Useful metrics that can help you measure your social media value

by hr forhad

All points of the marketing strategy will touch on social media at some point because it has a major impact on all aspects of a brand or company today – whether you are dealing with customer service or audience research. However, it is challenging to quantify your results and investment into social media at times, while failing to present quantitative analysis leads you to wonder whether it is worth investing in.

Knowing the value different platforms bring to a business is essential to understanding how to measure the value of your social media efforts. Therefore, we will examine some useful metrics you can rely on to tell you the success rate of your social media marketing efforts and ensure they align with your brand goals.

RoI (Return on Investment)

When attempting to see the value of RoI, you may wonder whether it is worth it spending time replying to tweets or liking posts on Instagram and TikTok. An RoI seeks to answer these questions since you can measure social platform campaigns or overall marketing results.

To calculate your brand’s RoI percentage on social media, you will do it by:

Profits/Investment x 100

In this case, Investment represents the total cost of your marketing efforts on social media, while the profits represent the money you have earned from your marketing efforts. This method is helpful if you are doing social media initiatives and campaigns that you can attribute to revenue, like paid ads, but it may not help much if the results are less tangible, such as when you buy tiktok likes in an attempt to increase your reach.

In such cases, you can use non-monetary measurements, such as increases in newsletter signups or an increase in your audience numbers. Different businesses will use different RoI assessment inputs depending on the goals and industries they are based in.

Using website traffic

website traffic

As a consumer, you may notice that you take several steps after deciding to follow brands on social media – some will visit your physical store, others will buy online, and most will visit your website. You will therefore need to track the value you get from different social media platforms to your website traffic.

Social media platforms such as Instagram and TikTok play a major role in driving user traffic to your eCommerce store. When people click on links you post on your socials, these are referral traffic. The most prominent options are Facebook, YouTube, and Twitter.

The extent of brand awareness

As long as your brand is on social media, you stand to benefit in some way, so you need to strive for brand awareness. Some studies show most consumers are willing to purchase from brands they know, with one study revealing that 80% of consumers were willing to do so. Therefore, you will need to prioritize increasing your Instagram audience reach to know the social media value you are getting from your efforts.

There are various methods you can use to increase brand awareness, such as encouraging user reviews, posting targeted video ads, and re-sharing posts. Using influencers is another method, as another study revealed that about 90% of millennials read reviews from other social media users before making purchasing decisions.

Check engagement rates

Engagement rates on social media encompass a wide range of criteria, from incoming messages to views, follows, reposts, likes, and clicks. Your customer service responsiveness also contributes to the engagement you get.

Ensure that you learn to leverage your online presence, which will assist in improving your audience interactions and customer service within the platform your audience uses. The stronger your customer service is, the better impression you make on your customers and potential clients as well.

Sales and lead generation

Sales and lead generation

Many marketers have a common social media goal of reaching customers when they are considering making purchase choices. For instance, the customer will compare several options where they can buy items such as furniture before deciding which choice fits their needs the most.

To increase your lead generation, you will need to make it as easy as possible for consumers to purchase your service or product, as well as create unique tracking links. Social media platforms are making things easier for businesses as well since they allow you to set up a store on your business profile, which allows your customers to buy from you without leaving the app.

There are numerous forms of value from social media for brands, and you can use several metrics to measure the value it brings. 

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