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Social Media Metrics to Track in 2024

by | May 30, 2024

Nowadays, social media has become the face of your company. It’s the platform where you connect with customers, build brand awareness, and drive engagement. Given its potential, it’s essential to set clear goals from the start, each with specific metrics to measure success. So, what are metrics in social media? 

Here’s the key: not all social media channels are created equal and shouldn’t be measured by the same metrics. Tracking the right metrics for each platform ensures your social media efforts pay off. This article will guide you through the essential social media metrics to track and effectively measure your growth and achieve your business goals.  

Why is it Important to Track Social Media Metrics?  

Social media metrics are more than just vanity numbers. They’re the key to unlocking valuable insights about your online presence and maximising your investment. Here’s why tracking these metrics is crucial: 

Understand Each Channel’s Contribution to Your Business 

Different social media platforms cater to different audiences and serve unique purposes. Facebook might be ideal for brand awareness and community building, while LinkedIn excels in professional networking.  Tracking metrics helps you identify which platforms drive the most website traffic, leads, sales, or brand mentions. This allows you to:  

  • Focus your efforts: Allocate resources towards platforms that contribute to your business goals.  
  • Diversify your content strategy: Tailor content to each platform’s strengths and audience preferences.

Measure Channel Effectiveness

Not all social media engagement is equal. Metrics go beyond simple follower counts and goes deeper into how your audience interacts with your content. By tracking metrics like engagement rate (likes, comments, shares), click-through rates, and reach, you can gauge:  

  • Content effectiveness: What type of content resonates most with your audience?   
  • Campaign performance: Are your social media campaigns achieving their desired outcomes?  
  • Target audience alignment: Are you reaching the right people with your message? 

Tracking these metrics allows you to continuously refine your approach, ensuring your social media efforts effectively achieve your business objectives.  

Social Media Metrics to Track  

1. Growth Metrics  

Growth metrics in social media focus on the expansion of your audience. They track how many new followers you gain over a specific period and the rate at which your audience is growing. This helps you understand if your social media efforts attract new people and expand your reach. Here are some of the metrics:  

a. Follower Growth

how to count followers growth

Follower growth is not only about counting new followers. It considers the percentage of your total audience. This means a small brand with just a few followers can see a high growth rate with a modest gain of new followers. But for a larger brand, it takes a much bigger influx of new followers to achieve the same growth rate.  

To calculate this metric, track the net new followers you gain over a specific period. Then divide this number by your total audience and multiply by 100 to get your audience growth rate as a percentage. This helps you measure the effectiveness of your efforts in attracting new followers on each social media platform.  

b. Engagement Rate

how to count engagement rate

Engagement isn’t just about getting likes on your social media posts. It’s about any action your audience takes, such as liking, commenting, sharing, or saving your content. This shows they’re interested and interacting with what you’re putting out there.  

Engagement rate measures how many people in your audience engage with your posts. To calculate it, you add all the likes, comments, shares, and saves on a post, then divide that number by your total number of followers and multiply by 100 to get a percentage. This tells you what proportion of your audience actively engages with your content.  

c. Reach

Reach is a social media metric that tells you how many unique people saw your content, regardless of whether they follow your business account. It’s a key indicator of how visible your content is beyond your existing audience. A high reach, particularly among non-followers, suggests your content resonates with a broader audience and has the potential to attract new followers. This can be an excellent sign for expanding your reach and brand awareness.  

d. Impression

Impression is a social media metric that tracks the total number of times your content is displayed across a platform. This includes every time someone sees your post, story, or ad, regardless of whether they interact with it or not. Unlike reach, which focuses on unique viewers, impressions can be higher because a single person might see your content multiple times.  

Calculating impressions is straightforward. Most social media platforms provide analytics dashboards that display this metric directly. You’ll see the total number of impressions for your profile or individual posts. This allows you to see how visible your content is and how many people you’re potentially reaching with your message.   

2. Business Metrics  

Social media metrics aren’t just about vanity metrics like follower count. Business metrics goes into examining how your social media presence translates into real-world results. Note that some businesses might gain more conversion on social media, such as consumer goods companies. But other businesses might not gain much conversion and must go through a more complex customer journey. 

Business metrics include metrics like click-through rate (CTR), which shows how effectively you drive traffic to your website, or conversion rate, which measures how many clicks turn into sales or leads. By tracking these business metrics, you can understand the return on investment (ROI) of your social media efforts and identify areas for improvement.  

a. CTR  

how to count ctr

CTR, or click-through rate, measures how effectively your social media posts drive people to take action. It tells you what percentage of people who see your content click on a link, image, or call to action. A high CTR indicates that your content engages and effectively piques users’ interest to learn more.  

Calculating CTR is a simple formula. You divide the number of clicks your post receives by the total number of impressions (the times it was displayed). Then, multiply that number by 100 to express it as a percentage. Most social media platforms will display your CTR alongside your impressions data, making tracking how well your content converts viewers into clicks easy.  

b. Conversion Rate

how to count conversion rate

The conversion rate in social media is not only about clicks. It tracks how many clicks from your social media posts translate into achieving your specific goals. These goals can vary depending on your business. Still, they include purchasing, signing up for a newsletter, or downloading an app. A high conversion rate indicates that your social media strategy effectively drives valuable actions from your audience.  

To calculate your conversion rate, divide the number of conversions you get from social media by the total number of clicks on your social media links. Multiply this result by 100 to express it as a percentage. Tracking conversion rate alongside click-through rate (CTR) helps you understand how well your social media efforts are driving not just clicks but actual results for your business.  

Social media can be a goldmine for customer insights only if you measure the right things and use the right tools. VA For Everyone’s social media assistant takes the guesswork out of the equation, helping you track key metrics and optimise your campaigns for actual results.  

Our social media virtual assistant could help you achieve your business goals by using every possible channel, including social media. 

Click here to explore more about VA For Everyone’s social media assistant and discover the other valuable skills it brings.