16 Crucial Social Media Metrics to Track In 2024

16 Crucial Social Media Metrics to Track In 2024

Discover the essential social media metrics 2024, like Engagement Rate, Conversion Rate, and Brand Awareness, to supercharge your online presence. Track, analyze, and grow your business with these powerful insights.

12-Social-Media-Metrics-You-Should-Be-Tracking

Struggling to see if your social media posts are actually converting?

Likes are cool, but they don’t tell the whole story.

What’s the secret sauce?

The key lies in tracking the key social media metrics.

By understanding which metrics matter the most, what’s working, what’s not, and how to win big with your audience, you can achieve your social media goals.

This blog will unpack 12 important metrics for social media managers in 2024. From engagement metrics to audience growth to report metrics, these will help you unleash the true potential of your social media presence.

What are Social Media Metrics?

Social media metrics are essential data points for tracking the performance of your social media channels and content and are necessary for measuring the success of a content marketing strategy.

These metrics provide insights into various aspects such as engagement, reach, follower growth, brand awareness, conversions, and website traffic.

Additionally, measuring social media metrics can help you understand how well your social media content is performing, how invested the audience is, and what this means for your business.

Why Should You Measure Your Social Media Performance Metrics?

Nowadays, simply being present on social media isn’t enough. To truly leverage its full potential, you need to understand how your efforts are performing – and that’s where social media performance metrics come in.

Here’s why measuring

  • Truth beyond likes: Likes and follower counts are like the tip of the iceberg, giving you a superficial view of the story. Metrics like shares, comments, and CTR reveal what content truly resonates with your audience, allowing you to optimize your content strategy for better engagement.
  • Target the right audience: These metrics paint a clear picture of who’s interacting with your content. You can analyze demographics, interests, and behavior to be better aware of your audience. This empowers you to tailor your content and messaging to attract and engage the right people.
  • Make ROI and data-driven decisions: Social media success goes beyond these vanity metrics. Tracking KPIs such as website traffic, lead generation, and conversions originating from social media helps you understand the true ROI of your social media efforts. With access to data, you can make decisions about resource allocation and optimize your campaigns.

16 Social Media Metrics That Businesses Always Look For

Every team has its business priorities; based on them, they curate their marketing strategy. However, there are always some key metrics that all social media marketers and businesses keep track of. 

We have discussed the key metrics that you must consider during your analysis to keep your game up:

Engagement Metrics

Let’s start with the one metric every social media marketer or business looks at: engagement rate.  

Engagement rate is an umbrella term that indicates how well your social media content resonates with your audience on average. It essentially measures the percentage of users who view our content and take action, such as liking, commenting, sharing, retweeting, or clicking a link.

Average engagement rate

The average engagement rate on any social media platform is the interaction level between your posts and your audience.

This is one of the primary methods for determining how well your social media marketing efforts are working for you, but it’s not as simple as counting the number of interactions on your posts.

To calculate your average engagement rate, you’ll add your total interactions on either a specified number of posts or all your posts over a given period, divide by your number of followers, and then multiply by 100.

average engagement rate

If you want to calculate your engagement rate on a specific post, add up all your interactions (reactions, comments, etc.), divide by the total number of impressions on your post, and then multiply by 100.

Likes, comments, retweets, etc

These metrics fall under the umbrella of social media engagement and give you valuable insights into what type of content sparks conversation and motivates users to take action. A high engagement rate refers to a healthy social media presence.

All this knowledge empowers you to refine your social media strategy and create content that sparks engagement and fosters a loyal community around your brand.

Virality rate

Not everyone wants to become a viral sensation, and indeed, very few people and organizations do. It’s possible to go viral with videos and other types of content. Videos generally tend to do the best since people love short-form and visually stimulating content.

However, your virality rate can still give you valuable information about how well your social media campaigns fare.

Your virality rate is the number of unique views divided by the number of people who share your post. A post that gets a ton of likes but few shares is more valuable to people than a post with fewer likes but a much higher number of shares.

Virality Rate

Applause rate

What’s an applause rate?

If you’ve never heard of this metric before, you aren’t alone. Your applause rate is the number of likes, favorites, or other approval actions on each of your posts.

Think about why you click “like” on someone’s Facebook post.

Regardless of whether it made you laugh, you think it imparts a good idea, or for some other reason, you decide to let the poster know that it has value to you.

Similarly, you can determine the value your posts provide to your audience. The more approval actions you get on your posts, the more value you’re providing to your audience.

To calculate your applause rate, add up the number of approval actions on all your posts for a specific date or over a given period, divide by your total number of followers, and multiply by 100.

applause rate

Audience Growth Metrics

Audience growth metrics reflect how your social media following is growing over time. They track the influx of new followers, subscribers, or loyal fans on your social media channels. By analyzing these, you can understand how effective your social media strategies are in attracting new people.

Follower count and growth

Knowing how many people are following you is good because you can’t grow your audience if you don’t know where you’re starting from at the beginning of a given reporting period.

The more important metric is your follower or audience growth rate.

How quickly are you gaining new followers each month, quarter, or year, and how does it compare to the previous reporting period?

Also, how does it compare to your competition? Your follower count growth depends on the impact you have. The greater your impact, the more quickly you’ll gain new followers. Here is the formula to calculate your audience growth rate:

  • (Total new followers – followers lost)/Total audience x 100

What you don’t want to see is a negative growth rate because that means you’re losing followers faster than you’re gaining them.

Awareness Metrics

Social media awareness metrics tell you how visible your brand or content is on social media platforms. They don’t necessarily measure direct interaction but rather focus on how many people your content reaches and the exposure you’re getting.

Impressions

Impressions are the number of times a post is displayed to someone. Impressions provide a good understanding of how much potential exposure your content and profile are getting. 

Impressions are a valuable metric, but they’re just one part of the picture.

Combine them with engagement metrics such as likes, comments, and shares to understand how well your content resonates with your audience and motivates them to take action. 

Reach

Reach goes a step further than impressions by focusing on the unique number of people who see your content. It eliminates the duplication of views from the same person and gives you a clear picture of how many individual users your content is reaching. 

You can track the overall reach of your post/profile and break it down to understand what percentage of your audience is followers and non-followers.

PS: If you see a spike in non-followers seeing your content, algorithms love it.

Brand Mentions

Brand mentions track instances where your brand name or product is mentioned by other users on social media platforms. This shows organic brand awareness and whether people talk about you in their posts or comments without necessarily tagging you.

These mentions share valuable insights into organic brand awareness and reveal how people perceive your brand online.

Share of Voice Metric

Social-Share-of-Voice

You want to outshine your competitors, right? Social share of voice is how you know whether you’re succeeding.

This metric looks at your direct and indirect mentions vs. those of your competitors.

If you consistently have more, then your social media efforts are more successful than your competitors. Calculating your social share of voice isn’t difficult.

Track your mentions and those of your competitors over a specific period. Add the two together, and then divide yours by that total. Multiply by 100, and that’s your social share of voice.

Paid Social Media Metrics

When it comes to advertising campaigns, paid social media metrics are the key performance indicators (KPIs) used to track the effectiveness. These metrics give you a detailed view of how well your ads are performing and whether they’re reaching the right target audience.

Here are some of the core metrics you should be tracking:

Click-through rates (CTR)

Click-through rates, or CTRs, measure the number of people who click on the call-to-action links in your ads and posts.

Because it’s tied directly to how many people click on those links, other metrics, like your applause rate, CPC, and average engagement rate, don’t figure into your CTR.

People click on links to learn more about you and what you offer.

Click Through Rate

If your posts aren’t sufficiently compelling, people won’t click on your calls to action. At that point, you’re just wasting time and money.

Calculating your CTR involves tallying a post’s total link clicks and impressions and then dividing your clicks by your social media impressions. Multiply that by 100, and you get your CTR.

Cost per click (CPC)

The cost per click is the amount you pay each time someone clicks on your advertisement. For instance, if you’re running paid advertisements on Facebook, your cost per click is the amount you pay Facebook for each click on your ad.

Cost Per Click

Most businesses devote much of their operating budget to advertising and marketing. Since you’re likely to advertise across several platforms, you might be tempted to look at your total spending.

In that case, you have a more difficult time determining whether your advertising efforts on each platform are worth the money you’re spending on each platform. Your CPC is a far better metric for that than your total amount spent.

You must check each platform’s ad manager to see your CPC. Be sure to check it often.

Conversion rate

Conversion rates are one of the most prominent metrics most companies track because they tell you how much revenue your social media marketing is generating.

Your conversion rate is the number of people who take some kind of action on your page divided by your page’s total visitors.

Those actions can include things like:

  • Clicking on your website link or another link of yours
  • Subscribing to your newsletter
  • Registering for an event

Your conversion rate is so important that social media platforms themselves, along with analytics software, tend to put them front and center in your metrics.

conversion rate

They do that because your conversion rate is the starkest illustration of how valuable your audience thinks you are. If you’re getting many visitors but few conversions, you know it’s time to change your strategy.

Return on ad spend (ROAS)

Return on ad spend (ROAS) goes beyond simply measuring clicks or impressions; this metric shows whether your ads are generating profit. This financial metric helps you measure your revenue or profit by spending every dollar on advertising campaigns.

This goes beyond vanity metrics like clicks or impressions and tells you if your ads are effective and efficient. 

Let’s understand this with an example: You spend $1200 on a social media ad campaign, and it generates $3600 in revenue. Your ROAS would be:

ROAS = $3600/$1200 = 3 

Customer Service Metrics

Customers are at the heart of any business, and not paying attention to their issues and problems can be a catastrophe for your business. Customer service metrics help you deal with these troubles by providing valuable insights into how well your team resolves customer issues, meets expectations, and ultimately fosters loyalty.

Here’s a breakdown of the different metrics:

Average response time

The average response time is a metric that refers to the average amount of time it takes your team to reply to customer inquiries. This key metric measures the efficiency of your customer service and the responsiveness you offer to your loyal consumers.

Don’t get it?

Let’s understand this with an example: Your customer service team receives 200 inquiries weekly. The total time to respond to all queries is 400 hours.

Average response time: 400 hours/200 inquiries = 2 hours

Here, the average reply time to a customer inquiry is 2 hours, which your team takes on average. 

Customer satisfaction score (CSAT)

Do you think your job is done after responding to your customers’ inquiries?

Well, thats not always the case.

You need to understand whether your customers liked your customer service or not. How satisfied are they, and do they have any prompt feedback for you?

Customer Satisfaction Score (CSAT) is a metric that measures how happy your customers are with your service through surveys and ratings after an interaction.

Here is how you can calculate this:

The sum of score/Number of respondents x 10 = Customer satisfaction score

Net promoter score (NPS)

Net promoter score is another metric used to gauge customer loyalty and the likelihood of recommending your product or brand to others. It’s a single-question survey that offers a quick and insightful way to track customers’ sentiments toward your brand.

The NPS Question:

The core of NPS is a single, standardized question:

On a scale of 0 to 10, how likely are you to recommend [Your Business] to a friend or colleague?

Based on their ratings (0-10), customers are categorized as follows:

  • Promoters (9-10): These are your loyal customers who are highly likely to recommend your business or product and promote it positively.
  • Passives (7-8): These customers are somewhat satisfied but not necessarily enthusiastic brand advocates.
  • Detractors (0-6): These dissatisfied customers may discourage others from trying out your business.

Here’s how you can calculate the NPS:

NPS = (Promoters – Detractors) / Total respondents x 100

Here is an example:

Let’s say you surveyed 100 customers and received the following responses:

Promoters (9-10): 30%

Passives (7-8): 40%

Detractors (0-6): 30%

Your NPS = 30% (Promoters) – 30% (Detractors) = 0

In this example, your NPS score is 0, indicating that your customer base has a balanced percentage of promoters and detractors.

How to Track Social Media Metrics?

There are several ways to measure your social media efforts. The simplest one is to look into each platform’s native analytics section.

While you can see the analytics section of Facebook, Twitter, and Linkedin by default on their native platforms, you will need a business account to get the analytics of Instagram, Pinterest, and TikTok – which hopefully you’d already have.

analytics section

When you are on a low budget and have only an individual social account to manage, it’s worthwhile to track your most crucial metrics through native platforms.

However, things can become pretty hectic for a social media manager handling multiple clients’ accounts across various platforms.

In such cases, the easiest method involves using a social media analytics tool like SocialPilot, which enables you to see the metrics of every major social media platform.

With SocialPilot, you can easily filter multiple social accounts from a single page and get updates on posts, engagement, reach, and audience insights.

SocialPilot facebook analytics

Do you dread sending monthly social performance reports manually to different clients? Sending reports manually is a thing of the past, anyway.

Use SocialPilot to download or schedule your report in advance and share it automatically later with clients and teammates. The report-sharing feature saves you much time by automatically pulling and sharing key metrics. It ends your repetitive turmoil of remembering and sending the performance report to clients and stakeholders.

Social Media Analytics

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Now that you know where to start tracking your social media analytics data, it is time to figure out what you social media metric you need to track.

Sometimes, with so much information at your disposal, it’s hard to decide which metric to track consistently.

Hence, we have compiled a list of must-track social media metrics to ease your efforts.

Wrapping Up

Whenever you post on social media on behalf of your business, you should use all of the above metrics. Now that you’re familiar with CTR, CPC, AER, and other social media metrics to track, you can start to analyze what numbers are good for your brand.

By tracking these vital social media metrics over time, you’ll identify your own brand’s baseline stats before the dynamic trends emerge. The next step is to use them to understand what changes to make to better engage with your users.

Ultimately, if you track these metrics and change your social media strategy accordingly, you’ll get a much better return on your investment and grow your business.

Frequently Asked Questions

What are social media metrics?

Social media metrics are numerical KPIs (key performance indicators) that shed light on the effectiveness of your social media marketing. They are crucial to any social media marketing strategy.

What are the social media performance metrics?

Although with every social media platform the metrics change but the most common and must-track metrics are impressions and reach, engagement, conversion, response rate, share of voice, CPC, CTR, to name a few.

How is social media impact measured?

The key metrics to measure your social media impact are: CTR, traffic, engagement, and competitor benchmarking.

How do I measure Click through rate?

Calculate a post’s total link clicks and impressions and divide them by number of clicks by your social media impressions. Multiply that by 100, and you get your CTR.

What are social media KPIs?

Just like any marketing effort, social media marketing also needs KPIs to measure and monitor the performance of the work that you have put in. Social media KPIs basically are used to measure how effective your social media strategy is. It is usually tracked by measuring the data gathered from across a brand’s social media accounts.

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Yash Chawlani

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