10 Social Media Metrics Startups Should Track In 2020
Social media metrics are crucial if you want to improve your business’s social presence. Even though social media was originated for social networking, it’s been molded into something much bigger with time.
Social media has changed the way businesses today look at marketing. Startups depend on it for growth and success and use it as a powerful marketing tool.
If you own a startup, you might already have a strategy in place on how to leverage the various social media platforms.
However, have you been tracking your social performance regularly? That’s where social media metrics come into play.
What are Social Media Metrics?
Social media metrics give you data that can be used to determine the impact of social media activity on a company’s objectives.
It helps you understand how your content is performing, and how you can improve your strategy to get better results.
With these metrics, you can identify what social data is relevant for your company and analyze their results.
Social Media Metrics To Track in 2020
Here is a list of 10 most important social media metrics that you can track for your startup.
1. Audience Growth Rate
Audience Growth Rate helps you in measuring the speed at which your brand’s following is increasing on social media.
One of the most important aspects of your social media strategy should be to quantify how quickly you’re gaining followers.
The metric is not just about calculating the number of new followers you gain, but to calculate how fast you gained them. To measure it, follow these steps:
Step 1: Select a reporting period.
Step 2: Calculate your new followers over that period.
Step 3: Divide your new followers by your total followers. Multiply this number by 100 to get the percentage for your audience growth.
2 Social Share of Voice (SSoV)
SSoV helps you determine the percentage of the overall conversation about your industry that is directly or indirectly focused on your brand. It gives you a comparison with your competitors.
Since most social media conversations are publicly accessible, you have the opportunity to measure your competitors’ impact and learn from it.
For instance, let’s assume your brand has been mentioned, directly and indirectly, 300 times over a month. Two competitors have had 500 mentions. Adding all the mentions gives you a total of 800 mentions in the industry.
To measure your SSoV, you can divide 300 by 800 and multiply it by 100. Hence, your SSoV would be 37.5%.
3. Social Media Conversion Rate
Social Media Conversion Rate is the percentage expression of the total number of conversions that have resulted through social media.
For instance, if a visitor downloads your ebook or subscribes to your email newsletter, that would fall under the category of social media conversion.
You need to calculate how many such conversions are happening through your social media. To calculate it, follow these steps:
Step 1: Make your call-to-action trackable by using a link shortener.
Since the URL shortener places a cookie on your system, you can later track the total number of conversions that came through it.
Step 2: Divide the social media conversions by your total number of conversions.
Step 3: Multiply the number from step 2 by 100.
This is your social media conversion rate.
4. Cost-Per-Click (CPC)
CPC is an important metric to consider if you’re using paid promotions on your social media. It is the amount you pay for a single click by your visitor on your sponsored social media posts.
Since you’re spending money on these posts, CPC helps you determine whether your investment is worth your returns.
CPC calculates the amount based on every click you get from your visitors making it a relevant social media metric to track.
To calculate CPC, you simply need to divide your total Ad spends amount, by the total measured clicks.
5. Bounce Rate
Social media metrics not only help you identify the positive results of your social media profiles, but also the negative ones.
For example, the bounce rate measures the number of people who landed on your website or landing page through a CTA on your social media but quickly left, without taking any action.
If your bounce rate is low, it would mean that people are better engaging with your landing page. It is also an indication that these users would convert at some point.
However, if your bounce rate is considerably high, then it is an indication to revisit and rework your landing page.
You can use Google Analytics, to measure your bounce rate.
Under the ‘Acquisition’ tab, you will find the ‘All Traffic’ option, under which there is ‘Channels Segment.’ There you should find the option of ‘Bounce Rate’.
You can sort it from lowest to highest, to identify which channels have high bounce rates, and take remedial measures.
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6. Click-Through Rate (CTR)
CTR helps in tracking the number of people who have clicked on your CTAs, to be redirected to your website or other landing pages.
CTR is one of the most important social media metrics, as it helps you weigh the quality of your social post against your audience’s desire.
A low CTR would mean that you are unable to capture your audience’s interest with your content, and vice versa.
Besides, as per the algorithm on social media platforms, posts with high CTR get more reach and impressions than the others.
To measure CTR, follow these steps:
Step 1: Find the total clicks on a post’s link.
Step 2: Divide the total clicks by the total number of impressions that have taken place on the post.
Step 3: Multiply the figure by 100 to get your CTR percentage.
Many social media platforms such as Facebook calculate your CTR for you and show it in your Facebook Ads tab.
7. Amplification Rate
One thing that you want from your social media followers is to share your content. The more your audience is organically sharing your posts, the wider your reach.
Likes and comments are great, but to amplify your content and reach out to bigger audiences, you need those shares.
The amplification rate is the ratio of your post shares to the total number of followers. To calculate it, follow these steps:
Step 1: Identify the number of times the post has been shared by your followers.
Step 2: Divide the figure from step 1 by your total number of followers.
Step 3: Multiply the resulting figure from step 2 by 100.
This is your amplification rate.
8. Customer Response Rate
Your visitors engage with your posts, by liking, commenting and even sharing them. However, your job is not only to create those posts.
Often your users ask questions or share their feedback on these posts.
You need to make sure, you’re responding to as many mentions as possible. It may not be possible to answer all, and sometimes these mentions could be spam.
However, the more you respond to these questions, the better the brand value and your overall customer experience.
You can simply calculate your customer response rate by dividing the number of responses you have given to your followers, by the total number of visitors who engaged with your brand and multiplying it by 100.
9. Net Promoter Score (NPS)
NPS is a metric that helps you determine your customer loyalty. One thing that would help your business to grow is recommendations from your customers.
You’d want word of mouth marketing from your customers so that your brand reaches to a larger set of audience organically.
NPS is segregated into three categories based on how well your customers rate your business from 1-10:
- Promoters: Customers that rate you 9-10
- Passives: Scorers that answer 7-8
- Detractors: Customers that fall into the score range of 0-6
To calculate NPS, follow these steps:
Step 1: Create a survey and distribute it among your users who have engaged with your brand.
Step 2: Based on the data you receive, segregate your users in one of the three categories mentioned above.
Step 3: Based on the data from step 2, subtract the number of ‘detractors’ from the number of ‘promoters’.
Step 4: Divide the figure from step 3 by the total number of customers who responded to the survey, and multiply it by 100 to get your NPS.
For instance, the total number of respondents in your survey is 50, of which 30 are ‘promoters’ and 10 are ‘detractors’. Your NPS would be 40%.
10. Social Media Reach
Your social media reach is basically the total number of people who have been exposed to your brand or content through your social media accounts.
Even though the reach is not a direct measure of how many people are converting or engaging with your brand, it’s important to identify your total reach since it will give you a fair idea about your actual audience.
Reach is important because a bigger reach gives you better brand awareness and growth prospects.
You can use it as a denominator for other social media metrics. With the help of reach, you can identify what percentage of your potential audience is converting, sharing, or engaging with your brand.
Social media accounts such as Instagram and Facebook, show your post reach under the ‘insights’ section itself.
If you go and check your insights, there will be detailed information on your total reach–on particular days, on different posts, etc.
You can use this data to identify your overall reach and blend it with various social media metrics for a bigger picture.
Social media metrics are important as they help you determine whether your social media campaign or strategy is giving you the desired results.
Tracking social media metrics could be easy sometimes, but if your business has a huge following, you can consider investing in social media tools.
These tools can help you in tracking these metrics and also in other areas such as content marketing, streamlining social media marketing, and so on.