If you’re a business, not only should you be on social media, but you should be able to evaluate and understand your social media performance as well. You can learn this through the various aspects of your analytics reports.
This blog will share tips and tricks on assessing those analytics to better understand your social media performance. If you don’t evaluate and understand what you’re doing positively and negatively on social media you won’t know how to improve.
Effective Social Media Metrics
First of all, what are the metrics? Metrics on social media are basically specific statistics you use to understand how social media activity is affecting your business. According to Buffer, there are four main metrics you should be focusing on:
- Conversation Rate—What you use to get an idea of the number of conversations per post on your social media. Essentially they are the comments or replies (depending on the platform you are using).
- Amplification Rate—The number of shares, reposts, retweets, etc. you get per post.
- Applause Rate—The number of likes, thumbs up, etc. per post. Sometimes you might want to include retweets as well in this metric.
- Economic Value—The sum of any revenue you made or money you saved through social media.
It’s important to use these metrics to understand how you’re benefiting from your social media accounts as well as to figure out what things you need to work on so that you can make the most out of your accounts. The great thing about these metrics is that they’re accessible in the analytics of practically every social media platform you want to be on.
Make an Audit Spreadsheet
To better evaluate, understand, and improve from the metrics mentioned previously it can be very useful to run an audit on your social media profiles and then put all those numbers into a spreadsheet.
“When you analyze these metrics, you’ll add your data to this spreadsheet. Also, be sure to note the date of the audit and conduct your audits at fixed intervals.” – Social Media Examiner
You can use this spreadsheet to compare past and future audits so that you know exactly how much things have changed. If numbers have gone up, you know you’re doing something right. If they’ve gone down, well, you’re doing something wrong. It’s a perfect tool to use when you’re testing a new strategy. Then you can see a little while later what it’s effect was compared to your last audit.
It’s good for your entire team to see the trends shown in this spreadsheet. You can use a tool such as Google Sheets to make it easily shareable.
Don’t Focus on Likes
It’s easy to want to see a lot of likes and judge our performance based on that, but there are many other factors to consider along with likes and instead of likes. Overall engagement is likely the most important factor, especially from a business standpoint. Engagement takes likes into account, but it also evaluates shares and comments, which are even more important.
High engagement rates mean followers that actually care about what you’re doing. It’s easy to like a post and scroll right past it, whereas the people that commented took the time to actually look at what you posted, read what you said, and felt that engaging with you was an important use of their times.
“Often, a smaller number of highly engaged followers on social media is much more valuable to an organization than a large number of followers who are disengaged with its content.” – Crowd Control HQ
The number of likes, and even the number of followers, isn’t as important as other contributing factors to the success of your social media.
Success on social media depends on your ability to evaluate your performance and use it to learn and grow. There are tons of things you can learn from looking around your analytics, such as the general age or your audience, the location, etc. if you take the time to do it. It’s a super valuable thing to do!
Need help evaluating your social media performance? Contact us today to set up a FREE discovery session with our team – we’d love to help!