Your marketing success depends on testing and monitoring. How else will you know if all your efforts are paying off and which campaigns are doing the best? The next question is usually what should you measure? In today’s world, the amount of data you collect is staggering and can be daunting to say the least. One of the areas where monitoring and measuring will really payoff is engagement. When it comes to media monitoring and social media marketing, here are 5 engagement metrics you should be monitoring to improve your marketing success.
Engagement Rates on Posts
Engagement rate on your social media posts is one of the most important metrics because it shows whether your content is resonating with your audience. A higher engagement rate is what you are shooting for and it is more important that just counting reaction numbers of retweets, comments, clicks, and shares. To calculate engagement, you divide the combined number of reactions for a set time period with the total reach for that post. Then multiply that number by 100 to get the average engagement rate for that particular post. This is a basic calculation that will work across all social networks; however it is important to note that each social platform has its own way of calculating engagement rates. Keeping track of engagement rates will help you keep on top of trends and evaluate which channels warrant paid campaigns. Another important thing to remember is that with the right media monitoring software with media intelligence tools, you can compare engagement rates against your competitors’ pages.
Organic and Paid Follower Growth
Keeping track and comparing organic and paid follower growth will help you measure the growth of your social community over time. The difference is that organic follower growth shows overall interest in your business. You can increase organic follower growth with brand awareness campaigns. While paid follower growth shows the relevance of your marketing message and targeting. When evaluating this metric, gauge the percentage increase of your fans over a defined period of time. This can be a measurement for week – to – week, or month – to – month.
Social Shares, Retweets or Reposts
These metrics are very important because they indicate your content is being amplified; but beyond that, it shows that your audience or followers are willing to be associated with your brand and like the content enough to give it a share, retweet, or repost. It is a powerful action and should be measured and monitored carefully. To calculate your social share rate, start with the total number of shares or reposts for a set period of time and then divide that number by your total follower base. Then, multiply that number by 100 to get your social share rate.
Social Media Traffic and User Behaviour on Your Website
One of the biggest metric codes to track is how your social media channels drive traffic to your website and what those visitors do while there. Understanding user behaviour is a huge key to marketing success. All your social media backlinks should have tracking codes appended to them. However, knowing where your website visitors came from is not enough. You should also be tracking those users’ behaviours on your website and then compare that to traffic from other channels. You can learn how well your different referring sources are doing at delivering valuable traffic when you monitor statistics like bounce rate, time on site, and number of pages visited. Of course, conversions and goals also must be figured into this metric mix to determine what percentage of qualified traffic is driven from social media. Compare that to your organic and paid referral traffic to see the bigger picture.
Brand Search Volume
Did you know that your social presence can help with branding? It can actually help drive your search engine inquiries for keywords associated with your company and your brand. A report from GroupM uncovered that customers who see a brand on social media are 180% more likely to search for that brand on a search engine. This shows you that your marketing and branding dollar definitely can go further than Facebook, Twitter, Instagram or Pinterest. One of the metrics you should be measuring is the search volume of your brand over time. This will help you see if social media marketing is making an impact into organic search traffic that you might not otherwise be considering coming from that source.
Summary and Takeaways for Your Business
All of your marketing efforts today should be correlate and measured. Every campaign has to be able to prove its worth because the data is all there, just waiting to be deciphered. When it comes to social media marketing, there is no reason to be flying blind or using old ‘spray and pray’ type tactics when you can see what works, how it works, and then know why it works. These 5 metrics we discussed today can help you hone in your marketing successes because you will have a handle on your user’s behaviours and engagement. Be sure you are measuring engagement rates on posts, organic and paid follower growth, social shares, retweets, or reposts, social media traffic and user behaviour on your website, and brand search volume.
Patrick Baume is Group Communications Manager at Isentia. He is an all media expert with over 20 years in communications roles.