3 Metrics to Track Social Media Marketing ROI
Before the pandemic, digital marketing industry experts attributed over 36 billion USD to social media marketing campaigns. This number rose dramatically as retail businesses moved to digital platforms, resulting in a surge in online retail demand.
Two things changed significantly in the world of social media in 2020. First, people started using social media platforms more than ever. Second, various social media platforms experienced a drastic influx in traffic.
These two aspects are the main reason businesses of all sizes focus on establishing their social media presence. Creating attractive, traction-worth social media campaigns is one thing, and monitoring their performance is another.
In this blog, with the help of the leading social media marketing expert, MakarandUtpat, we’ve highlighted the different key metrics that can help you track your SMM campaigns like a pro!
The Significance of Measuring the Right SMM Metrics
Let’s discuss why it’s important to focus your efforts on monitoring the right SMM tools. From Facebook Insights to Twitter Analytics, every social media website allows users to track the performance of their accounts via key performance indicators.
Therefore, make sure to track these performance KPIs to maximize reach, results, and monetary rewards. In order to amplify the return, you need to pull insights from different sources and utilize cutting-edge SMM analytical tools that fit your budget and requirements.
Simply monitoring metrics isn’t as effective unless you create an automated reporting system that will help you create reports and set bigger goals for the future based on past numbers.
Here are all the SMM metrics you must track:
Social media engagement can be referred to as a brand’s long-term relationship with its target customer base. It’s not just about merely tracking likes and comments, but also about the customer’s perception of your brand.
Your brand’s SMM engagement shows how much your customers are involved with the products and services; how they interact and relate with the brand and whether customer loyalty can help the brand grow over time.
The number of likes, comments, and shares your social media content receives determines your SMM strategy’s progress. Engagement helps you identify whether or not your social media content resonates with the target audience.
Here are some key sub-metrics that fall under the engagement category:
Say you posted a blog post on your website. Now your aim is to generate reader traffic. So you have to create an attention-grabbing link that convinces the target audience to click on your blog post. The number of clicks your content receives give an insight into the quality of your content and its relevance to the target audience.
This one’s fairly straightforward: the more likes your posts get on social media, the better chances they have of generating profits and maximizing visibility. Your social media presence should aim to put out meaningful content.
Other metrics that influence your brand’s overall social media engagement include shares, retweets, reposts, brand mentions, tags, comment mentions, and story shares.
The second most important SMM metric is called reach. This tells you how far your content has traveled on a particular social media platform. Social media reach indicates different aspects of your social media marketing success, including your brand’s relevance, content quality, and ability to resonate with the target audience.
Reach allows you to track how many people have come across your content.
You might get occupied about the number of likes and shares your content recieves, but the ROI matters the most at the end of the day.
So how do you figure out if your content is converting prospects into customers? The metric is known as leads. It helps you monitor prospects, sales opportunities, and the number of online purchases made as a result of your SMM campaign.
A report shows that over 80% of online customers tend to make final buying decisions based on their social media search, and this why you need to focus on lead generation. Start off by optimizing your brand’s profile, create clickable content, and refine analytics management.
The best way to track the number of leads you’ve generated is by using UTM parameters in your links. This will help you organize your on and off-page SMM campaign efforts. UTM parameters are the personalized tags added to a link that are relayed back once a user clicks on the link. These tags are directly track-able and help social media marketers monitor the number of leads on a day-to-day basis.
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