Running a social media campaign has become a synonymous with marketing for businesses – whether for the launch of a new product, a rebrand, special announcement, or a sale – but how do you know that your social media efforts are paying off?
Here are nine key metrics you should be tracking when analysing the performance of your next social media campaign.
Reach refers to the amount of unique people who have seen posts related to your social media campaign. It is important to keep track of your reach as it will be the number that you benchmark the success of your campaign by.
It is also important to understand your reach to know whether or not you will reach the forecasted conversions. For example, if you need 100 conversions to reach your goal, and your business has an average conversion rate of 25%, you will need to make sure that your social posts reach at least 400 people to reach this goal.
Of course, this is the sign of success for your campaign, your conversion rate. A conversion rate can refer to many things; email sign-ups, purchases, entries into a draw etc.
Your conversion will be the ultimate decider of whether or not your campaign has been a success. The other metrics will help you to understand how your conversion rate came to be.
On social media engagement is key – it acts as a proof of purchase, or word of mouth for other followers. Engagement refers to likes, comments, retweets, mentions, shares.
A high engagement rate on your posts can indicate that your campaign is relevant and entertaining to your target audience. This can help you to understand what elements of your current campaign were different from your last campaign and how that has reflected in the engagement rate overall.
4. Follower growth
Ideally, with each campaign you should see your followers increase as a secondary action to the increased reach of your posts. The rate of your follower growth as a result of a specific campaign can help you to better understand your conversion rates.
If you’re conversions are down but your follower growth is higher than your previous campaign, it could be concluded that your target audience are interested in your brand, however they are not convinced enough in your product or offer to convert. Alternatively, if conversions are up but follower growth is down, it could be concluded that the offer may have overshadowed the value of the brand.
These insights can help you to find the right balance for your brand with following campaigns.
5. Website traffic
Retargeting has been proven very successful in converting non-purchasers into buying a product. For this reason, it is important that where possible, your campaign is directing as much traffic as possible to your website.
If tracked correctly, you should be able to follow the behaviours of this specific traffic to better understand how they react to your campaign and whether your landing page is a success.
To do this you would look at metrics such as time on site, pages viewed, abandoned carts, exit rate,s and bounce rates.
6. Click rates
Click rates are one of the best ways to understand whether your social media campaign resonates with your target audience. A high click rate reflects a relevant ad, a low click rate can indicate that your ad is not appealing enough to result in any interest from your target audience.
Your click rates should be analysed in tandem with your conversion rates and website traffic metrics to best understand how and where you can improve your next social media campaign.
For example, a high click rate and low conversion rate can indicate that your landing page is not reflective of the offer you have enticed your traffic with – this is something that could be improved next time to improve conversions.
When running a social media campaign it is important to keep track of all mentions of your brand across every social media channel. Not everyone will be tagging or hashtagging your brand, they may simply be typing it. Keeping track of your mentions will allow to accurately calculate the reach of your campaign and therefore better calculate your rates of conversion and engagement.
It will also help to account for any surges in organic or direct traffic that you see on your website.
8. Cost per acquisition
This metric refers to the average cost of each conversion. Prior to commencing your social media campaign you should have identified a cost per acquisition (CPA) target. Comparing this against your target will show you whether your campaign is on or off track.
Whatever the result, it is important to look at the metrics mentioned above to understand why your CPA resulted in what it did.
9. Return on investment
Ahh yes, the metric that every campaign comes down to. To ensure that you are correctly tracking your ROI, make sure that you have correctly set up any tagging and pixels.
Your return on investment may not be a direct result from the campaign either. For example, if you are running an email campaign, your ROI can not be determined by a simple product purchase. To correctly identify the ROI for an email address, you will have to calculate the worth of a customer who is on your email list.
For example, if you know that an email subscriber who is put through a welcome series and then offered a welcome discount spends an average of $100 on their first purchase, your ROI will be $100 divided by your CPA. Or, your ROI may be determined by the lifetime value of a customer and how much they spend with you.
It is important to correctly define how much each acquisition (if it is not a simple purchase) is worth before launching the social media campaign.