Which Social Media Metrics We Should Be Concerned About In 2023?

As social media continues to be a key part of our daily lives, businesses need to keep a close eye on social metrics to gauge the success of their marketing campaigns and overall profile. With the constant evolution of social media platforms and it’s algorithms, it’s important for businesses to stay up to date on which social metrics they should be focusing on this year.

In this blog, we will dive deeper into the social metrics that businesses should be concerned about in 2023 and how to leverage them to improve their social media strategy and overall social media presence.

First off, why are social media metrics important?

Social media metrics are important because they provide valuable insights into how well a business is performing on social media. By tracking social media metrics, businesses can determine what’s working and what’s not working in their social media strategy and adjust accordingly.

Reach, engagement, impressions, conversion rate, ROI for e-commerce business, and leads generated for lead generation accounts are really important, as it enables businesses to measure the impact of their social media efforts on their overall business goals. For example, if a business’s goal is to increase website traffic, they can track how much traffic is coming from their social media channels and even which posts/stories drive the most, helping them successfully move forward by adjusting their strategy to prioritise such content types.

In addition, social media metrics provide businesses with the ability to track their return on investment (ROI). By tracking the cost of social media advertising and the revenue generated from social media efforts, businesses can determine whether their social media strategy is generating a positive ROI.

Let’s look into the key metrics…

Engagement Rate:

Engagement rate is a key metric to measure how well your audience is engaging with your content. Businesses should focus on creating high-quality content that drives engagement, such as posts that ask for user-generated content or encourage discussion in the comments section. By tracking engagement rate, businesses can determine which types of content are resonating with their audience and adjust their social media strategy accordingly.

The engagement rate showcases how well a campaign or post is doing and how it’s resonating with your audience. This can help you figure out who your audience is, what they like and what they engage in to help your business meet its overarching business goals, whether that’s conversion-based or brand awareness.

To calculate the engagement rate, divide your total number of engagements per post but the number of reach on a post and then multiply the result by 100.

Engagement / Reach x 100

Impressions:

Impressions refer to the number of times your content is displayed on social media. While this metric doesn’t necessarily reflect engagement or clicks, it does provide insight into how far your content is reaching. Focus on increasing social media impressions by creating shareable content and using relevant hashtags to reach a larger audience.

Impressions are an important metric for businesses whose main goal is brand awareness, as the more times your ad is shown, the more people know your brand and can recognise you, leading to conversions down the road.

Video Views:

Video content continues to be a popular format on social media, with platforms like TikTok, Instagram Reels, and YouTube seeing significant growth in recent years. Focusing on creating high-quality video content that engages their audience and drives views. By tracking video views, businesses can determine which types of video content are resonating with their audience and push out similar formats to capitalise on this.

Your video content should display a message that your audience is interested in and will either resonate with or engage with and with video content on the rise, it’s important that its interesting, short and snappy and sends a message that matches your business ethos, branding and creates something meaningful in a world of online saturation.

If you’re selling hair tools, having UGC videos showcasing how to use it and the benefits can mean people are 73% more likely to purchase a product after watching a YouTube video about it.

Conversion Rate:

Conversion rate refers to the percentage of users who take a desired action, such as making a purchase or filling out a form, after clicking on a social media ad or post. Optimising your social media ads and posts to increase conversion rate is important for any business objective, as you are aiming for an action to be completed by your customers, whether that’s engagement, purchases, or leads. This may involve using compelling calls to action, targeting the right audience, and testing different ad formats and messaging to determine what resonates best with their audience.

Brand Mentions:

Brand mentions are to the number of times your brand is mentioned on social media. By increasing your brand mention, you are able to increase the recognition of your brand. You can do this by creating shareable content that encourages users to tag the brand or share their products on social media. By tracking brand mentions, businesses can determine how their brand is perceived by their audience and identify areas where they can improve their messaging.

In conclusion, in 2023, businesses should focus on creating high-quality content that drives engagement, increasing their social media impressions, creating compelling video content, optimising their conversion rate, and increasing their brand mentions. By tracking these social metrics, businesses can determine which aspects of their social media strategy are working well and which areas need improvement.

Contact our team of experts for more information on your social media goals and how we can help you curate a strategy to increase your brand awareness and other business goals to help your business thrive.