SOCIAL MEDIA STATISTICS
A key part of any communication or dissemination action is monitoring impact to know if your strategy is working.
The following section will guide you step by step on how to gather metrics of engagement and audience details of your Social Media Accounts.
✋ There are five essentials which are key for monitoring your SoMe accoounts: Average egagement rate, social share of voice, conversion rate, response time and sentiment.
👉 The following information is from Falcon.io
Average Engagement Rate
It’s important that you know how many people are reacting to the content you post on social and to do that, you need to track the engagement metrics. By tracking the engagement metrics, you will be able to identify which content type drives more engagement and which don’t.
To say something meaningful about how many people like, share, or comment on your posts on average, you need to track your Average Engagement Rate. Use this as a benchmark for your next few social posts to determine whether you’ve hit home with your target audience, or if you need to tweak your content for next time.
How to track it:
Decide on a reporting period
Add up the total number of engagements across all posts
(Total engagements/number of posts) x 100 = average engagement rate
Social share of voice
How many people are talking about your brand compared to your competitors?
Share of voice metrics gives you a definitive look into how much your brand dominates on a social network compared to your competitors. With the share of voice metrics, you will be able to tell how your brand stacks up against your industry competitors and what you can learn from your competitors’ successes on social.
How to track it:
Use an analytics tool to measure the number of mentions you’ve received
Use the same tool to track the number of mentions your competitors have received
(Your mentions / total mentions) x 100 = share of voice
Conversion Rate
Do you measure social media success based solely on how many people clicked “like” on your latest post?
Sure, it’s nice to know that your social media posts are getting a ton of engagement, but that’s not quite enough if your audience didn’t take action the way you wanted them to. To gauge the success of your social media campaigns, you need to measure the conversion rate, which tells you what percentage of your users convert into leads/sales.
How to track it:
Determine the total amount of traffic you’re driving from social
Determine how many conversions resulted from the traffic
(Number of conversions/total traffic) x 100 = conversion rate
Response Time
Customers are less patient these days and they’re expecting a speedy response on social media. So, how do you know if your brand hit reply at lightning speed or if it took its own sweet time?
To clear that doubt, you need to measure your brand’s response time on social media.
Response time metrics help you measure the average time it takes your brand to respond to a post or a tweet on social media. By measuring your response time, not only do you help improve your social media response time (and get a fancy badge), you also make your customers happier.
How to track it:
In Facebook, consistent responsiveness will be displayed as a badge on your page
To earn the badge, you must have a response rate of 90% and a response time of 15 min
Consider incorporating chatbots to automate customer support
Sentiment
How do your customers feel about your brand? Happy? Unsatisfied? Neutral? You can’t really tell based on a few likes and shares now, can you?
How to track it:
With social monitoring tools (like Falcon.io), you can gauge the sentiment surrounding your brand.
If you don’t have a tool in place, it will require some manual work to assess sentiment. That said, it might very well be worth the effort to take your audience’s temperature once in a while. It’s invaluable feedback for your social strategy, your product team, your sales department
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