Chances are you are measuring the progress of your social media in one way or another. But are you measuring the right metrics? Especially if you are big business or brand, you may feel like you have it figured out. You have thousands of followers, likes, and subscribers but if you really want to get more out of your social media metrics, we picked up a few tips from Digital Marketing Guru, Avinash Kaushik. He suggests four key metrics you can use to take your business or brand to the next level. We have put together a series of blog posts to guide you through all four. In this post, we are going to give you a very high-level view of each of the four key metrics Kaushik suggests.
Let’s start with Conversion Rate, this is a term that can mean many things to the marketing world. Some marketers consider it to be a measure of a site visitor turning into a paying customer. In this instance, since we are talking about social media metrics, we will refer to it as the number of audience comments or replies per post.
We move on to Amplification Rate. This term Kaushik uses to define the rate at which your followers or subscribers share your content with their own network of followers or subscribers. So think of retweets or shares of any kind.
Next, we want to measure Applause Rate. Applause rate refers to the number of likes, +1s, or favorites per post. This goes beyond just total likes on your business’ Facebook page. In this context, “likes” refers to the people actually taking the time out of their day to read a post and click that cute little “like” button.
Finally, we want to measure Economic Value. We know it can seem impossible to connect social media metrics to economic value but trust us, in future posts we will cover this thoroughly. For now, think of it sort of as a goal value using micro/macro conversions.
To learn more about these metrics stay tuned for the next few weeks. We’ll have posts that elaborate on all of them. In the meantime, we would love to hear the social media metrics that matter to you most. Are there any you want to add? Comment below and let us know what you think!