If you’re a business owner, a seasoned marketer, or in charge of social media for your company, you know how difficult it can be to keep up with everything that’s happening in your industry and why it matters.
It might be stressful to deal with this on top of all of your other professional obligations.
Consider also that corporations are increasingly depending on sponsored social media promotion as organic reach declines. It’s obvious that anybody trying to contact people through social media should keep track of how much time and money they’re spending, look for ways to improve their audiance, and aim to maximise their returns.
To achieve this goal, you must first determine which KPIs are most important before proceeding with the development of your strategy. One must know what is being measured, how it is being measured, and what the results mean. A social media marketing scorecard that details the results of your efforts is a powerful asset. The system provides a framework within which you may monitor your progress, set priorities, and make strategic decisions regarding the expansion of your firm.
Definitions, measurements, and phrases for use in social media
Let’s review the basics.
If you’re already an experienced marketer, you may skip this section. For those who are just starting out, however, this glossary of terms will be an invaluable aid in understanding the language of social media analytics.
Here is a glossary of some of the most common terminology used in social media marketing management and analytics:
The method you use to put a monetary value on the conversions your marketing initiatives produce. If someone joins up for your website after clicking on a link from Facebook, you may attribute that conversion to Facebook. (For sales that need more than one contact point, some savvy marketers consider multi-touch attribution).
Rate of Conversion / Change in Value
Conversions are the desired behavior(s) of your target audience. It might be anything from joining a mailing list to making a purchase to setting up a consultation. Your website’s conversion rate may be calculated by dividing the number of conversions by the total number of visitors during a certain time frame.
Engagement is a vague concept that can refer to a variety of activities.
However, in the field of social media advertising, engagement is typically defined as the amount of attention paid to a certain post or ad. Likes, shares, and comments are all examples of possible forms of interaction.
There were four interactions with your tweet: one like and one retweet.
It may also be expressed as an engagement rate by dividing the total number of interactions by the total number of exposures.
How can I document my social media analytics?
You can tell if your social media initiatives are paying off in the long run by analysing the macro-level performance measures (like social media traffic) over time. These two data sets will show you the big picture of how well your marketing is doing, as well as the details of your tactical execution, including what’s working and what isn’t.
Keeping track of individual posts, tweets, or shares may help you learn more about the sorts and styles of material that perform well, the channels that yield the greatest results, and more.
These numbers don’t fully capture the whole picture of how successful your social media marketing has been by itself. However, when taken as a whole, they reveal both the big picture KPIs and the finer points of performance.
Social media key performance indicators
Now that we’ve divided our social media assessment efforts into two broad categories, we need to zero in on the precise metrics we’ll use to assess our results.
These are the primary metrics through which success is measured.
These metrics are used to assess the efficacy of our social media marketing as a whole and to inform future decisions about how to proceed.
Evaluate how well you’re doing in comparison with other businesses’ social media campaigns
If you want to know if your social media efforts are improving or declining over time, measuring them might assist.
However, you might also be curious about how your social media performance stacks up against that of your competitors. An essential first step, benchmarking allows you to put your own social media performance into perspective and establish meaningful, attainable goals.
Goals for improvement shouldn’t be more ambitious if your efforts are already surpassing industry norms than if you were falling behind your rivals. In any case, the success of your business requires background information.
Let’s take a look at some of the available benchmark data to get a feel for what’s realistic when making our own projections, objectives, and expectations.