Five social media metrics for small business and how to track them

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Social media metrics for small business

There are various social media metrics that you can use to track your business progress in the social world. In this blog, I will share the five most essential metrics small businesses can implement right now to measure their social media performance and meet business goals.


A growing number of businesses adopt various social media channels to improve customer satisfaction, create brand awareness and reputation, support marketing initiatives, and increase sales and revenue. However, the adoption, implementation, and maintenance of social media channels come with costs. It is imperative to assess whether the benefits derived from adopting these platforms justify the costs. The key metrics used to do this assessment are described below.



  1. Audience Growth Rate


This measures how your growth on the social media channels you are operating. This rate tells you if you’re heading in the right direction with your growth strategy.


How to track it:


Divide the number of new followers you gained over time by the total number of followers and multiply by 100 to get your audience growth rate percentage.


  1. Content Reach


This rate measures how many people have been reached since you posted your content. This rate will indicate the best time of the day to post and which day is best to post. You will see the times and days you get maximum reach. This metric also indicates the hashtags being used are relevant to reach your target audience. 


How to track it:


Divide your post’s reach by your total number of followers and multiply by 100 to get your content reach percentage. 


  1. Engagement Rate


This rate measures the number of engagements your post receives. This metric is another essential indicator that tells you if your content is resonating with your target audience. The important thing here is that you can improve this metric relatively quickly. Just ask questions or place a call to action on every post and respond to every post. This two-way communication can dramatically increase your engagement with your community. 


How to track it:


Add the total post likes, comments, and shares and divide by your total number of followers and multiply by 100 to get your average engagement rate percentage. 


  1. Virality Rate


This metric will tell you the number of people who shared your post relative to the number of unique views it had during a reporting period. This metric tells you what type of content is getting high share and value. Analyze your best post-performance and repeat the process. 


How to track it:


Divide the number of shares by the number of impressions ( the number of people that viewed the post) and multiply by 100 to get your virality rate percentage.


  1. Conversation Rate


Conversation rate is the ratio of comments per post to the number of followers you have. This metric is a strong indication that your business is genuinely engaging with your followers. This metric also shows if your audience is comfortable enough to express their voice with your business. 


How to track it:


Divide the number of comments you received during a period by your total number of followers and multiply by 100 to get your conversion rate percentage. 



Five social media metrics for small business


Written by: Rejane Stratton


#socialmediametrics #digitalmarketing  #socialmedia  #contentstrategy  #digitalanalytics  #webanalytics  #digitalmarketingtip  #socialmediametrics  #smallbusinessownertips #smallbusinessownercheck #smallbusinessmarketingstrategy  #smallbusinessownersrock 




Reference


Shleyner, Eddie (2020). 19 Social Media Metrics That Really Matter—And How to Track Them. Available at: https://blog.hootsuite.com/social-media-metrics/ (Accessed: 10 April 2021).


Uyar, A., Boyar, E. and Kuzey, C. (2019) ‘Does Social Media Enhance Firm Value? Evidence from Turkish Firms Using Three Social Media Metrics’, Electronic Journal of Information Systems Evaluation, 21(2), pp. 131–142. Available at: https://search.ebscohost.com/login.aspx?direct=true&AuthType=ip,shib,cookie,url&db=bth&AN=135153002&site=eds-live (Accessed: 8 April 2021).





Location: Dublin, Ireland

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