By now, most businesses know about the importance of social media to reach consumers and spread brand awareness.
Social media can be a business’s most successful marketing tool, but how do businesses know what makes their social media successful? That’s where metrics come in.
Metrics measure social media’s impact. Businesses’ most important metric varies by company, but the most valued metrics are engagement (20 percent), audience growth (19 percent), clicks to website (16 percent), and leads/conversions (15 percent) according to a new survey from The Manifest.
Engagement Shows Followers’ Interest
Although most businesses measure a variety of metrics to determine the success of their social media efforts, the most valued metric overall is engagement – 20 percent of small businesses say it is the most important.
Engagement tells businesses if their followers are interested in their content. Businesses want to know if they are engaging on social media.
The more followers like, comment on, and share your posts, the more engaged they are. It doesn’t matter how many followers your business has; if no one is engaged with your content, it might as well not exist.
It’s essential to create social media content that is engaging – what’s the point in creating content at all if no one is paying attention to it?
Audience Growth Shows Increased Followers
One of the ultimate goals of social media marketing is to grow your audience. Businesses want to see their follower count trend upward. If followers are your “fans,” the more fans you have, the better.
Luckily, this is one of the easiest metrics to track – all you need is to see how many followers your pages have and keep track of how it changes over time.
No company wants social media pages with no followers. A sign of social media success is seeing your audience grow each month.
Clicks to Website Reflects Website Traffic
If your business is mainly online, you want social media to lead people to your website.
Tracking clicks to your website shows how many people click from your social media posts onto your website. This shows they are interested enough in what you have to say to learn more about your product or brand.
You want people to visit your website, and relevant content will ensure followers will click through to your site.
Leads Turn Into Sales
Leads are important to track because they are connected to a business’s revenue. The ultimate goal of your business is to make money, after all, and tracking leads help show if your social media marketing efforts convert to sales.
A lead is someone who follows the sales funnel from social media to a conversion. This metric, however, is one of the hardest to track because it’s difficult for companies to verify that a sale came from social media – especially if the lead takes time to convert.
It’s important to make your links on social media trackable with a UTM code. This will help a company follow a consumer after they click on a social media post. Without a UTM code, it will be impossible to tell what potential leads do after they click on a post.
Find the Right Metrics for Your Business
There’s a reason businesses’ most valued metrics vary. While some value engagement most, others prefer tracking leads and audience growth. You have to track the right metrics that meet your business goals.
Tracking metrics can be challenging for small businesses, but is critical for measuring success in your social media program and business.
Need assistance creating a social media reporting system based on your goals? Book a 1-hour social consultation with us to review and identify the most important metrics for your company.