In the last blog, we got to grips with the meat and bones of a good social media strategy, but as every good chef knows, you’ve got to taste what you’re cooking as you go along. Failure to do so could result in you serving up some terrible-tasting content and what’s worse, you wouldn’t even know it was terrible. That’s where benchmarking comes in; it gives you context and a marker for what’s good, in relative terms, so that you can look at your stats and understand whether you’ve hit the mark, missed it or far exceeded it. Hopefully the latter if you’ve followed the advice in Creating Your Social Media Strategy Part 1.
Which Social Media Metrics Should I Use?
Sure it’s great to see the little hearts pop up on your Instagram feed, those red dots of validation on your Twitter icon or to see that your Facebook post has actually been shared multiple times, but as a business owner, how do you know whether the online interaction has any concrete meaning for your business? To understand whether you’re making progress you need to know the stats that matter to your overall goals and objectives. These are often called your metrics. For example, if your overall goal was to ‘drive awareness of customers’ and your objectives were to ‘increase audience size’ and ‘encourage brand engagement’, then your metrics may include the following:
- Reach: How many people saw your posts
- Followers: How many new followers (or page likes) you gained
- Likes: How many likes your posts received
- Comments: How many comments were left on your posts
- Shares: How many times your content was shared or retweeted
Make sure that you are keeping track of these metrics before your employ your social media strategy and on a weekly or monthly basis thereafter, depending on how much time you have available. Benchmarking your social media must always take place over a period of time to compare the success of new tactics or changes to the look and feel of your design.
What Should my Social Media Metrics Look Like?
The simplest way to breakdown meaning from the most common of social media metrics is to view them in three categories:
- Stats per day, e.g. total engagement
- Stats per post, e.g. average engagement
- Stats per follower, e.g. engagement rate
Statistics per Day
Statistics per day aggregate your total number of engagements, e.g. clicks or likes, so you get a big-picture view of your social media success, but it fails to account for variables.
Statistics per Post
Statistics per post takes things one step further, showing you the relative success of each post you share, i.e. finding the cream of the crop. The problem here is that, over time, your audience may change. If a post was seen by 300 people and clicked 150 times, that’s amazing! However, If that post was seen by 5,000 people and clicked 150 times, not so much.
Statistics per Follower
Saving the best for last, Statistics per follower is actually the best measure of a post’s success. Simply divide your chosen social media statistic by the number of followers or even better, by the reach/impression data, i.e. the number of people who saw the post. This gives you an idea of how your post is connecting with your core audience.
Want to find out how you could create a great social media strategy whilst fully understanding the tools at hand? Check out the Social Media Mastermind info page and feel free to send me a message to find out more http://bommiemedia.com/facebook-and-instagram-mastermind/