How to Measure Social Media Marketing Performance? Essential Matrics and Things to Consider

Social media is a powerful tool for any business. However, it’s only effective if you know how it’s working. That’s where tracking your social media performance comes in. 

Research shows that over 80% of people use social media to connect with brands. So, if you’re still not seeing your desired results, it’s time to look closer. Especially in a competitive market like the UAE, you should have the correct data. 

With the correct information, you will know if your strategies are working or need to change. Social media data helps you find trends and see how people engage with your content. 

So, how do you measure social media marketing performance? This article will show you simple ways to get the data you need. 

10  Social Media Metrics to Measure Marketing Performance 

HiveMind has listed the metrics to measure your social media success in the UAE. Let’s discuss them with the needed formula and a quick example: 

1. Engagement Rate

This major metric helps you know how well your audience interacts with your content. Typically, it gives results in the comments, shares, and other interactions on your posts. However, to calculate this, you have to divide the total engagement of your posts by the number of followers. Then multiply the result by 100.

For example:

You have 500 engagements and 5,000 followers. Then, the engagement rate would be 10%. A higher engagement rate means your content perfectly fits your customers’ needs. 

2. Click-Through Rate (CTR)

CTR is the number of clicks your content receives compared to how often it shows in front of them. This metric gives insight into how well your content or ads connect with your audience. 

However, to calculate CTR, divide the number of clicks by the number of impressions and multiply by 100. 

For example, your ad was shown 1,000 times and received 100 clicks. Your CTR is 10%, which means 10% of the people who saw your ad clicked on it.

3. Conversion Rate

The conversion rate shows how well you turn your audience into paying customers. It can be when your audience purchases a product or signs up for a newsletter. The metric is important when you’re running business campaigns and want to evaluate your ad effectiveness. 

However, it is easy to measure it. Just divide the number of conversions by the total number of visitors. Then, you have to multiply it by 100. 

For example, if 20 people saw your post and bought something out of 100, your conversion rate is 20%.

4. Follower Growth Rate

It is the percentage of increasing follower rate over a specific period. It is one of the essential social media metrics that monitor your brand’s awareness when running a campaign or community. 

However, to calculate your follower growth rate for social media, subtract your previous number of followers from your current number. It is your new follower rate. Now, divide the number by your previous follower number. If you want in percentage, multiply your answer by 100. 

For example, if you had 1,000 followers and now it has increased to 1,200, you have a 20% growth rate.

5. Return on Investment (ROI)

This key metric measures the profit you gain from your social media posts on your investment. The ROI formula is profit minus cost/cost. You can use this metric to evaluate an investment’s efficiency. It will tell how well your investment is performing compared to its cost. 

For example, if you made $15,000 from a $3,000 effort, your ROI would be 4, or 400%. A higher ROI means you had a productive investment. 

6. Social Share of Voice (SSoV)

This social media engagement metric measures how much your brand is searched on your social media platform compared to your competitors. It is the best way to determine your brand visibility and take action to address any gaps. You can also understand your position in the market.

Here’s a simple formula to calculate the SOV for your social media platform:

[SOV = (Your brand mentions / Total mentions of your brand and competitors) x 100]

For example, if you have 300 mentions of your brand and your competitors have 1,200 mentions in total, then your SOV would be:

SOV = (300 / 1,500) x 100 = 20%. It means 20% discussion about your brand on your platform.

7. Customer Retention

If you want to know your business’s success and customer loyalty, this is the metric you must take. It tells you about your business’s ability to turn customers into retained ones. It is likely how they keep buying your products. By doing so, you can get your local customer insights and precise statistics. 

To measure this important metric, follow this simple formula:

[(The number of customers at the end—new customers you acquired over time)/ total number of customers] x 100.

For example, you start your business with 1,200 customers and end with 1,500 customers. Over time, you gained 800 new customers. Then, your customer retention rate is 58.33%.

8. Cost Per Click (CPC)

CPC is the popular rate of how much you’ll get per click of your customers in that specific ad. You will calculate it by the total cost divided by the total number of clicks you get. For example, you spent $150 on ads and got 300 clicks. 

Your CPC is $150 divided by 300, which equals $0.50 per click. This important metric helps you measure your ad advertising campaigns. 

Using this, you can optimize your ads and adjust the content as needed. The term is also known as pay-per-click (PPC) in the SEO industry. A lower CPC means your ads are efficient and cost-effective at driving traffic to your site.

9. Video Completion Rate

The video completion rate is the percentage of viewers who stay on your video from beginning to end. A high completion rate means your videos are informative and compelling enough to engage viewers. 

Besides, lower rates indicate the space for your improvement. However, to measure this rate, divide the number of viewers who finish your video by the total number of views who stop watching before the end. Typically, a VCR rate of 70–80% is excellent, and under 50% is considered poor.

10. Net Promoter Score (NPS)

NPS is another important metric to gauge customer loyalty to a brand. The measure is taken by asking customers how much they’d recommend that specific product on a scale of 0-10. 

You can use this effective metric to measure your customer satisfaction. Measuring the NPS is simple. You will ask your customer about your product. Now, group the responses into Detractors (0-6) and Passives (7-8) and keep the Promoters in 9-10. 

Then, subtract the percentage of detractors from the percentage of promoters. For example, if 15% are detractors, 25% are passive, and 60% are promoters, your NPS score would be 60 – 15 = 45.

Major Things to Consider When Measuring Social Media Marketing Performance

When you are measuring your social media performance, here are some major considerations you should keep in mind: 

1. Set Goals and Objectives

You have to fix what you want to get from your social media activities. Do you want more followers, more likes, or more sales? A clear and defined goal will help you see whether it works as you wish. For example, if you want more likes, track how many posts meet your desires.

2. Track Platform-Specific Metrics

Different social media platforms have different ways to measure success. For instance, you need to check and ensure that you pick the right metric and measure your performance and success.

3. Incorporate Customer Feedback

When measuring social platform performance, make sure you include customer reviews and feedback on your brand. You can gather feedback by checking their comments, direct messages, inboxes, or reviews. You will get valuable insights into how your audience is engaging.

4. Monitor Your Competitors

Check what other brands on your similar platform are doing. Look for their posts that get more likes, shares, and engagements. Thus, you’ll identify weak points in your activities and find ways to improve them.

5. Conduct A/B Testing

Try effective A/B testing for social media measurement. With this, you will see which one of your posts works better. With this test, you can post two different versions of something and determine which one performs well. It is the quickest way to learn what your audience demands from you.

In Closing

Social media is where you get a complete idea of how well your business runs. As most customers prefer these platforms to connect with the brand, measuring your performance is key. 

However, with so many methods available, it is normal to get confused about how to measure social media marketing performance. Choose the right metrics according to your platform and get an idea of what’s working, what needs improvement, and how to better engage with your audience. For a more accurate measurement of SMM performance, contact our expert marketers.

Frequently Asked Questions 

How often should I track my social media performance?

It would be good if you could measure your social media performance at least once a month. Regularly tracking the performance can catch any problems early and let you make adjustments as needed.

How can I create content that connects with my target audience?

You should know your audience first. Understand their interests, preferences, and pain points, and then create engaging and informative content.

What are some free tools for social media analytics?

You can use Facebook Analytics, Twitter Analytics, Hootsuite, and Google Insights. These built-in tools will give you a clear idea of your social media performance for free.