Brands see social media as a chest full of opportunities for their digital marketing efforts. However, once you enter the realm of social platforms, you quickly realize that skyrocketing your social media ROI requires substantial investments.
It can become burdensome if the expected results are elusive. So, what steps should you take in this scenario? How can you aim for the glamorized social media ROI shown in success stories?
My answer is straightforward. Employing a blend of creativity and analytics is the key to taking your returns to new heights. The more you understand your target audience, the better you can tailor your creativity to align with their interests.
Here is my comprehensive guide to maximizing your social media ROI through analytics.
Importance of Analytics for Escalating Social Media ROI
There are two ways of measuring social media ROI success. The first approach involves looking at community engagement, tags, audience feedback, and shares to determine how well your campaigns perform.
However, if you’re planning world dominion, this isn’t the strategy to get you there.
The other approach guarantees more verifiable results. It involves utilizing the power of data to create more engaging content and forge strong community management.
Not only does this make your content more clickable, but using data can also help you with competitor analysis, enhancing your social media ROI and brand monitoring.
8 Analytics to Monitor for Maximum Impact on Social Media ROI
Social media analytics indicate how many people engage with your content and how often they do so.
Below are several metrics related to social media engagement and their pivotal roles in boosting your social media ROI.
Engagement Rates
Engagement rates demonstrate the number of engagements, such as reactions, shares, and comments on your social media posts, as a percentage of your total audience.
Typically, your followers comprise your audience. But not every one of your followers will engage with your posts.
Similarly, some individuals might belong to your target audience but remain unaware of your brand. For this reason, it’s vital to lay down your specifics before you start your calculation.
Here’s a benchmark for Instagram’s post engagement rate:
- Education: 2.03%
- Financial services: 1.69%
- Government: 1.96%
- Healthcare/Wellness: 2.24%
- Travel/hospitality/leisure: 1.73%
Amplification Rate
The amplification rate shows the ratio of shares on each post to the total followers. It is the rate at which your followers share your content throughout the network.
An increased amplification rate is thus associated with a broader reach within your follower base.
Here’s a benchmark for Facebook’s amplification rate:
- Education: 0.05%
- Financial services: 0.06%
- Government: 0.06%
- Healthcare/Wellness: 0.08%
- Travel/hospitality/leisure: 0.03%
Reach
Reach is the number of people who are viewing your content. Calculating your average reach and the reach of each post, video, and story is always a good idea.
Another strategic option involves analyzing what percentage of your reach comprises followers versus non-followers.
If a greater chunk of your reach consists of non-followers, your content is being shared or performing excellently in algorithms.
Here’s a benchmark for Facebook’s page reach:
- Education: 273K
- Financial services: 164K
- Government: 497K
- Healthcare/Wellness: 170K
- Travel/hospitality/leisure: 366K
Impressions
Impressions indicate how many times people viewed your content. They can be measured by individual posts or your overall social media profile.
If your impressions are higher than your reach, it implies that the same people view your content multiple times.
Here’s a benchmark for Facebook’s page impressions:
- Education: 374K
- Financial services: 223K
- Government: 646K
- Healthcare/Wellness: 223K
- Travel/hospitality/leisure: 485K
Video Completion Rate
The video completion rate describes the people who watched your video until the end. A high rate signifies that your content strategy is engaging and captures your audience’s attention.
This metric is also favorable for the social media algorithm. It is, therefore, important that your marketing team focuses on improving the video completion rate.
Audience Growth Rate
The audience growth rate represents the number of new followers on your brand’s social media within a specified time.
It doesn’t just count each of your new followers. Instead, it presents your new followers as a percentage of the total audience.
Here’s a benchmark for Facebook’s audience growth rate:
- Education: -0.81%
- Financial services: -0.72%
- Government: -0.32%
- Healthcare/Wellness: -1.64%
- Travel/hospitality/leisure: -2.65%
Conversion Rate
Conversion rate measures how frequently your content leads to actions like subscription, sale, or download.
It is an integral metric in social media marketing services since it shows the ability of your social campaigns to feed your funnel.
Click-through Rate (CTR)
The click-through rate shows how often users click links in your posts for additional content. It could encompass blog posts, online stores, or sign-up pages.
The CTR points to the number of times people viewed your content and are enticed to explore more.
FAQs
Conclusion
Social media may seem chaotic and inconsistent, but analytics and data can stabilize your strategies, allowing you to engage with your audience effectively. The key, I believe, lies in understanding the posts that get your audience to engage with your brands.
Once you’ve figured that out through the insights mentioned above, you can use your findings to influence your content marketing services for smooth sailing in the social realm. Remember that results don’t emerge overnight.
So, if you’re strategies don’t bear fruit instantly, recall the words of entrepreneur Gary Vaynerchuk, who said, “When I hear people debate the ROI of social media? It makes me remember why so many businesses fail. Most businesses are not playing the marathon. They’re playing the sprint.”
Stay tuned for additional tips and tactics to boost your social media ROI. Until next time!
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