This post provide advice on how to measure the impact of your social media marketing efforts, what metrics to use and what matters most.
Following three metrics are essential for measuring the success of any social media marketing efforts. Let’s look at them one by one.
1. Brand Reach
A company’s online brand is driven by the net effect of all the social interaction made by your company. The first metrics to measure your brand’s digital health is Brand Reach; it can be measured as follows:
Brand Reach = Facebook fans + Twitter followers + Google+ followers
So Brand Reach essentially is potential number of people you can interact with over social networks.
2. Content Reach
The viral nature of social network make it possible for your piece of content to spread even beyond your Brand Reach. This happens when your followers/fans share your content with their network; hence the number of people who viewed/interacted with your content is called Content Reach and it is measured as follows:
Content Reach = Brand Reach + Σ (shares x Reach of each sharer)
If this is getting overwhelming to you, allow me to explain this with an example. let’s suppose your brand’s Facebook page has 1000 fans, and you posted a contest on your Facebook page which is liked by 3 fans. Then you can start calculating Content Reach as follows:
Content Reach = 1000 + reach of 1st sharer + reach of 2nd sharer + reach of 3rd sharer
now assume first sharer has 200 friends, second 300 and third 500 friends then the Content Reach is calculates as:
Content Reach = 1000 + 200 + 300 + 500 = 2000
So using Content Reach you can get a pretty clear picture of your potential audience.
Being one of the most important areas to measure in social media, Engagement tells us how people are participating in a conversation about your brand and what they are doing to spread your content. Engagement can be measured at both Brand and Content level,lets see how.
Content Engagement = (no. of Likes + Shares + Comments) / (Content Reach)
Comparing Content Engagements for various content type can give you insight into what your audience finds most interesting. (sometimes it may surprise you).
Brand Engagement = Total Engagement (Likes + Shares + Comments + Replies + re-tweets) / (Brand Reach)
Comparing your Brand Engagement with competitors can give insights into the quality of your community and effectiveness of your Social Media efforts.
Sometimes Brand Engagement and Brand Reach do not give right insights on the success of your marketing efforts because having a good Brand Reach without a significant engagement is not enough and same applies for Brand Engagement. To overcome this problem we can simply calculate Attention as follows:
Attention = Engagement x Reach
Attention metrics gives a complete picture about the reach of your content as well as the audience engagement.
Hope this post was useful to you and you are better equipped to measure the performance of your next Social Media Marketing Campaign.