- 1. What are social media metrics?
- 2. Most common social media metrics
- 3. From social media metrics to influencer marketing metrics
Table of contents
What are social media metrics?
Social media metrics is a dataset or sets used to gauge the overall effectiveness and impact of social media marketing, especially as it relates to overall business performance such as revenue or sales. Due to the fact that both social media and influencer marketing are a relatively new phenomenon in the marketing universe, marketers tend to use the social media metrics and influencer marketing metrics interchangeably as well as have not yet separated them into distinct sets.
Social media marketers typically use highly specialized marketing software/ platform to monitor their social media activity and usage rates. The tracking tool needs to be connected with a specific social media account, then collect data from the account and correlate it with other monetization data sets. The end figures generated are then used to understand how effective social media marketing has been for that particular account and how well such an account is doing in terms of usage rates compared to business impact e.g. the number of orders, revenues, or other monetary conversions.
Social media tracking tool also monitor the overall brand perception rate. Marketing performance signals such as positive or negative user engagement and overall brand reach typically help these programs build a highly accurate perception profile that can be analyzed by social media marketers in order to modify their marketing strategy and make necessary changes to their marketing activities.
Most common social media metrics
1. Clickthrough Rate (CTR)
The first and most widely used social media metric is the clickthrough rate. If, for example, a social media marketer publishes a post on Facebook, Twitter, or Instagram that contains a hyperlink, the software that measuring social media performance will be able to gauge how many users viewed the post and compare it with how many users actually clicked the link. The generated percentage is known as the clickthrough rate, and it is one of the most fundamental indicators for a marketer to measure the level of interest of the audience as well as the success of a social media marketing campaign.
2. Engagement Volume (likes, shares, comments, etc.)
One of the most important and well-accepted social media metrics is engagement volume. This metric will typically gauge a number of different engagement data sets, such as total likes, follows, shares, comments, mentions, and other user engagement. If you're managing a monetized social media account or working with influencer's accounts, then keeping tabs on this basic engagement volume metrics is absolutely essential to evaluate the daily performance. An organic and well-performed social media profile grows its engagement volume constantly and steadily, while a fake influencer usually demonstrates unusual engaging behavior or significant changes in engagement volume, for instance, notable increase or decrease in follower numbers in a short period of time.
3. Reach/ Awareness
Reach is another extremely basic social media metric, however, just like tracking volume, it is also very crucial to measure. Reach will typically show you how many users or visitors are able to see your content and how far and wide your content is disseminating. This metric is generally visible in most of the common social networks e.g. Facebook, Instagram, Twitter. Knowing the size of the audience you're able to reach will make it easier for brands to understand how effective any prospective their social media marketing attempts will be.
4. Gauging User Sentiment
For user sentiment profiling, social media marketing software will typically rely on the analysis of search based queries on any given social media platform as well as text analytics. Search based queries and text analytics combined can form a highly accurate user sentiment profile. Most social media tracking tool can analyze vast amounts of text and scan through it. The software will search for typical text used to express satisfactory sentiments or text that is generally used to express the positive or negative attitude toward the brand in some way. This metric is useful for brands to monitor the public opinion toward themselves on the internet as well as to keep track of their own brand health.
5. Return on Investment (ROI)
ROI is the ultimate metrics of any marketing campaign, including social media marketing. In cases where a marketer is paying for social media advertisement or influencer marketing collaboration, the ROI is extremely helpful to determine whether the brands are maximizing the profit of their money invested in those attempts. The analytics tools monitoring this data are usually plugged into a social media account and a payment gateway, a sales system, an affiliate account, or other tracking platforms used to monetize social media marketing. By carefully analyzing up to the minute or live monetization data, marketers are able to access highly detailed information and change their marketing strategy on the fly, if needed.
From social media metrics to influencer marketing metrics
Influencer marketing metrics, as mentioned before, are typically similar to social media metrics. Since most of the influencers are available on social media, marketers have a good reason to follow the same system that can be applied to both of these marketing approaches. The difference, however, is that influencer marketing is a three-way relationship among brands, influencers, and their followers, while social media marketing is usually just between brands and their audiences. The influencer marketing environment is more complex, and due to this fact, it demands much more comprehensive marketing metrics than social media marketing, or in some cases, requires customized metrics to specifically measure the level of "influence" and its impact to the company. As a result, most brands implementing influencer marketing have the support of influencer marketing platforms to fulfill the analysis and measurement request.
In the current business environment, even influencer agencies that represent different influencer clients start using either their own in-house software/platform or collaborate with influencer marketing SaaS companies to easily monitor numerous high profile influencer accounts. The reason is that they usually analyze collective influencer marketing metrics spanning tens of millions of monthly views or more, and there is just no way that an employee or a simple out-of-the-box software could effectively process and analyze that huge amount of data. Thus, more and more influencer marketing platforms are coming to the marketing to fulfill this need.