More often than not when discussing the performance of social media channels, organisations will refer to the number of likes and followers, however this is not a true indication of how successful your social media efforts are performing. Ultimately, to evaluate the success of your social media activity you need to identify the channel specific objectives, what are you hoping your social media to achieve? From marketing communications, delivering social customer service, through to driving sales of a new product, social media can play a vital role.
Reporting the right social media analytics and metrics helps demonstrate how social is helping your organisation achieve its business objectives, and can also help to inform key management decisions such as resourcing, product development and customer service.
Here’s our list of six types of social media metrics that every social media manager needs to be reporting:
Volumes of Outbound Social Media Content
Often neglected, a simple metric that can inform management if there are resourcing issues that need tackling. It is important to track the volume of outbound content, then compare and contrast this statistic against engagement metrics (such as retweets and comments). This will help you understand your social media content performance – whether your content is engaging, delivering value to your customers, ensuring quality over quantity.
Measuring the volume of inbound messages is also key to identifying key trends and potential issues that are arising. For example, if year-on-year you have a 200% increase in the number of inbound enquiries in August but most of your social media or customer service team are away on annual leave, key questions that need to be considered are ‘Why is there an increase?’‚ ‘Is there an issue with our product or service?’, ‘Do we need to have more resource available to respond to these enquiries?’
Social Media Reach & Impressions
If a key objective for your social media channels is to raise awareness of your organisation‚’s product or services, then reach is no-brainer metric to track. Many organisations are great at sharing their messages with their own fans and followers, however when raising awareness of your product and/or services it is important to cast a wider net and reach potential customers outside of your existing customer base.
Track the reach of your sales promotion posts, by creating a separate campaign for each sales promotion. For example, you could create a ‘June Sales Promotion’ campaign using a social media platform like CrowdControlHQ, then you can tag each post that is related to the campaign and track the total reach achieved in a selected time period. The results can then be compared with the number of offers purchased in order to establish the return on investment for your social media campaign!
Social Media Engagement Metrics
Reach is key to establishing how far your message is traveling; however social media engagement is a key indicator of customer perception and propensity to purchase from your organisation. You could have all of the followers in the world but if they are not listening or engaging with you, then they are unlikely to purchase or take action.
A recent survey by Deloitte revealed that 47% of millennials’ purchase decisions are influenced by social media. Furthermore a report by PricewaterhouseCoopers stated that digital buyers shopping decisions were influenced by reviews, comments and feedback they had seen on social media. Organisations need to ensure they are delivering engaging social media content that drives customer conversations in order to influence the decision making process. Tracking engagement metrics such as retweets, likes, comments and shares is vital in identifying what content is working, this needs to be done at not just a monthly reporting level but also on a day-to- day level so that actions can be made quickly to leverage content that is working well or to re-evaluate content that is ineffective (or worse damaging!) A metric like engaged users is extremely useful in identifying your organisation’s brand advocates who can then be used to further promote your organisation’s messaging.
Social Media Conversion Metrics
The true indicator of success within a sales strategy is the conversation rate, where with an ecommerce website direct sales take place. Therefore, tracking the number of clicks to the website is a fundamental metric in measuring the success of your social media content (in particular your sales promotion based content).
One consideration to take into account is to also measure the bounce rate of website traffic driven through social media, and compare that to other channels. For example, more traffic may be driven to the website through display advertising however the bounce rate could be high, whereas if your social media content is effective and reaching the right audiences then your website bounce rate of traffic driven through social media should be lower, ensuring that you are reaching the right people, with the right message at the right time — the holy grail of marketing!
Social Media Campaign Metrics
Okay, we’re being a little bit sneaky here; this isn’t an individual metric as such, however it is a factor we couldn’t ignore when talking about social media metrics.
Having the ability to tag your content to specific campaigns and track their performance is key to demonstrating return on investment particularly with specific sales promotion campaigns. The campaigns feature within CrowdControlHQ enables you to track key metrics such as reach, total clicks, average clicks per link and much more across selected time frames. This ability to monitor campaign performance will help you to showcase to key partners and stakeholders the added value your social media is delivering, as well as providing valuable insight into where further resource and investment may be needed.
Social Media Customer Service Metrics
With 68% customers preferring to use social media as a channel for customer service as they believe it gives them a better voice (Oracle), it’s an area organisations cannot afford to ignore. Monitoring inbound customer enquiries on social media is the first step to managing your organisation’s customer service experience, however there are other metrics, which will be key to meeting the ever- changing demands of the modern day customer.
From first time to response, number of customer resolutions through to average response time and average resolution time, all of these metrics will help define your organisation’s success on social media. Organisations who have embraced a social customer service approach have reported a 6.7% increase in year-on- year revenue (Harvard Business Review).