4 Ways to Measure Social Media Performance

Social media uses many metrics to measure the success of your business’s posts…but what do they all mean? And what KPIs are actually important? We’re here to help! Here are 4 ways to measure your brand’s social media performance each month: 

1. Review Your Content’s Engagement Rate
   Essentially engagement is a measurement of your post’s likes, comments, shares and saves! Engagement is an organic key performance indicator that will show the amount people are interacting with your content. This is vital when tracking social media performance because it lets you know how involved your audience is with your posts. It keeps your business informed if your consumers are interested in what you have to offer. 

2. Follow Your Return On Ad Spend 
   If your brand is running ads, tracking your ROAS is something you MUST do. By taking this step, you get an idea if the money your company is spending on ads is worth it. It’s a pretty simple concept to understand, higher rates of ROAS = higher rates of success.  Some benefits of doing this are it helps with planning and lets you know what advertisements are effective. 

3. Track Your Conversion Rates
   Conversion rates can come from both paid and organic social media! They will help you to understand if your social media content is doing well. For example, if your Instagram story had 1,000 views and 10 people purchased from it, you would have a conversion rate of 1%. Successful social media conversion rates are usually around 2-5%, however many businesses aim for higher conversions! Also, it is important to understand what your conversion rate might be. It could be an actual sale to a download, or perhaps, traffic to your website. 

4. Measure Your Social Share of Voice
   Now that’s a mouthful! SSOV is basically measuring how much market your brand has compared to other companies. It can give a good idea of where your brand fits into the market. By reviewing your SSOV, you can get to know your competitors, see what audiences are saying about specific businesses, and helps you to work on your own brand management. To calculate your SSOV, use the following: brand metrics/total market metrics. 

Again, measuring your social media performance is SO important because it lets you know how your marketing campaigns are doing and lets you know the impact of social media platforms on your business. If you need help with your social media and digital strategy, don’t hesitate to reach out to us through our contact us tab!