20 Essential Social Media Metrics for Success in 2023

20 Key Social Media Metrics to Track in 2023

Audience Metrics to Track Social Media Analytics

Audience metrics provide insights into the size and characteristics of your social media following. These metrics help you understand your audience's demographics, interests, and behavior, enabling you to tailor your content and campaigns effectively. Key audience metrics to track include follower growth, profile visits, conversions, and customer acquisition cost (CAC).

1. Follower Growth

Follower growth is an essential metric that measures the increase in your social media followers over time. It indicates the success of your efforts in attracting and retaining an engaged audience.

Tracking follower growth helps you assess the effectiveness of your content, engagement strategies, and overall brand appeal. Aim for consistent and organic follower growth as it indicates sustained interest and loyalty from your audience.

2. Profile Visits

Profile visits metric reveals how many users are visiting your social media profiles. It provides insights into the visibility and interest generated by your content, campaigns, and promotional efforts.

By tracking profile visits, you can assess the effectiveness of your profile design, bio, and pinned posts in attracting users to explore your profile further. Analyze trends in profile visits to optimize your content and encourage users to take desired actions.

3. Conversions

Conversion metrics measure the actions taken by your audience that align with your business goals, such as purchases, sign-ups, or downloads. Tracking conversions helps you evaluate the effectiveness of your social media campaigns in driving tangible results.

By understanding which content or campaigns generate the highest conversion rates, you can refine your strategies to optimize ROI and achieve your desired outcomes.

4. Customer Acquisition Cost (CAC)

CAC metric calculates the cost incurred to acquire a new customer through social media marketing efforts. It helps you evaluate the efficiency and cost-effectiveness of your acquisition strategies.

By tracking CAC, you can assess the return on investment (ROI) of your social media campaigns and optimize your spending to acquire customers at a lower cost. Lowering the CAC allows you to maximize your marketing budget and improve overall campaign profitability.

Engagement Metrics

Engagement metrics provide insights into how your audience interacts with your social media content. These metrics measure the level of engagement and interaction, indicating the effectiveness of your content strategy and its resonance with your audience. Key engagement metrics to track include engagement rate, likes, comments, shares, and mentions.

5. Engagement Rate

Engagement rate measures the level of interaction your content receives relative to your total audience size. It helps you assess the quality and relevance of your content, as well as the level of interest it generates.

A higher engagement rate indicates that your content is capturing attention and encouraging active participation from your audience. Use engagement rate to evaluate the performance of individual posts, campaigns, or overall content strategy.

6. Likes

Likes metric counts the number of users who express their approval or appreciation for your content by clicking the like button. It serves as an indication of positive sentiment and interest.

Monitoring likes helps you gauge the popularity and appeal of your content and identify the type of posts that resonate well with your audience. It also allows you to compare the performance of different posts and optimize your content strategy accordingly.

7. Comments

Comments metric reflects the number of users who engage in conversations or provide feedback on your social media posts. Comments provide valuable insights into the thoughts, opinions, and sentiments of your audience.

By tracking comments, you can assess the level of engagement and dialogue generated by your content. Responding to comments promptly helps foster relationships, build brand loyalty, and gain a deeper understanding of your audience's needs and preferences.

8. Shares

Shares metric indicates the number of times your content is shared by users with their own social media networks. Shares amplify the reach and visibility of your content beyond your immediate audience.

Tracking shares allows you to evaluate the virality and impact of your content, as well as the level of brand advocacy among your audience. High share counts indicate that your content resonates strongly and is worth sharing with others.

9. Mentions

Mentions metric measures the instances where your brand or social media account is mentioned by other users in their posts or comments. Mentions can occur in various contexts, such as direct brand mentions, tags, or user-generated content that references your brand.

Tracking mentions helps you monitor your brand's online presence, sentiment, and reach. It also allows you to identify opportunities for engagement, collaboration, or addressing customer feedback.

Reach Metrics

Reach metrics provide insights into the visibility and exposure of your social media content to a wider audience. These metrics help you understand the potential reach and impact of your posts, campaigns, and hashtags. Key reach metrics to track include impressions, reach, and hashtag performance.

10. Impressions

Impressions metric measures the total number of times your content is displayed on users' screens. It represents the potential reach of your content to individual users. Tracking impressions allows you to understand the overall exposure and visibility of your content.

By analyzing impressions, you can identify trends, patterns, and opportunities to enhance your content strategy and maximize your content's reach.

11. Reach

Reach metric refers to the unique number of users who have been exposed to your social media content. It provides insights into the actual audience reached by your posts or campaigns.

Monitoring reach helps you evaluate the effectiveness of your content distribution and targeting strategies. By understanding the reach of your content, you can identify segments of your audience that are more receptive and optimize your targeting to increase engagement and conversions.

12. Hashtag Performance

Hashtag performance metric assesses the reach and engagement generated by specific hashtags used in your social media posts. It helps you evaluate the effectiveness of your hashtag strategy in reaching a broader audience and increasing discoverability.

Tracking hashtag performance allows you to identify popular and trending hashtags relevant to your industry or target audience. By leveraging effective hashtags, you can extend the reach of your content, increase engagement, and foster community participation.

Video Metrics

Video metrics provide insights into the performance and engagement of your video content on social media platforms. These metrics help you understand how your audience interacts with your videos, how long they watch, and the level of completion. Key video metrics to track include video views, video watch time, and video completion rate.

13. Video Views

Video views metric measures the number of times your video content has been viewed by users. It provides an indication of the initial interest and reach of your videos. By tracking social media views, you can assess the popularity and visibility of your video content.

Analyzing video views allows you to identify trends, topics, or video formats that resonate well with your audience. It helps you optimize your video strategy to create compelling and engaging content.

14. Video Watch Time

Video watch time metric measures the total amount of time users spend watching your videos. It reflects the level of engagement and interest generated by your video content. By tracking video watch time, you can identify which videos captivate your audience for longer durations and deliver valuable information or entertainment.

Analyzing watch time allows you to refine your video production and storytelling techniques to keep viewers engaged and increase overall watch time.

15. Video Completion Rate

Video completion rate metric calculates the percentage of viewers who watch your video content in its entirety. It indicates the level of engagement and viewer retention throughout the video. A higher completion rate signifies that your video content is compelling and able to hold viewers' attention until the end.

Tracking video completion rate helps you assess the effectiveness of your video storytelling, pacing, and overall content delivery. It enables you to optimize your videos to increase completion rates and maximize the impact of your video content.

Story Metrics

Story metrics provide insights into the performance and engagement of your social media stories, which are short-lived content pieces that disappear after a certain time. These metrics help you understand the reach and engagement of your stories, as well as the level of completion. Key story metrics to track include story views and story completion rate.

16. Story Views

Story views metric measures the number of times your story content has been viewed by users. It provides an indication of the initial interest and reach of your stories. By tracking story views, you can assess the popularity and visibility of your story content.

Analyzing story views allows you to identify the type of stories that resonate well with your audience. It helps you optimize your story strategy by focusing on the content formats, themes, or storytelling techniques that generate higher views and engagement.

17. Story Completion Rate

Story completion rate metric calculates the percentage of viewers who watch your entire story. It indicates the level of engagement and viewer retention throughout the story. A higher completion rate suggests that your story content is engaging and compelling, able to hold viewers' attention until the end.

Tracking story completion rate helps you assess the effectiveness of your storytelling and the flow of your story content. It enables you to refine your story strategy to increase completion rates and deliver a more captivating story experience to your audience.

Conversion Metrics

Conversion metrics provide insights into the effectiveness of your social media efforts in driving desired actions and conversions. These metrics help you measure the impact of your social media content on driving user behavior and achieving your business goals. Key conversion metrics to track include click-through rate (CTR), post saves, and return on investment (ROI).

18. Click-Through Rate (CTR)

CTR metric measures the percentage of users who click on a link or call-to-action within your social media posts. It indicates the level of engagement and interest your content generates, as well as its ability to drive traffic to your website or landing page.

Monitoring CTR allows you to assess the effectiveness of your content, visuals, and messaging in driving user actions. It helps you optimize your posts and campaigns to increase click-through rates and drive higher conversions.

19. Post Saves

Post saves metric reflects the number of times users save your social media posts for future reference or viewing. It indicates the value and relevance of your content to your audience. Tracking post saves allows you to identify the type of content that resonates with your audience on a deeper level and provides long-term value.

It helps you understand user preferences and interests, enabling you to create more engaging and useful content that encourages saves and drives brand loyalty.

20. Return on Investment (ROI)

ROI metric measures the financial return or value generated from your social media efforts in relation to the costs invested. It helps you assess the profitability and effectiveness of your social media campaigns and activities.

By tracking ROI, you can evaluate the impact of your social media marketing on revenue generation, lead acquisition, or other desired outcomes. It allows you to make data-driven decisions, allocate resources effectively, and optimize your social media strategies to maximize your return on investment.

By monitoring these conversion metrics, businesses can evaluate the effectiveness of their social media efforts in driving conversions, understand user behavior, and optimize their strategies to achieve better results. Additionally, tracking return on investment helps businesses justify their social media marketing spend and make informed decisions on resource allocation.

Tools to Monitor Social Media Metrics

Here are some of the most popular tools that help with social media metrics to track.

1. Arena Calibrate

With Arena Calibrate, you can effortlessly monitor and analyze your social media metrics in real-time, empowering you to make data-driven decisions and optimize your online presence.

The platform provides a comprehensive range of social media metrics, including engagement rates, reach, impressions, follower growth, click-through rates, and more. Moreover, Arena Calibrate offers customizable dashboards that bring all your social media metrics together in one place.

2. Hootsuite

Hootsuite is a popular social media management tool that allows businesses to monitor and manage their social media presence across multiple platforms. It offers robust analytics and reporting features to track and measure social media metrics.

With Hootsuite, you can monitor audience engagement, track key metrics, and generate comprehensive reports to gain insights into your social media performance.

3. Sprout Social

Sprout Social is a comprehensive social media management and analytics tool. It provides businesses with a suite of features to monitor and analyze their social media metrics. With Sprout Social, you can track social media growth in terms of audience, engagement rates, post performance, and brand mentions.

The tool offers detailed reporting and analytics that enable businesses to understand their social media performance and make data-driven decisions.

4. Buffer

Buffer is a social media scheduling and analytics platform that helps businesses manage and analyze their social media presence. It offers features to schedule and publish posts across various platforms and provides in-depth analytics to track social media performance.

With Buffer, you can monitor engagement, reach, and clicks on your social media posts. The tool also offers customizable reports to visualize and measure your social media metrics.

5. BuzzSumo

BuzzSumo is a content research and monitoring tool that provides valuable insights into social media metrics. It allows businesses to track content performance, identify top-performing content, and analyze social media engagement metrics.

With BuzzSumo, you can track social shares, monitor brand mentions, and analyze competitor performance. The tool helps businesses understand what content resonates with their audience and make data-driven decisions to improve their social media strategies.

6. Keyhole

Keyhole is a social media metrics tracker that focuses on tracking hashtags and keywords across various social media platforms. It provides real-time data and analytics to measure the impact and reach of social media campaigns.

With Keyhole, you can track hashtag performance, monitor brand mentions, and analyze audience sentiment. The tool offers comprehensive reports and analytics that help businesses assess the success of their social media campaigns and make informed decisions.

These tools provide businesses with the necessary features and insights to monitor and measure their social media metrics effectively. By using tools like Hootsuite, Sprout Social, B uffer, BuzzSumo, and Keyhole, businesses can gain valuable data, track their performance, and optimize their social media strategies to achieve their KPIs on social media.

Conclusion

Tracking and analyzing key social media metrics is crucial for businesses to understand the performance and impact of their social media strategies. By regularly monitoring these metrics, businesses can make data-driven decisions and improve their social media strategies for better results in 2023 and beyond.

The 20 key social media metrics mentioned in this article provide businesses with valuable insights into various aspects of their social media presence. From audience metrics to engagement metrics, reach metrics, video metrics, story metrics, conversion metrics, and more, each metric offers a unique perspective on the effectiveness of social media efforts.

FAQs on Social Media Metrics

What are the common mistakes to avoid when tracking social media metrics?

Common mistakes to avoid when tracking social media metrics include:

• Focusing on vanity metrics instead of metrics that align with business goals.
• Not setting clear objectives and benchmarks before tracking metrics.
• Neglecting to track conversions and revenue generated from social media efforts.
• Overlooking context and trends when analyzing metrics.
• Relying solely on platform-specific analytics without using third-party tools.
• Ignoring qualitative feedback from the audience.

How do you stay up-to-date on the latest trends in social media metrics?

To stay up-to-date on the latest trends in social media metrics, there are several strategies you can employ:

1. Follow industry publications and blogs: Subscribe to reputable industry publications and blogs that focus on social media marketing and analytics. These sources often share insights, case studies, and trends related to social media metrics.
2. Attend industry conferences and webinars: Participate in industry conferences, webinars, and workshops that specifically address social media metrics. These events provide opportunities to learn from industry experts, network with professionals, and stay updated on the latest trends.
3. Engage with social media communities: Join online communities and forums dedicated to social media marketing and analytics. These communities often have discussions, Q&A sessions, and shared resources that can help you stay informed about emerging trends and best practices.
4. Follow social media influencers and thought leaders: Identify and follow social media influencers and thought leaders who specialize in social media metrics. These individuals often share valuable insights, tips, and trends through their social media channels, blogs, and podcasts.
5. Leverage social media platforms: Keep an eye on social media platforms themselves, as they often release updates, new features, and analytics tools. Follow official social media platform blogs, accounts, and forums to stay informed about the latest developments and metrics-related updates.
6. Continuously learn and upskill: Dedicate time to continuously learning and upskilling in the field of social media metrics. Take online courses, attend workshops, or pursue certifications that focus on social media analytics and social media measurement. This will help you stay ahead of the curve and adapt to the evolving landscape.

By actively seeking out and engaging with relevant resources, communities, and experts, you can stay up-to-date on the latest trends in social media metrics. Regularly investing time and effort in learning and staying informed will enable you to make informed decisions and optimize your social media strategies effectively.

How frequently should you track your social media metrics?

The frequency of tracking social media metrics depends on factors such as goals, resources, and business nature. It is generally recommended to track metrics on a regular basis for informed decision-making.

Consider real-time monitoring for immediate responses, conduct weekly or bi-weekly analysis to identify trends, and perform monthly reporting for a broader overview. Quarterly and annual assessments help evaluate long-term impact.

Strike a balance between regular monitoring and comprehensive analysis based on your needs.

How do we determine which social media metrics most relate to our business goals and objectives?

To determine which social media metrics most relate to your business goals and objectives, follow these steps:

• Identify your business goals: Clearly define your overall business goals and objectives. For example, it could be increasing brand awareness, driving website traffic, generating leads, boosting sales, or improving customer engagement.
• Align goals with social media objectives: Determine how social media can contribute to achieving your business goals. Set specific social media objectives that align with your broader objectives. For instance, if your goal is to increase brand awareness, a related social media objective could be to grow your follower base and increase reach.
• Break down objectives into actionable metrics: Translate your social media objectives into specific metrics that can be measured. Consider the SMART criteria (Specific, Measurable, Achievable, Relevant, Time-bound) to ensure your metrics are meaningful and trackable. For example, if your objective is to drive website traffic, a relevant metric could be click-through rate (CTR) from social media posts.
• Consider industry benchmarks and best practices: Research industry benchmarks and best practices to gain insights into which metrics are commonly used and considered relevant for businesses similar to yours. This can help you gauge the performance of your social media efforts against industry standards.
• Analyze metrics' impact on business goals: Regularly evaluate the relationship between the tracked metrics and their impact on your business goals. Analyze how changes in these metrics correlate with progress towards achieving your objectives. Adjust your social media strategy based on these insights to optimize performance.

Remember, the most relevant social media metrics for your business goals may vary depending on your industry, target audience, and specific objectives. Continuously monitor and reassess your metrics to ensure they remain aligned with your evolving business goals and objectives.