We have been observing the world swiftly transition into the state of cybernation. These days, everyone just wants everything to be digital, from experiences to products. It is believed that this digitalization will help make products and services more available and accessible to a larger audience base. Of course, the pandemic played a huge role as a catalyst in this transition, not only did it boost the trend but also made sure that it is here to stay. We often notice market trends come and go, very few tend to stick around, but here is the thing about digitalization it’s not just a trend anymore it is the portrait called future. During this transition the most effective tool is social media. Yes, we are aware that you have undoubtedly heard this a number of times, but have you seriously considered its significance in the present? It is time to accept that digitalization is now a lifestyle, people have accustomed to its ease and convenience, consequently, it is essential for companies to play their best game in light of this tendency. Managing busy lifestyles along with the pandemic - stay at home mindset and getting to do things just at your fingertips is luxury, a luxury that is not exclusive.
We all know that social media is the most efficient tool for reaching out to your target audience. These days, one of the primary channels for customers to interact with brands is social media. The key to successful social media assessment is knowing which metrics, in light of your objectives, are most important to your company. The data points that demonstrate the effectiveness of your social media strategy are known as social media metrics. Metrics are the foundation for continual growth and progress because they help you understand anything from how many people view your content to how much money you make from social media. You are playing a guessing game if you're not tracking progress toward specific goals. Here are the top metrics to track in order to finish 2022 on a high note:
Awareness metrics
Brand mentions: total amount of online brand references throughout a certain time period
Reach: how much of your audience is made up of followers as opposed to unfollowers. Your material is being shared, performing well in the algorithms, or both if a large number of people who are not followers are seeing it.
Impressions: indicates the number of times people saw your content
SSoV or Social Share of Voice: how many people mentioned your brand compared to your competitors, either by directly tagging your brand or indirectly by mentioning your brand without a tag
Engagement metrics
Confused calculating the engagement rate? Here is your cheat sheet:
Engagement rate is calculated as total engagement divided by the total number of followers, all multiplied by 100
The engagement rate formula by followers for specific platforms:
Facebook: reactions + comments + shares divided by the total number of followers, all multiplied by 100
Instagram: likes + comments divided by the total number of followers, all multiplied by 100
Twitter: likes + retweets divided by the total number of followers, all multiplied by 100
LinkedIn: likes + comments + shares divided by the total number of followers, all multiplied by 100
Engagement rate per post by followers: {[(likes + comments) / posts] / no. of followers} x 100
Engagement rate per post by reach: {[(likes + comments) / posts] / reach} x 100
Conversion metrics
Conversion rate: can be tracked through downloads, registrations, subscriptions, installations, etc.
CTR or Click-Through Rate: number of clicks a post gets and divides it by the number of impressions
CPC or Cost per Conversion: divide the total cost of your social media marketing campaign by the number of conversions you received
CPM or Cost per Thousand Impressions: amount you pay every time a thousand people scroll past your sponsored social media post
Bounce rate: % of users who clicked on a link in your social media post but quickly left without taking any action
Customer care metrics
Customer reviews: any positive or negative reviews, comments, assessments, or endorsements received by your brand during a specific time period
Customer response rate: this social media metric quantifies how many messages you have responded to on your social accounts
How to calculate it? divide the number of replies you have given by the number of people who engaged with your page and multiply it by 100
Customer response time demonstrates how quickly such messages and comments are responded to
Customer satisfaction: this metric defines the satisfaction level of your customers with the brand’s product/ service
ROI metrics
Top referring social channels: this identifies which social platforms are most effective at driving
traffic to your website and all this data is available on your Google Analytics account
Revenue from social channels: the ultimate metric for proving the value of your social media work is revenue from social channels
Now I know you are expecting concluding thoughts, instead of that let me interest you in two companies that failed digitalization and trust me it is a shocker.
Number 1. Ford Their take on digitalizing was to create an entirely new venture called Ford Smart Mobility (2014), its goal was to create digitally enabled vehicles with increased mobility. The reason for their failure was that their “new” venture was so new that it was totally cut-off from the rest of the business units which led to concerns regarding quality and a dip in Ford’s stock price.
Number 2. Procter & Gamble Well they really did Gamble by not having a purpose before stepping into the digital transformation. The additional plummeted economy made things worse for P&G from the start, finally the CEO had to resign.
A digital transformation is rather tricky while it might seem all sorted on paper it might produce challenges on the journey.
Let us know how these companies could have saved themselves.
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