Just as I anxiously monitor my friends’ reactions to my latest insta, so too do businesses need to monitor their social media metrics (although hopefully for them, not so desperately). Understanding these metrics gives us marketers the power to overcome some of the unpredictability that often comes with using social media.
However, this poses the question, what metrics are actually worth measuring?
Avinash Kaushik‘s framework involves four main metrics for measuring success on social media.
- Conversion rate
Conversion rate is an excellent indicator of whether or not a post is connecting with the audience. By totalling the number of comments/replies on a post for example, marketers can measure how well they know their audience and thus their connection with them.
- Amplification Rate
As much as I’d like to think that the mortifying posts I made back on my 2009 Facebook page are only accessible by my friends sad enough to go looking for them, thanks to the sharing function on social media, their friends can now also delight in my (former) obsession with my Sims families. While this has been detrimental to my popularity, it has provided marketers with a solid marketing metric.
Businesses have the ability to reach not only their followers with their posts, but also their followers’ followers. By monitoring which posts receive the most shares, marketers can continue to use the content that causes the most amplification. In this way, the content will provide more value to the audience, resulting in more shares, and turning the businesses followers’ followers, into their own followers.
- Applause Rate
Applause rate provides insight into what content provides the most value to the audience. It is measured through calculating the number of likes, favorite tweets, etc. depending on the platform. Comparing the applause rates of different posts guides businesses in what to post in the future, in order to continue connecting with its audience.
- Economic Value
Along with creating your own message and relationship with customers, it is essential that you quantify the economic value your social media outlets create.
On all social media channels, economic value refers to the sum of short and long-term revenue and cost savings. Identifying where direct economic value comes from ensures that social media will be a part of the budget.
These metrics aren’t just helpful in measuring what is working and what isn’t working for your business’s online profile. It provides a guideline to understanding your audience, and thus improving the effectiveness of your social media.
If you need an example, take Netflix, who is really connecting with my struggles right now..