Here’s my take on the Top 5 Social Media Metrics that matter in 2020.
- Engagement Rate
- Response Rate
- Click-Through Rate
- Network Referrals via Google Analytics
- Reach vs Impressions
Here’s my caveat. You have to understand what your business goals are to align the right social media metrics to them. Your social media strategy should have a direct correlation to achieving business objectives.
DEFINITIONS & INSIGHTS:
Engagement Rate: The number of engagements divided by impressions or reach. A high rate means the people who see the post find it interesting.
Looking at your engagement rate consistency on social media posts helps to determine whether your content is resonating with your audience or not.
Response Rate: How long does it take for someone to receive a response from your brand?
Social media is…shocker, SOCIAL. To order to see organic growth and meaningful engagement on your channels, you have to respond to your audience. Every comment should receive a message back, not just a “like.”
People are also demanding that response time to be nearly immediate. Tools like Sprout Social allow you to see how your average response rate across different platforms.
Click-Through Rate: Your click-through rate shows how effective your social media ad is at getting someone to take the next step. There are benchmark % for each industry. Avg is 2%.
Social media is used to raise awareness AND drive conversions. In the ideal scenario, a user engages with your content and then takes the next step to visit your website and/or make a further commitment with their dollar.
Network Referral: Referrals are how a user lands on your website. In web analytics, you’ll want to find, “social” as the source/medium, and then it’s broken down by network.
This is a very important social media metric that can sometimes be overlooked. How does social media play into your website traffic? Which platforms draw the traffic?
This will show you where you should spend more time and resources.
Impressions: How many times a post shows up in someone’s timeline.
Reach: The unique viewers a post could have (usually your follower count plus accounts that shared the post’s follower counts).
Impressions + Reach = Your Share of Voice
It’s important to look each month at how your impressions and reach increase or decrease across all your social media channels. Which posts perform the best? Invest your time into creating more content that you track performs well.