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The Essential Guide to Social Media Metrics

The Essential Guide to Social Media Metrics
14Nov

If you’re new to tracking the success of a social media campaign, all of the jargon can get confusing. Still, it’s important to look at these metrics to determine how you can adjust and optimize your strategy.

I’m going to walk you through the metrics that will be worth watching for you and your campaign. Of course, all of that begins with establishing a goal!

Choosing a Goal
It’s impossible to say, “Always track these metrics,” because the key performance indicators (the metrics that are relevant to your campaign, also known as KPI) will change depending on your goal. The first step in identifying your goal is to look at what you need.

Let’s say you want to see some additional revenue from your social media marketing strategy. You’re looking to increase sales, so you should focus on the metrics:

  • Conversions: When customers take a specific action as determined by your campaign. This can be downloading an ebook, signing up for your newsletter, making a purchase, etc. For a sales goal, tracking the number of people who click on your ad and make a purchase is absolutely vital!
  • Clicks: Exactly what they sound like! The number of clicks you get on ads and posts can increase your web traffic, which means more people are browsing your site and considering making purchases.

Measuring these KPIs lets you see how to improve the number of sales that your strategy generates. If you find that your posts/ads aren’t being clicked on, then you know it’s time to change things up and restructure your posts to be more inviting to your audience.

Or maybe you’re a new business. You’ve got a good product and a great team, but not many people know about you yet. For your campaign, I’d suggest tracking:

  • Reach: The number of people who see your post or ad. Focusing on reach will get the word out about your business and help build your follower count.
  • Brand Awareness: How aware the public is of your business. Can they recognize your name and logo? Brand awareness is key to developing a following for your growing business!

It can take a long time, but nobody can buy from you if they don’t know who you are! A bigger audience will also make you more credible. If a potential customer is weighing between your product and a competitor’s, the side that has a larger following will seem more trustworthy.

What about once you’ve got a large audience? Well, then it’s time to focus on quality. What good are 10,000 page likes if nobody is interacting with your posts? As you work on getting more interaction, you’ll be following this KPI:

  • Engagement: The number of likes/comments/shares/interactions your posts generate. A horde of followers is great to have, but a smaller audience of people who are interacting with your content and your brand is usually going to be more important.

When evaluating the quality of your audience, engagement should be a major factor. Not only does the increased interaction on your posts make your brand look better, but it shows that users are getting value from your content marketing strategy. That’s a great sign, and when you’re noticing low engagement, it may be time to reexamine how you’re appealing to your audience!

Choose Wisely
Everyone wants to have a better social media marketing strategy, but not everyone wants to put the work into finding ways to improve. You need to find the right KPIs that align with your goals and keep a close eye on them. Once you’ve identified the trends across your chosen metric, you’ll be ready to make an actionable plan to craft an even better campaign!

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5 Dos and Don’ts from the Pros: Working With Influencers

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20Jun

Here are a few tips that will help you get the most out of your influencer marketing campaign. These mostly relate to micro-influencers (as they are cheaper and more effective), but they can also be used with macro-influencers.

Do Remember that Influencer Marketing is a Collaborative Situation.

You are not hiring a social media influencer to be your salesperson. These people are professional content creators, after all. Don’t ignore their input, but neither should you instantly assume that they will take control. As with any aspect of business, do not micromanage. You know your brand and audience, they know their personal brand and audience: you just need to combine all that knowledge in a compelling way. These people can walk away at any time–and any fines they’d incur for breach of contract probably amount to less than the revenue you’d miss by not having that campaign! 

Don’t Opt for Quantity over Quality.

This advice is twofold, applying to both audience size and number of influencers themselves. Do not assume that a macro-influencer’s massive following will translate into massive engagement. A 2016 study cited in Digiday found that the more followers an influencer has, the less engaged those followers are. Micro-influencers have less reach, but statistically more engagement. Don’t reach out to every micro-influencer you find, though. Sometimes the size of an audience does matter; some markets are oversaturated with content creators. While 50,000 followers is impressive for an influencer who reviews vegan soaps, that reach would be far too small to matter in the overall world of beauty-focused social media stars and vloggers. 

Do Bolster Your Influencer Campaigns with Digital Advertising.

Given that the influencer has a built-in audience, you might neglect (either intentionally or otherwise) to promote your influencer campaign. This is bad for both your brand and the influencer. As mentioned above, a growing number of micro-influencers and almost all macro-influencers use their social media presence to generate their income. If the posts featuring your products do not perform well in terms of views or likes, then the influencer might break with your brand. Don’t let this happen: advertise your collaboration!

Don’t Confuse Micro Influencers with Brand Ambassadors.

Micro-influencers are content creators who often profit in some way from their social media presence. While most have day jobs, an increasing number of micro-influencers are relying on their online content to generate income. Creating content–whether blogs, videos, or photographs–is work, and must be treated as such. Brand ambassadors, on the other hand, are just average customers who would probably be happy to receive free products in exchange for honest reviews. 

Do Clearly Explain Your Goals and Metrics to Your Influencer.

Most influencers are young and inexperienced in the business world, but that does not mean that they don’t understand performance metrics. Social media influencers are often members of Generation Z or Millennials, meaning that they grew up with technology. Gen-Z influencers in particular were raised with social media, so it stands to reason that these people will understand concepts like key performance indicators. As we mentioned above, more and more influencers are professional. Tell the influencer what you want from the campaign: more likes, more sales, more subscribers, et cetera. An influencer might even be able to help you tailor your digital marketing campaign to his or her specific audience!

These are great general tips for anyone who is getting started in influencer marketing. Remember that it’s better to focus on engagement rather than followers: a micro-influencer with high engagement is better than a macro-influencer with low engagement! 

In our next blog, we’ll discuss how to find the best influencer for you and your brand.

Do you need help taking your social media marketing strategy to the next level? Contact our team and discover what we can do for you! Visit our website today for a free consultation!

 

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