How to Measure Media Metrics in Seconds?
How to Measure Media Metrics in Seconds?
In the current digital era of the internet, social media platforms are an extension of the world you currently live in. It is not a part of another universe you may connect with as and when needed.
This fact is more valid for businesses as their presence on such platforms helps to reach more customers. Companies can run various ad campaigns on social media channels to raise their brand awareness. Moreover, they can increase their revenue with the help of social media.
Now, this brings us to the question of choosing the most suitable social media metrics. This step is necessary to track the performance of ad campaigns on these platforms.
As managers of a company, you must be able to select the right metrics to monitor all the advertising initiatives.
But before that, let’s gather some knowledge about such media metrics.
What are Social Media Metrics?
The social media metrics measure the effectiveness of social media marketing initiatives. It also lets you know whether the performance of such marketing efforts is meeting the objectives of the company. With the help of such metrics, you can evaluate and take any corrective action to get the desired results from social media engagements.
What’s the Significance of Social Media Metrics Analysis?
Social media metrics analysis is necessary for your business because they work as great direction indicators. With their help, you can steer the ad campaigns in the right direction if needed.
Since every social media platform may work differently for your initiatives, monitoring them is essential. The social media engagement metrics will give you an idea of what is working in your favour. This way, you can choose the best campaigns or channels and allocate your budget accordingly.These metrics even assist in determining what your customers are saying about your solutions across various platforms. It lets you give better, improved products and services by analysing these metrics.
How to Measure Social Media Metrics?
Measuring social media engagement with the help of different metrics or indicators is vital for the success of marketing campaigns. It is the only way you can manage them better.
These indicators are all values and numbers, so tracking and monitoring them is easy. With their assistance, you can guide your team to take the correct course of action.
Let’s look at a stepwise process of setting, selecting, and measuring important social media metrics for your organisation.
1) Setting Your Social Media Campaign Goals:
Many big and small business organisations start advertising on social media without outlining the objectives. As a result, it becomes a hit-or-miss game, as the intent to succeed is missing.
As a responsible leader, you must provide direction to your team members right from starting such a media engagement program. In addition, it will help them gain clarity on what they must achieve from the initiative.
Another crucial point here is for you to align every social media ad campaign objective with the company’s larger goals.
Some of the goals that you can include for aligning and measuring social media engagement initiatives could be:
Creating brand visibility and awareness through the ad campaigns
Improving revenue generation for the business through increased sales
Educating social media products about your products or services
These are some goals that you can set for your media engagement efforts before launching them.
2) Selecting the Appropriate Social Media Metrics:
Once you and your team members are aware of the goals of each social media campaign, it’s time to select the most appropriate indicators.
Choosing the wrong indicator will adversely affect the social media metrics analysis process. This step is critical for helping you make the best business decisions. Ensure that each metric you select reflects the movement towards a common goal for everyone in the company.
Our data analytics tool, Weavr, provides a single dashboard where a number of these metrics across channels can be collated and observed at once. Any insights you gather with the help of this tool help in implementing changes that impact your business growth.
It is important that you explore some of the media metrics that can help you relate with the performance and company goals, like the ones below:
Conversion Rate: A successful social media campaign you are running will have a high conversion rate. It helps track the percentage of customers who take action after seeing your ad campaign. Some of the activities you can consider as a conversion could be filling out the contact details form, signing up for a free ebook, or simply clicking on a link to your latest products and services.
Your conversion rate is one of the social media metrics that directly points to the value your ad content brings to your customers. Further, it turns prospective customers into loyal members of your community. For e-commerce businesses, the conversion rate is the ultimate measure of the successful performance of the ads.
Reach: Social media reach metric measures the number of unique or new visitors to your social ad post. Tracking and measuring social media engagement with this metric allows a company to understand better if their advertisement is visible to potential customers seeing the ad for the first time. This metric is essential for you to gauge the brand awareness of your business.
Growth Rate: The growth rate helps you track the number of new followers you gain through social media posts over a specific period. This social media metric even correlates new followers with the number of existing followers you have. In addition, since it measures your growth over a particular time, like daily, weekly, monthly, or yearly, you can actively track your performance and take corrective actions.
Click-Through-Rate (CTR): CTR is important for social media marketing because it lets you know how well your pay-per-click ads, paid posts, and organic ads attract your target customers. It is one of the most simple social media engagement metrics. It defines the percentage of people viewing your social media posts or advertisements and taking action like gathering more information or purchasing your services and products. Tracking and measuring CTR helps you dig deeper into the performance of your ad campaigns.
Share of Voice (SOV): SOV is one of the most important social media metrics, as it lets you know what your customers say about your products and services. With the help of this metric, you can implement product innovation and improvement in your company. If you want to gain a competitive edge, using SOV effectively can lead to exponential business growth.
3) Measuring Social Media Metrics with the Right Analytics Tool:
The brilliant thing about online social media advertisements is that you can measure almost everything with the right analytics tool. It includes the best ad content on various social media platforms and the navigation path your visitors take through your website.
With an appropriate social media metrics analysis tool like Weavr, you can monitor, measure, analyse, and identify any room for modifications. Moreover, you can use various reports to inform various stakeholders of your company of the progress. Furthermore, these reports provide helpful insights into what needs to be changed or improved by them.
Social media metrics are your path leading to a successful business ad campaign. To get the most out of a tool like Weavr, you should understand each of the metrics first. In this way, you can choose the most relevant metrics you want to monitor on the platform. You will be empowered to monitor indicators that are relevant to your social media marketing efforts and provide reports or assist stakeholders in making important business decisions.