the social media world?
The most important kpi’s you should measure are volume, reach, engagement, influence, and share of voice. Volume (the amount of conversation about your product) is a great indicator of interest in your brand or product, as people rarely talk about things that they have no interest in at all. Reach (the spread of the social media conversation) is a good measure for the potential audience size. Engagement (how are people participating?) is one of the more important measurements as it measures the engagement of people in your product. Influence (who is talking about your brand?) is useful in determining who to reach out to when promoting your product, because just because someone has a lot of friends doesn’t necessarily mean they can encourage those people to do something. And lastly share of voice (comparing the conversation about your product with your competitors) gives you the opportunity to compare and learn from your competitors’ success.
How can you measure these kpi’s?
The easiest way to measure your online success, is by using a platform for Social Media Monitoring and Management, like Engagor. Volume, reach, engagement, influence and share of voice are all metrics that can easily be monitored. For example, the chart below shows you important metrics for the Microsoft Facebook page, like volume and engagement.
The bottom line
Social media metrics success is important to the future of your business. There are many kpi’s that are available to measure. Whichever you choose has to go hand in hand with the business goals you wish to accomplish from social media and generally it is better to measure more than one kpi as one won’t necessarily give you a holistic view of the success of your product.