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The late W. Edwards Deming, an esteemed American statistician and professor, once said, “In God we trust; all others bring data.”
The clever comment illustrates the importance of measurable information in many aspects of life, especially in business. One of the areas where data is most important is in social media management.
So why is measuring social metrics so important? We’ll explain why here, and show you the most important metrics you should track.
Explain the Value of Your Work
On the grand scale of business tactics, social media strategy is relatively new. Social media as we know it has only been around for a little over a decade, and businesses taking advantage of it is an even more recent occurrence.
Many high-level bosses who have been working far longer than social media has been around might still have doubts about social media. Even executives who understand that it can be a great tool may not realize all of its benefits.
Of course, as a social media manager, your very career depends on social media being a priority for your company.
No matter who your boss is, they all understand numbers. By tracking metrics and showing how important your work is, you prove the value of your role. By extension, you give yourself better job security.
More Results Equals a Bigger Budget
Business owners rightfully don’t like wasting money. Any dollar they spend should be an investment that brings value right back to them.
As such, the things that provide a better return on investment will continue to see that investment, and in larger and larger sums.
Metrics can show that the various tactics and campaigns you do on social media are actively contributing to business goals. Showing a strong ROI means you have more leverage to pitch for a bigger budget and even a bigger salary.
Show You What You’re Doing Right and Wrong
Recording data isn’t just for your boss. It’s also to help you do your job better.
As a social media manager, you should always be evaluating what you do and how you do it. Analyzing metrics is an essential part of this.
If you see one type of tactic is performing better than another, you know which one to put more focus on going forward. If you had a social campaign that was particularly successful, it’s likely a similar campaign will be effective again in the future.
Every business strategy should be backed by research and data. Social media solutions is no different.
The Most Important Social Metrics
Getting lots of retweets and followers is nice, but they’re not the most important metrics when it comes to proving ROI.
Here are three key metrics to focus on when proving value:
Brand Awareness
A person can’t buy from your company if they don’t know about you. Social media is a great opportunity to introduce people to your brand and establish yourself as a respected company online.
Click-Thru-Rate
Your CTR shows how many people clicked on a link you posted on social media. A major goal on social media should be to direct people to your website, and CTR shows how often you succeed at that.
Conversion Rate
The conversion rate shows how often somebody who clicks on a link you share actually does something after visiting – signing up for a newsletter, making a purchase, etc.
Learn More About Social Media
Social Media is always changing, so it’s smart to follow industry news and to keep reading and learning.
For more insight on social metrics and other social media topics, visit our blog.