If you’re struggling to understand exactly which numbers you should be paying attention to on social media, keep reading. The team here at Tech Creative Co have broken down exactly how to measure success on social media in three easy steps.
If you use social media to promote your product or service directly to your customers, it’s important you understand how to measure your success. You will first need to consider what you hope to achieve through your social channels; are you looking to increase the amount of engagement you have from potential and returning customers? Are you looking to get your name out there as a form of marketing? Or maybe you’re looking to improve customer response times?
Depending on the answers to those questions, there are several different types of metrics you can track on social media that will help you measure success. We’ve picked out our top three to share with you today.
How To Measure Success On Social Media: What Is Your ROI? (AKA Return on Investment)
Simply put, do you understand how the amount of work and effort you are putting into your social media is turning over into actual, measurable outcomes? Start with calculating your ROI.
The basic formula for ROI = your Net Profit / Total Investment * 100
So, for example, if you run a campaign on Facebook for $500, and that campaign delivers you sales of $2000, the ROI would be 400%. However, it’s crucial that you also factor in your time. Let’s say, for example, you are a service-based entrepreneur, who consistently shares content on Instagram to promote your business. Generally speaking, for your services, you charge $100/hour. You spend 20 hours a month, creating and sharing content on Instagram. That time has then cost you $2000 that month, what return have you seen on that investment?
A quick tip: You can now see how much time you spend on Instagram every day by going to ‘Your Activity’ in the settings menu (see more here).
How To Measure Success On Social Media: What Networks Are Best For Your Content?
Now you have a good understanding of your ROI, stopping to take a look at which social media channels you’re focusing on is the next major step. No matter what social platform you are using, there are specific metrics you should always be looking at. These include paid vs. organic likes, the number of impressions your content is getting, your reach, your mentions, post clicks, link clicks, profile visits, and maybe most importantly, your engagement rates. These metrics can help you scratch the surface of what exactly you are accomplishing through your social media activity, and it can also help you focus your attention on the social media channels that are working best for your business.
How To Measure Success On Social Media: How Is Your Audience Measuring Up?
This question encompasses a lot of different factors about audience engagement on social media. Starting with the basics, you should be looking to see if your social media following is consistently growing. Having more people see your posts and at least having some exposure to your brand is where interest begins, and after the interest is sparked, interaction happens. Once you have an idea of how many people are seeing and interacting with your content, you should take a look at your audience demographics.
Demographics are the measure of the types of people who are interacting with you, and these traits can be measured by gender, age, location, and time. If you have a certain demographic in mind that you want to be your target audience, how exactly is that pairing up with the actual interactions that you’re getting on social media? This can let you know if your social media campaign is reaching the people that you wanted to reach, and generating results. On the other hand, it could reveal something completely surprising about your company. You may realize that there is a whole other demographic out there that you didn’t consider reaching that is interacting with you through social media.
Lastly, you should consider how your customers and audience are talking about you. People will be talking about you online, especially if you have a strong social media presence. This is not just paying attention to good comments versus bad comments, it’s also looking about what the comments are actually saying. Look at the types of words that are being used in comments, and any phrases that you may be seeing. These could help you address any issues that you see much faster.
Getting all of these different factors into your brain can seem overwhelming at first, but they really can help you paint a more complete picture of your social media success. Although, something to keep in mind throughout this process is that only you can determine what sort of success you want to see through social media, it works differently for every business.
If you need some help nailing down a social media strategy that works for you, make sure you get in touch. Tech Creative Co. have helped plenty of business owners, just like you, take the stress out of social media and find real success.