If you are on this site, you either have an internet marketing business or are thinking of starting one. Whatever is the case, your social media accounts will become your greatest assets. They will allow you to not only broadcast your message, but communicate and engage with your target audience as well. However, a lot of people who enter into an internet marketing business often don’t know what KPI they should be tracking. If you too are clueless about what to track, here are the most important stats you should be measuring.
Average Growth Rate
If there’s one metric you should start measuring right away, regardless of which social media channel, it should be how quickly you’re expanding your reach. Whether it’s Facebook fans, Twitter followers, or other equivalents from other social networks, the total number of people you reach is the most important stat you should be improving. However, measuring the actual growth rate in terms of the actual number of people who become your followers or fans is a mistake. What you should be more concerned with is the rate at which you’re growing your network. According to an article by Simply Measured on TheNextWeb.com:
One item you should pay attention to is your Audience Growth Rate. A refinement of New Followers or similar stats, expressed in percent-change over time, the growth rate of your audience depicts your social media momentum. Audience Growth Rate allows you to evaluate marketing efforts over time, without getting distracted by irrelevant information total followers’ numbers.
Want to know if your social media efforts now are more effective than what you were using when you first started out? Compare the average growth rate between then and now to find out.
Another metric that is a good indicator of how effective your social media marketing efforts are, is engagement. Whereas, reach measures how many people your posts can potentially be broadcasted to, engagement is a measure of how much interaction your posts are getting. But again, just measuring how many people are clicking on your posts won’t be as useful a metric as the ratio of engaged users versus users reached. According to Kit Hickey on Mashable.com:
We came up with a metric that we call “Facebook Engagement Ratio,” which is the number of people talking about us, divided by the number of likes. We believe this is a more accurate measure of engagement than just counting likes. And we track it on a weekly basis, compared to our competitors.
This method can also apply to Twitter and other social networks. For example, in the case of Twitter, it would be the total number of favorites and retweets divided by total followers.
It’s nice when you’re able to stir up engagement, but it’s even better when you get people who become habitual, visitors, commenters, likers, retweeters and the like. It is through this kind of repeat engagement that super fans are born: people who will engage with you every chance they can get. Derek Flanzraich says on Mashable:
For us, the real social media win is when someone becomes a fan and then stays one over time – someone who consistently shares, likes and tweets our content. What we measure is basically our number of super fans.
There are plenty more metrics you should eventually start to measure. These are just typically the most important. The metrics that will become most important to you will depend a lot on what your goals are and the kind of objectives you’ve set, whether you’re trying to increase brand awareness, drive traffic, improve loyalty. Social media can help you achieve all of these goals.