It is clear that the social media business aspect plays a vital role in marketing, market research and many other key parts of running a business. In fact, the social media websites have become something very complex in terms of metrics, with an increasing number of factors to count in, in order to achieve solid online awareness, which is essential. With this in mind, we’ve rounded up a list of five social media metrics to keep an eye out for.
There’s a myth going around that the number of followers isn’t as important as the engagement of your followers with your brand. Well, first of all, this myth is, in part, confirmed – your follower activity is the true sign of how efficient your social media strategy is.
However, we’re talking about metrics here, and while the mere numbers of your apparent fans on websites such as Facebook, Twitter, Instagram, even Google+, LinkedIn and YouTube might not mean anything directly, they certainly spread your word around, one way or another, and this is the very essence of social media marketing; sure, you want your users to engage with your brand, but the more you put your name out there, the more you’re working on your actual brand!
Of course, if there’s one thing to know about the social media aspect of the internet, it’s that the users won’t complain until something starts bothering them. Now, while follower retention is generally a good thing, it is not a good metric, per se. Why? Well, think about it, when did you last unfollow a page that never appears in your News Feed? The psychology behind this is simple – if it doesn’t bother you, why unfollow a page? But wait, what good does an inactive page do? Exactly; absolutely none! If anything, a deserted webpage with the last post dating more than a month back will turn people away.
Well, this is exactly where follower fluctuations jump in. Yes, it’s rather obvious that follower growth is an amazing thing, but let’s talk about losing followers. While this is generally bad, it can actually be a good sign – maybe you need to get more specific with your product/service/marketing; more niche? Well, the follower fluctuations have made you think about it, so they are obviously a solid metric.
Having your influencers talk to their audience about you is a wonderful thing! However, you need to pay attention that you turn to the right influencers – internet users tend to make easy associations between brands, and you’ll want these associations to be nothing but rock-solid. The best way to go here is to use media monitoring tools to better understand how the community of the particular influencer you’re evaluating actually works.
Quite logically so, the number of conversions that you make is a great piece of social media metrics. You and your marketing team will likely have made monthly or quarterly targets, and adding the social media factor to the equation is more than relevant. Essentially, advertising on social media websites is generally either low-cost or even free, but what it does take is time. The total number of conversions you’ve made via the subject matter is relevant precisely for the sake of knowing just how valuable social media marketing is for you.
While the saying “there’s no such thing as bad press” is in no way true, social media advertising is all about having your name talked about out there. By tracking social media mentions, you can find out how engaged your followers are with your content, when the best time to post is, and, most importantly, how happy they are with your products/services.
In fact, going out of your way to take a look at your competition’s mentions is great for comparison – if you don’t know exactly what you’re doing, gather as much information about someone who does. Always aim to learn from the best, even if they are your mortal enemies!
There are at least five reasons why social media metrics are among the most important aspects of running a modern business. Focus on your followers, but also focus on their changes in numbers, as there’s a lot to be learned here. Conversions are still (and always will be) extremely important, but you may be wasting your time on bad social marketing! Finally, make sure that you find adequate popular influencers to “represent” your name and keep an eye on your social media mentions.