Guide to Social Media Analytics: What Metrics Matters?

Carolyn Canetti
Sep 9, 2020 11:00:00 AM

For new small businesses trying to get started with social media, it's important to understand why social media is an important tool for your brand, and how you want it to work for you. Most platforms work in similar ways - Twitter, LinkedIn, Facebook, Instagram, Pinterest, TikTok, Snapchat, YouTube - they all revolve around content that gets interacted with. Though the content varies from graphics, photos, videos, articles, text, the idea is similar for all: you want new audiences to discover your posts, like it enough to follow you to see new ones, share your content with others, and increase the number of fans you have. Generally, the higher numbers can be promising to yield new customers, interested business propositions, and drive demand for more. 

 

Some might say that social media isn't important for their business, but in the last decade, so many platforms have grown to become important to almost every type of business out there. A landscaper might not find success on Instagram, but may find high engagement and positive reviews via Facebook. A software salesperson may have no need for a professional Instagram, but has thousands of connections on LinkedIn who read their posts daily. 

 

Having a presence on any social media platform (or all) provides proof of your worth and trust. Social media is more than vanity (and socializing), for businesses it's a place to share and receive praise, endorsement, demand, and is a platform to create a community for your audience, to share news to your customers, and showcase your expertise and value

 

Your social media goals:

Let's start with your social media goals. How can you know what metrics to pay attention to if you don't have a goal in mind? Do you want to....

  • Increase your brand awareness: Get new eyes on your business
  • Generate sales or leads: Provoke people to buy or inquire for more information
  • Increase community engagement: Receive more likes and comments on your posts
  • Grow your audience: Increase your followers)
  • Increase web traffic: See an uptick in visitors to your website 

Once you choose your goal, you'll be able to pay attention and measure the performance of your social media presence based on the metrics specific to that goal. All social media platforms are equip to help you achieve this goal! Do note that the goal you choose today doesn't have to be the same goal next month. When you're starting out with social media for your business, begin with increasing your brand awareness and growing your audience, and then you can get into generating sales as you understand what content works, and potentially focus some budget on advertising

 

 

get started with social media marketing

 

Important metrics to pay attention to:

Here are the universal metrics that social media platforms report on in relation to the goals that you can focus on:

  • Increase your brand awareness: Look for your impressions and reach, if you are using hashtags or promoted/boosted posts, you'll see that the reach is the potential unique views you could have, and impressions are how many times a post showed up in someone's feed. You'll want to pay attention to impressions together with community engagement to measure how you're doing - high reach & engagement = good content.
  • Generate sales or leads: How will you know if you generated revenue from social media? Sometimes it's straightforward - if you use any Shop functionality where users can buy directly from Instagram or other, then you will attribute that success no problem. If you have someone message you directly, or call-back to your social media profile, then you'll have some measure. Often times, a user may visit your site later on and that attribution could get lost.
  • Increase community engagement: Take note of likes, comments, shares, mentions, and clicks. You'll be able to see each post's engagement rate, which is the number of engagements divided by impressions or reach - you want a high number. What post performs with the highest engagement? Do more of those!
  • Grow your audience: Follow the numbers of your followers week over week, you of course want the trend to go up, but at what rate? Do you see that followers increase steadily over time or more so after highly engaging content? 
  • Increase web traffic: For some social media platforms, you may not be able to tell if your website has seen an increase in traffic unless you integrate your website with your social media accounts. More a metric useful in advertising or when you share a URL with a post - you can see click-through rate (CTR) the rate in which people follow the link that you shared. Anything above 2% is considered decent. 

what to pay attention to on social media for business

 

How to hit your goals and increase your engagement:

Once you have your goals set (and remember - these can and should change!) you can start doing some tests. When you're first starting, it will be hard to anticipate what type of content is most engaging. But, after a few weeks it will be clear what images, videos, articles or combination of all are engaging new audiences and helping to increase followers. If nothing is really happening, keep at it, the beginning is hard. 

 

A great tactic for increasing your community engagement is to be engaging as well. Start liking and commenting on other similar posts and businesses like yours. Follow any prospective customers that seem approachable. The more you put yourself out there and join the community, the more the community will want to respond in kind. 

 

When you feel secure in those baseline metrics, consider putting some funds towards advertising on social media to drive website traffic or generate sales leads. Or, intersperse your high performing content with information about your products and services, encouraging people to reach out for more information to spark a dialogue. 

 

The cool thing about social media and the goals for your business is that even though these platforms are constantly changing slightly, they truly are globally used and enjoyed all over the world, that's why they're such an enticing tool for new businesses and brands. 

 

 

Ready to jump in? Here at Bounce House, we help one person businesses get set up online quickly. From scheduling, web pages to payment and customer management - we have you covered. Jump in for free - check us out!

Topics: Social Media, Marketing, Branding, Business, Content