Sorry about the click-bait, but we lied. We aren’t going to tell you about the only 3 social media metrics that matter, because those don’t exist. At least not in the generic form. The important social media metrics you should be tracking are not only individual to your brand, they are also dynamic, and should probably change from time to time.
What we can tell you is what to keep in mind to get going in setting your measurement plan, as well as key insights to remember when iterating it further.
Here are some common tips to remember when building your measurement plan:
1. Numbers Can Be Deceiving
Growing numbers are nice and all, but they can also be a very misleading metric.
Imagine you’ve launched a campaign that targets the wrong audience. It was (allegedly) a huge success in fan base growth but unfortunately the newcomers were totally irrelevant to your actual target audience. They might have liked your campaign’s witty creatives but are not part of the community you are trying to build.
Not analyzing who that new audience really is can be even worse than not measuring at all. It will lead you to expand your potential reach, but to the wrong target audience.
Social media is about people, so always measure who that audience is. Do they match your target persona? Are they influential in your space?
2. Compare & Conquer
Feeling you did great this month on social? How can you be sure if you’re not benchmarking your performance to other players?
Benchmarking performance is the way to be sure not only that your content is doing fine compared to others, but also that your growth exceeds them.
Monitoring brands in your space helps also in building a more competitive social strategy. With a smart comparison analysis, you can plan how often you should be posting and in which channels, when should you post to get maximum engagement, and also figure out what content would have the largest potential to work best with your target audience.
But don’t stop at tracking your direct competitors – monitor also the indirect players in your space which you can learn from. If you’re in the fashion zone, being familiar with other beauty brands can reveal new tactics that you should be aware of.
Comparing performances might start with analyzing historical data, but it quickly escalates to decoding your competitors social secrets.
Monitoring competitors gives you the keys to the Enigma.
3. Spotlight the Outliers
In addition to tracking the total accumulations, you should pay special attention to the min-max points, as these also hold tremendous learning value. Include them in your periodic strategy meeting and you’ll discover how much actionable data you can get out of those.
It’s perfectly natural to be puzzled about what you’re looking for, as it is the unexpected. Did a small campaign effort yield amazing results? Did an influencer bash your brand and no one responded? Did a competitor take part in a major industry event you weren’t even aware of?
1. Don’t fool yourself with definite numbers. Figure out what lies beneath them.
2. Monitor competitors and buzzing brands in your space. You’ll learn a lot from them.
3. Pay attention not only to trends but also to irregular events.