Social Media ROI: What Metrics T&T Businesses Must Pay Attention To
Social media is one of the very few forms of advertising that can be measured for effectiveness. While there is no exact formula for success on social media these metrics can be extremely beneficial when strategizing the best marketing approach for your company.
The number of metrics that a company should be looking at will depend on its size, however, we have collected some of the most pertinent metrics that all companies must pay attention to.
What metrics must T&T Businesses Pay Attention to?
Let’s start with the basics, also known as the awareness metrics:
Reach and Engagement
These are the two primary metrics on any platform.
Reach is the number of people who see your content across each social media channel. It's calculated by dividing the total number of people who saw your content by the total number of followers.
Engagement, on the other hand, is a metric that tracks how often people interact with your content. It's measured by likes, comments and shares.
Therefore, reach shows how many people saw your content and engagement shows how many people were interested in the content.
Reach is an indicator of what platforms are giving you the most availability and engagement measures how well your content strategy is working.
The following are simple statistics that can be seen in each post. At the end of the month, it is important to compare the post with the least and most of the following metrics:
Shares: the number of times a post, reel or story has been shared.
Likes: the number of people that like the photo or reel.
Comments: the number of people that responded to the post in the comment section.
Video Views and Completion Rate: the number of people that viewed your videos and more importantly, the number of people that watched the video till the end. Some social media applications can also tell you the peaks and lows of views throughout the video.
Engagement Rate: This measures all of the above metrics, specifically, reactions, comments and shares in relation to the audience. It is often given in analytics or can be calculated by dividing total reactions, comments and shares by total followers and then multiplying it by 100.
Ever wondered what you actually got for boosting an ad or running an ad through Google? Here are some statistics that will help you get that answer:
The first thing to consider is the clickthrough rate (CTR). This metric measures the percentage of people who click on a link. It's important because it gives you an idea of how well your content is performing and what kinds of posts are getting more engagement than others.
Next up is conversion rate, which is the percentage of people who take the action you want them to take when they come across one of your pieces of content. This includes buying something or signing up for a newsletter.
One of the key measurements in assessing the value of your social media efforts is Cost per click (CPC). This is the amount you pay for each click on your ad. It is often used to measure how much you are willing to pay for each conversion, or how much your ads are costing you.
For example, if a business has an average cost per sale of $100 and they spend $10 on advertising with a 1% conversion rate, this means that they will have 10 sales from 100 clicks (1%).
This is particularly beneficial for companies looking to find the average cost for a customer to obtain a more accurate budget for their digital campaigns.
Need some help assessing your analytics for better marketing in 2023? Send us an email at firstname.lastname@example.org. We can help your marketing plans be more effective and in line with your goals!