Nov 10 2018
Social media isn’t just about posting and throwing out information. It’s also about using the insights into your audience in the best possible way. All this is possible through social media analytics. (We spoke earlier about the numbers that matter to your business. But how do these numbers affect your social media funnel)
Each platform has its own simplified analysis of your page such as Facebook insights, Instagram insights and so on. You can further opt for one of the several paid, analytical tools to get a more detailed report of your audience. But if you don’t know what to look at and what metric is important to you, then the whole point of the exercise goes to waste.
To get a better understanding of this, you in-turn try to figure out of where you are in your social sales funnel.
Every layer – awareness, consideration & conversion, has its own KPIs (key point indicators) that matter.
1) Awareness Stage
This is where you are trying to create your brand value or establish your market. At this stage, you are still new and your focus at the moment is to reach as many people as possible, giving them precise information through your social media channels.
The KPIs that matter during this stage are reach, impressions, shares, mentions, links, audience growth rate.
2) Consideration Stage
Now you have started building your audience. The next step to take is to engage your audience and keep them occupied through your content. Giving them solution-based content and calls-to-action is a pathway to opt for. With call-to-actions, customers who are now considering your brand will get that extra nudge towards reaching the ultimate step, conversion, to being a customer for your brand.
Metrics such as post likes, comments, shares, saved, average engagement rate, video views, lead rates work as your biggest indicators for the same.
3) Conversion Stage
With a social media funnel, you have successfully made an approach to achieve what you set out for. Your audience is not just committed to respond on the content you offer but has now become a customer to your brand.
Conversion rate, CTR (click-through rate), bounce rate, customer lifetime value, CPA (cost per action), CPM (cost per mille), CPC (cost per click) are the ever-so-important yardsticks that will signify the success rate of your strategies and campaigns and eventually your brand.
Module for your content can be flexible depending on the study of your metrics but taking this pathway will make it easier to turn an audience into loyal customers.
Nov 06 2018
Picture this: You are a brand with an interactive Facebook page, Instagram profile, and an active Twitter account. But all of this isn’t translating into the business you’re looking for. How do you design a campaign to make the numbers, that are the most important, go higher? What are those hints you should be looking at, to strategize further?
Social Media Metrics
Metrics are details such as followers, reach, likes, views, retweets, shares, etc; these numbers are our data that helps gauge the impact our social media pages and campaigns have on the company and eventually, on our brand value and revenue.
Social media metrics help us to divulge deeper in these everyday numbers, become high indicators of our business reach, impact and success as well as help us design our strategies and campaigns for the future.
What are the metrics we can use?
1. Reach & Impressions
While going through your social media profiles, you must have come across words like reach & impressions. Impressions tell you how many times have people come across your post on their timeline, organically. But it isn’t the strongest indicator as your post can be seen by the same account multiple times, and it still counts as a new impression each time. Reach is the index that tells you how many times a unique profile has come across your content. Together, reach & impressions play a crucial part in understanding the overall pattern as well as the quality of your content.
When starting a new business, reach metrics is the most important to you. Higher reach ensures that your content is viewed by a new set of people every day, which results in a growing audience.
2. Audience Growth:
Content consumption through the right audience is one of the initial focus of every social media profile. Not just any audience that checks on your profile once-in-a-while but an audience that is loyal and keeps returning to your profile regularly is what every brand looks for.
Keeping track of this metric helps you to understand at what stage or campaign have you received the highest audience and can repeat similar campaigns to continue growing.
3. Engagement Rate:
Engagement rate is influenced by the total likes, comments, and shares. The total engagement divided by your page audience gives you your engagement rate. Observing these figures, points to the number of the actual audience that is interested in your brand and has a higher potential to convert into a brand loyalist and ultimately, a customer.
Percentage – increase or decrease in your engagements can help you fine-tune your strategies and move ahead.
4. Conversion rate:
Every brand has a purpose, which is sales, and conversion rates are indices of how much of that traffic has converted into sales. Where bringing all the traffic, amidst battling changing algorithms is important, the most important factor for any brand is conversions. Conversion rate breaks down how much sales have been recorded against the traffic that has viewed & engaged with your profile.
If your number is higher, means your audience is getting what they came for on your landing page. But lower conversion rate means you need to work on the landing page and also ensure that the right message is being provided beforehand.
5. Share of Voice:
Knowing your own metrics is great, but with thousands of brands competing in the same space, how do you know your brand position? With share of voice, you compare the number of mentions in correlation to your competitors. By knowing this number, you may adopt strategies that your competitor has used and create a bigger & better campaign.
Social media metrics are your step-by-step guide to making your brand successful. It also helps to plan your campaigns with the in-hand knowledge of data and make them more precise, keeping track of these tools and using them to your advantage will pose to be the slight difference in the massive success of your campaign.