In Episode #174, Eric and Neil discuss the two social media metrics that actually matter. These metrics are THE indicators that show whether or not your marketing strategy is working. Tune in to find out what they are and how to improve upon your ratings.
Time Stamped Show Notes:
- 00:27 – Today’s topic: Which Social Media Metrics Actually Matter?
- 00:44 – First metric is the engagement rate—the number of reach of your post divided by those who shared, commented, or liked your post
- 1:03 – Engagement rate is how effective your post is in social media
- 1:15 – You can check the engagement rate in Facebook insights or to some extent, in YouTube
- 1:38 – Neil shares that in social media, the more people are engaged, the more likely they will buy
- 1:40 – Engagement is not about the number of fans, but how they respond to your posts
- 1:53 – For example, HubSpot’s fan page in Facebook has over a million fans but they are not engaged
- 2:15 – Another tracking metric is the ROI
- 2:22 – Social media marketing costs Eric 100,000/month, but he makes more than that from social media marketing
- 2:31 – Funding campaigns in social media marketing for ROI can really be profitable
- 2:40 – For people struggling with the engagement rate portion, they should look up Avinash Kaushik
- 3:07 – Avinash has posts about the engagement rate and how to measure it
- 3:26 – Neil also likes ROI as a metric—their Pinterest conversion rate is 2.31% and potential customers are staying longer
- 4:03 – Social media marketing metrics is different in different times of your business
- 4:35 – Set a target growth rate week over week, then adjust targets quarterly
- 4:54 – You may not be able to maintain that growth rate, but it can be a good measuring stick for you
- 5:14 – Engagement and ROI are the two main metrics
- 5:18 – That’s it for today’s episode
3 Key Points:
- The two main metrics to focus on in social media is the engagement rate and ROI.
- Social media marketing can really be profitable, as long you do it right.
- Set your own growth rate and work to achieve it—adjust the rate as your business changes over time.
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