In big news for this episode, we’re starting with a very interesting Facebook change that will allow Page Admins to use Facebook’s Creator Studio to create and schedule content for Instagram as well as Facebook. That means that teams will be able to push content (including IGTV videos) onto Instagram from the same place they create Facebook content, obviously a handy change for those who use both platforms.
Additionally, there’s a no bill that’s surfaced to ban infinite scroll and autoplay on webpages and social media. It’s a U.S. Senate bill that seeks to ban these practices to help treat social media addiction. Clearly there’s a lot to unpack here, and it’s difficult to say how likely the bill is to pass (or how exactly it would treat social media addiction), but it would certainly change social media habits if it did.
Finally, here’s an interesting interview with today’s teenagers about their social media habits. It turns out, they still really don’t like Facebook, but do use a lot of Instagram. Their reasoning for this? Facebook just isn’t cool.
But onto our main topic! We’re asking the big question today: How do you know that social media is actually working – producing tangible results? We’ve got five KPIs that you should know about if you’re into B2B Facebook. We’ll summarize below, but for the full story and a lot of valuable information, make sure you check out the entire podcast!
Why are we putting engagement first? Because it usually says the most about your content: It’s the direct proof that the content you are putting on social media works, that it is appealing and producing results. No matter what your end goals are, engagement will show you that you are moving toward. It’s also a great way to improve organic traffic on places like Instagram and Facebook.
Want some specifics? Try out this basic formula: (Likes + Comments + Shares), divided by total followers, multiplied by 100 and converted to a percentage. For a good rule of thumb, you want to aim for an engagement number that’s 3 to 5%. If you get significantly higher engagement than this, then you should pay close attention to that content because it’s really resonating with people.
2. Click Through Rates
The click through rate refers to how many people click on your posts and social media ads to go to a second location – a form, a webpage, your Business Page on Facebook, whatever it may be. This is a specific kind of engagement that’s very important as an indicator, because it shows your content is effective at exactly what you want it to be doing – driving leads further down the sales funnel and initiating action. This is a sign of very effective content.
You can find your CTR easily by dividing the number of clicks a post gets by the number of impressions it receives, and multiplying by 100 to turn it into a percentage. The average rates can vary a lot by industry, so make sure you research what they are when using this indicator.
This is much more useful than impressions, which don’t really tell you anything about how successful your content is. However, CTR does require posts with clear links and calls to action, so make sure you have plenty of these.
3. Follower Growth
Follower growth seems like an obviously important indicator on social media, right? Well, they aren’t as important as engagement, but they are still a very powerful indicator these days. It can influence your audience reach via algorithms, and provide excellent social proof for newcomers that are looking for a reliable brand.
This is also a really good indicator for digging deeper into the nature of your audience and how it behaves. Tools like Facebook Insights or Twitter Analytics can provide you with information about the age, interests, habits, income and professions of your followers, invaluable customer data that you can use for many different purposes.
You can also look at “audience growth rate” a similar metric that shows how fast your followers are increasing now compared to in the past, allowing you to see if a campaign is bringing in more followers (this is a complex indicator, because it can be easily influenced by general growth, one good guest post, or even mere social media luck).
Reach and impressions deal with how many people see your content (with reach dealing specifically with potential unique viewers). This is a very valuable indicator to use if your main social media goal is to increase brand awareness and get more people aware that your business exists.
However, we also want to point out that reach and impressions can make a very strong comparison tool. For example, comparing impressions with engagement will give you a better idea of just how effective a piece was by looking at how many people reacted to a post vs. how many people saw it.
This indicator deals with how many viewers became customers through social media, and where exactly those viewers came from. You need very strong data to study these results, typically through UTM tracking and analytics tools like Google Analytics, but they can provide a wealth of information that allows you to reach a very specific ROI. Social conversions will show how many customers ended up buying because they clicked on your social media content.
The important thing to remember is that tracking conversions looks different for every business based on how you sell and what you consider a successful conversion. It may also struggle to capture information on people that click on social media, but wait to buy until later.
We know this is a lot of information, and we’d love to hear your opinions about it. Do you like these KPIs? Do you prefer different indicators for success? What are they? What struggles have you found when measuring the impact of social media? Tell us your story @21handshake and let us know if we can help out.
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