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Archive for November 2013

5 social media metrics that your business should be tracking

Posted Friday, November 1st, 2013

1. Reach

Metric to track: Audience Growth Rate

Tracking benefit: Directly connect social media data with business’ profits

Related metrics: Audience Growth, Total Followers

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

2. Engagement

Metric to track: Average Engagement Rate

Tracking benefit: Make engagement numbers meaningful and actionable

Related metrics: Reach, Overall Engagement, Audience Growth Rate

As your Audience Growth Rate follows a positive level of growth, you also need to ensure that you’re speaking to the right people – and that those people are listening.

3. Acquisition

Metric to track: Visitor Frequency Rate

Tracking benefit: Optimize targeting of new and returning visitors

Related metrics: Click-Thru Rate, Impressions from Social Media

Although total acquisitions from Twitter and Facebook are far lower than from organic Google search, the Return Visit % demonstrates these network’s unique value to your business.

4. Conversion

Metric to track: Assisted Social Conversions

Tracking benefit: Directly connect social media data with business’ profits

Related metrics: Last Click (Direct) Conversions

Beyond getting visitors to your brand’s website and then getting them to return, you should clearly define goals for how you want these visitors to convert into sales or other desired actions.

5. Activity

Metric to track: Customer Service Savings

Tracking benefit: Show impact on business’ bottom line

Related Metrics: Customer Service Costs, Social Media Posts

Go beyond post counts and content types to connect social media activity with profits. Combine your social media data with other data related to your business, and derive information like Customer Service Savings. Your business’ savings from social media equal the average time to complete traditional customer service, multiplied by hourly cost of customer service. Repeated 100 or 1000 times over, this translates to significant savings for your business.

Avg. Time x Costs Per Hour x Customer Service Inquiries Completed = Savings

(If you’d like to get even more precise, subtract out the costs of answering those inquiries through social media)


 
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