Social media has a myriad of opportunities for all. Whether you are an individual, a business, an organization, or any other entity, this new age communication and marketing tool can work wonders for you.
In fact, it has become mandatory for online businesses and brands to have a widespread and active presence on social media. It helps them to connect with their customers and audiences on a more personal level.
Any opportunity of creating and promoting a social media campaign must be utilized well by brands. This should be followed with a detailed analysis of all the metrics that determine the success of the campaigns.
So, what are some of the crucial metrics and what is their significance? Stay with us till the end and find out in detail.
7 significant Social Media Metrics and KPIs
People often tend to limit the assessment of their social media success to some vanilla metrics. However, to get a more holistic picture, you must think beyond likes, comments and shares.
So, stay with us and learn about some significant metrics and KPIs (Key Performance Indicators) that can give you a more quantified assessment. This may include the following metrics:
#1: Brand Awareness & Recognition
The amount of recognition or attention your brand generates for a given period of time, determines the rate of brand awareness. It can be measured by keeping a track of various metrics like brand mentions (with or without ‘@’ tag), shares, linking, etc.
You can have your own standard metrics that you associate your brand awareness with, and act accordingly.
#2: Audience Growth Rate
The speed or rate at which your brand’s following increases on social media shows the audience growth rate. It establishes that people are liking your brand image on the concerned social media platform and they are interacting with it.
The speed of organic growth of your followers can also be calculated using the formula stated below:
Number of new followers / Total followership * 100 = Growth Rate Percentage
#3: Potential & Actual Post Reach
Actual post reach is the count of the total number of people who have seen your posts. Whereas, when these people share your post, there followers are likely to interact with the post too. This gives the data for the potential post reach.
This does not include all the followers of the person who shares the post, but a reasonable percentage of it. In general, 2 to 5 per cent of the followers are likely to interact with the post.
#4: Applause & Engagement Rate
Applause rate is the count of the approvals a post gets. This may include “likes”, “favorites”, and other similar reactions.
On the other hand, engagement rate denotes the average number of engagements your post earns. It can be calculated using the formula below:
Total engagements (likes, comments, shares) / Total followership * 100 = Average Engagement Rate Percent
#5: Amplification & Virality Rate
Amplification Rate is the ratio of shares per post to the total number of followers. It basically shows how willing are your customers to engage with your brand on a day to day basis.
However, virality rate is a bit more complex. A post with lesser engagement can have more virality at a given period of time than the one with more engagements. It is basically the number of people who shared your post relative to the number of unique impressions.
#6: Social Media Conversion Rate
The total number of conversions you earned from a campaign on a particular social media platform, gives you the social media conversion rate.
As conversion is the end goal of any marketing and sales campaign, this is a crucial metric to be assessed. You can reinvent or re-design your campaign based upon the conversion rate.
#7: Bounce Rate
It is not just the gains that define your strengths and weakness. The losses must be taken into account to get a more wholesome picture. Hence, calculating the bounce rate is as important.
It basically shows the percentage of page visitors who click on a link in your post, but abandon the page they land on, without taking any significant action. If your bounce rate is low, it means that you are targeting the right audience in the right way.
That was all about the crucial social media metrics and KPIs. Social media is evidently one of the most significant tools that must be leveraged and harnessed to its full potential to make the most out of it.
Another important tool for businesses is a mobile app. While it is important to promote your business across different social media platforms to earn a league of loyal followers, it is important to offer them a mobile access to your business.
As it is the age of smartphones and mobile shoppers, offering an app to your consumers can actually increase your chances of conversions.
So, wait no more! Go ahead and create app online with AppMySite. Sign up to build, customize and test the app for free and proceed to publish for Android and iOS. Enter the app market with a bang and get an edge over your competitors.