Social media effectiveness: 11 metrics for social media analysis
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Number of subscribers
One of the most critical metrics in SMM. Nobody wants to buy from those who have been in social networks for a long time but have not got their subscribers. Few people who tapped the coveted “subscribe” button? So the brand’s reputation is not doing very well.
On the contrary, the steadily growing number of followers means that everything is fine with your profile or community.
However, there is one “but.” This is a cheat, a grey way of promotion. The social network can take action against “dishonest players” – block it. So subscribers must be of high quality. We do not recommend cheating at Madwins to anyone.
Not every niche has many followers. Elite country houses, highly specialized doctors, and other goods and services can attract a small audience. However, there must be growth.
Audience growth rate
How quickly your profile is developing can be found out by analyzing the audience’s growth rate. There is a unique formula for counting. We recommend taking it into account when promoting. Divide the number of new subscribers by the total number of subscribers and multiply by 100%. In this case, you need to take into account the number of unsubscriptions.
If the growth rate has dropped, then it is worth considering the content. Perhaps you have stopped getting into the pain of the target audience. Alternatively, competitors have rolled out more exciting offers.
Number of unsubscriptions
The metric will tell you if your entire SMM strategy is correct. If the number of unsubscriptions is growing, then the tone of communication with subscribers, offers, communications, and targeting are chosen incorrectly.
Unsubscribe rates can be tracked manually. Moreover, you can check the effectiveness of SMM for this metric using the LiveDune service. We use it to work on projects for our clients. You can also do content analysis, see the mentions of your profile, and statistics on stories—a quite helpful service.
This metric shows how many times a post has been viewed. However, it is essential to remember that if one person has looked at the post, say, five times, then in the profile or community statistics, it will be counted as five views.
Unlike views, reach shows, unique users. One person viewed the post five times, but the user’s reach will be +1. 5 people watched the post – coverage will be +5. Information on this metric can be viewed in the social network’s internal statistics and the advertising account.
Reach can be viral, organic, and paid. Viral and organic reach – people saw the post without paid promotion. Accordingly, paid reach is obtained through blogger promotion and targeting.
This indicator is needed to analyze how interesting you are to the user. Are your brand account posts not liked, repost, or comment on? This is not good. It means that the promotion is stalled; the effectiveness of SMM is falling. Moreover, when targeting, the price of the targeted action will bite.
You can calculate the post engagement index. To calculate, you need to divide the number of likes, reposts, and comments by the number of subscribers at the moment. Then you need to multiply the resulting number by 100%. It is generally assumed that the index for accounts with a large subscription is 3% or higher.
You cannot please everyone at once. However, if you increase the number of adverse reactions, such as hiding your posts or complaints, something went wrong. For example, let us say you are targeting the wrong audience.
You can monitor this metric manually. You can use various services—for example, SumAll.
Social media traffic
This metric is used to find out how well social networks are driving traffic to the landing page. If you want to take this metric into account, then you need to put UTM tags. You can find out the traffic indicator from social networks using Google Analytics and Yandex.Metrica.
This indicator is also called click-through rate. To calculate it, the number of clicks must be divided by the number of impressions. Multiply the resulting figure by 100. The CTR is an individual. However, the larger it is, the higher the effectiveness of SMM.
This metric is essential for targeted advertising on social media. CPC – cost per click. If you want to know how much a click costs for paid promotion, you need to divide the amount spent by the number of clicks.
Also, outside of targeting, CPC can be calculated by dividing the money spent on maintaining social networks and their packaging by the number of clicks.
Suppose the cost per click began to grow. In that case, you should pay attention to the content, advertising offers, packaging, target audience, or all of this at once.
This is the cost of leads. To find out how much leads are costing you, you need to divide the amount spent on promotion by the number of leads from ads.
The price of a lead depends on many factors, including the company’s sales department’s work. However, when targeting, it is essential to know how much lead costs to analyze advertising effectiveness.
If CPL indicators do not make you happy, leads are becoming more expensive, you should think about attracting them. For example, you might want to consider an option such as a quiz or a chatbot. In any case, you will have to work with lead generation to make the price per lead acceptable.
These are not all metrics to test the effectiveness of social media for your business. However, by regularly tracking statistics on them, you can understand where to move in a promotion.
At Madwins, each client receives a daily targeted ad report with all the essential metrics. In social networks, analytics is needed so that the budget does not go down the drain. Moreover, our clients, seeing that everything is going according to plan, are calm about promoting their brand. We wish you the same calmness.
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