Social Media Metrics That Actually Matter: 4 Ways to Use Social Data to Drive Business Results
When I first started managing social media profiles for brands 15 years ago, we spent a lot of time working to increase our follower/fan counts. It’s what we reported on monthly and what we told leadership was important.
After all, fan count was a measurement of potential reach initially — and brands spent a lot of money to increase that reach count because more social media followers could mean more web traffic, music plays, email subscribers, leads and sales. But, as you know, that fan count metric started to become less important as social algorithms evolved and follower counts didn’t provide the reach and engagement it once did.
Fast forward to today and follower count is mainly just a vanity metric that doesn’t mean much from a social business perspective. It doesn’t guarantee reach or engagement — and it isn’t even a sign that your brand has a legit community. There are too many fake accounts, bots and people who randomly (or mistakenly) followed your page a while ago, but haven’t interacted with your brand in years.
So here are four ways to think about ways to use social metrics for business:
1. Ignore social vanity metrics (e.g. follower counts) and focus on the engagement metrics that impact your business.
There are many social data points that are helpful to analyze in order to improve social campaigns and content strategies, but not all are useful to driving social business results.
It’s important to step outside our social media roles and think about the data sets that are important and actionable for business leaders.
Here are some helpful metrics that you should consider tracking to for business results:
- Web traffic from social channels
- Revenue and sales
- Leads & email subscribers
- Reputation, brand sentiment, community growth
- Customer care issues & complaints
- Competitor analysis and industry issues trending
And, remember, the social data that you have access to evolves so make sure to keep an eye on new data points that can help you and your leaders in the future. For example, video watch times, peak live viewer counts, video CTR and completion rates can inform your future video social strategy on each platform.