Most small businesses will have a social media presence these days and given that many social media users interact with companies and businesses online, it makes a lot of sense
It can be an effective way to connect with potential customers and build loyalty, but how do you know if your social media strategy is actually working? And what are the key metrics you should be measuring?
There are five main metrics that businesses should be aware of, some more crucial to your business bottom line than others.
- Follower the numbers. Often businesses can get too hung up on how many followers they have and it becomes what is essentially a vanity metric. These numbers are great from a brand awareness point of view but if your followers aren’t your desired demographic or don’t engage with your content, then they are meaningless. If you want to build your follower numbers with prospective paying customers, engage with their posts. You can do this by searching for them through hashtags or by regularly interacting with your current followers’ posts.
- Reach. Reach is the total number of unique people who view your content. This shows you whether people are viewing your posts or not. If your reach numbers start to fall, this might be due to your posting at a time your audience is not online or that your content isn’t resonating with your followers.
- Profile views. This is the total number of times your social media profile has been viewed. Profile views are also a great indication of how many people want to learn more about you and your business. If your posts, especially those with a call to action, don’t receive very many profile views, then it’s time to rethink what and how you are posting. Your audience is key here and ideally you want them to see what you do and either start to follow your page or click on your link for more information.
- Website clicks: Website clicks are importantas they measure the number of visitors to your social media platforms thatthen visit your website, which is where they hopefully go on to make a purchase. Good conversion rates vary based on your industry (two per cent for retail, 14 per cent for fitness). By tracking these numbers you will see if people are going to your website to learn more, or if there is something further you need to do, to drive traffic there.
- Engagement. Measuring the engagement rate of your social media content is one of the fundamental metrics to measure performance. The more engaged people are with your post and page the more likely you are to have an increase in reach, profile views and website clicks. It also means that people are willing to connect with your brand. But as much as you want to receive engagement you need to engage with others too. Like accounts that suit your customers, like followers’ accounts and engage with them. Spend 10 – 20 minutes a day engaging with prospective followers as well as your actual followers, as this will help you grow too.
By checking these five metrics at least every month, you will be able to understand how well your social media is working for your business. Not only will it help you identify what works and what doesn’t, but will save you time and increase your sales/client enquiries in the long run.
