Digital marketing is very beautiful when you’ve seen results. But how do you measure your success rate?
This article will teach you just that so you’ll be able to make the right decisions for your brand strategy.
- · What are metrics?
- · Why are metrics important?
- Key point indicators for different social media channels
- · How to read metrics.
- In Conclusion
WHAT ARE METRICS?
Metrics are figures and statistics of the performance of a digital campaign over a time period. They show how well one’s activity online has yielded the desired results.
For optimal effect, metrics are often placed side by side with the original goals of the campaign. Then, they are converted to percentages to determine how well the campaign performed.
Each digital medium channel has a metric that accrues to it. Instagram Metrics are called Insights. Those of Facebook, LinkedIn and Google are called Analytics. Each of them have key indicators or headings that you should pay attention to. We’ll be discussing those headings and how to use them to make decisions further down in this article.
WHY ARE METRICS IMPORTANT
We’ve covered a lot of ground running from how to use keywords and backlinks to how to maximize different social media platforms to grow your business.
If you’ve been following up, you’d surely be seeing massive results by now. The next question is: how can you measure your digital marketing success?
Why do you even need to in the first place? Here’s why:
1. It helps you to decide what could have been done better.
2. It helps you to discover new opportunities for your digital marketing strategy.
3. It is useful for A/B testing.
4. It helps to maximize profits and minimize loss
1. It Helps You to Decide What Could Have Been Done Better:
Remember when we discussed how to create your digital marketing strategy? There were 3 steps. The third step is to Appraise. It involves taking stock of your results so that you can make better decisions for your digital marketing.
Let’s make it more practical:
Say you’ve just concluded a major campaign. You’ve created content, run ads and converted your following into customers. You’ve achieved your aims. Great.
However, you can’t build a camp there. There’ll be more brand success to achieve. Through Social Media Metrics you can decide what tactics in your digital marketing strategy you can tweak to achieve more success.
Most times, all it requires is just a small adjustment to increase the level of your reach and conversions. Social Media Metrics gives the data and numbers that help you to decide what adjustments to make for the purpose of brand growth.
2. It helps you to discover new opportunities for your digital marketing strategy:
A lot of time in our brand marketing strategy, we might to take knowledge of everything. We might miss some important details and have a blind spot for major opportunities. With our metrics, we can discover these hidden opportunities.
For example, an air conditioning brand might have assumed that domestic users were their largest customer base. After creating content for a while and running ads, they might check their metrics and discover that, while domestic users account for a large portion of their clientele, industrial users actually provided a higher level of conversions.
This information becomes the cornerstone for our next digital marketing campaign.
3. It is useful for A/B testing:
A/B Testing is what we can call marketing science. It is the act of testing the best technique for your digital marketing strategy. If you want to know the best words to use to gather more conversions, or the best colours that suit your digital marketing campaign, you can run ads using both options. If you had to choose between using “Lions” and “Big cats” as keywords for your ad, you could run two ads using each of the keywords and see which one performs better. That’s what A/B Testing is all about.
A/B Testing helps you to perfect your digital marketing strategy. After you’ve come up with a digital marketing strategy based on the TEA process, you might have one or two options to try out. For example, you might be curious whether you should focus more attention on doctors or food producers for your latex glove brand. After running your A/B Testing ads, metrics will help you to make that decision.
Through the Metrics you’d be able to decide which ad target had more engagements and how many of those engagements actually converted to sales. With these results, you’d be in a better place to decide what digital marketing strategy works the most for business.
4. It helps to maximise profits and minimize loss
Futile and failed marketing campaigns are a waste of time and money for every organization. The time taken to create content, the money it cost to run ads and pay for content development and campaign management would turn to a loss if your digital marketing strategy has the wrong focus.
At the same time, accurate targets always tends to help brands outperform their marketing goals.
Drafting your digital marketing strategy using metrics will help you make the right brand decisions so as to hit your targets accurately. This way, you maximise your profits and minimize losses.
Running ads for a large demographic range is always more costly and less effective. Using metrics, you can decide the most effective range to reach out to with your ad. This narrowing down of prospective buyers reduces the cost of running your ads. At the same time, your campaign effectiveness becomes improved.
KEY POINT INDICATORS FOR DIFFERENT SOCIAL MEDIA CHANNELS
FACEBOOK & INSTAGRAM
Since June 2021, Facebook Analytics was pulled down by the Meta group. However, they still both have tools that allow you to measure your business page performance. One of those tools is the Meta Creator Studio that gives you insight to every activity thatt is carried out on your Facebook and Instagram pages. The creator studio serves you with real time metrics so that you can make the best decisions for your brand.
We have already agreed that, for a business, a Facebook business page and an Instagram business account is the best. This section of the article will be giving you a guided tour of the creatot studio so that you will be able to find each metric and understand what each of them means for your Instagram business account or Facebook business page.
To access your Creator Studio, go to your page on Facebook or to your Instagram account and click on Insights. From there you’ll be asked to use the Creator Studio for your account. Alternatively, you can click here to access the Creator Studio and then log in.
From the creator studio of your business page, you would see the following list. This list gives you the range of metrics you have access to for your page. We’ll begin with Insights. By clicking on Insights, we’re show four metrics that give you a picture of the performance of your posts.
From here we can see:
1. Page Visits
2. Page Reach
3. Post Engagement
4. Page Likes
Page Visits refers to the number of times that visitors visit your site. It gives you a picture of how popular your site is becoming. Because people can get recommendations of your page based on their preferences search history or their friends professors and search history comma your page can become quite popular and attracts a large number of visits. Page visits help you to measure how how often people view the contents of your page. At the same time it gives you a picture of how engaging your page is on Facebook. If you have 500 page visits every month and only 50 new followers in the same period, it means that your conversion from viewers to followers i.e your Viewer-to-Follower rate is low.
The Page Visit metric is tailored for Facebook alone as Instagram doesn’t have the ‘Group’ feature.
Page Reach is a Facebook metric used to measure how many people viewed your content. On Instagram, this metric is called the Account Reach.
Account reach helps you figure out how effective your posting schedule is. If you post at the right time, your reach should have a healthy figure attached to it and vice versa. The same goes for your frequency. Posting at the right time, twice daily at most, gives you a higher chance of reaching a wider audience organically.
Account reach also gives you a picture of the quality of your posts. High quality posts get more engagements (we’ll be discussing this further down) and get shared or recommended more. This increases your reach level.
The Page engagement metric shows how many people carried out any activity related to your post. Whether it’s a like or a comment, all these are measured by engagements.
Engagements help you understand how your audience perceives your content. Do they find it interesting enough to drop a like or even share it to their friends too? That’s the purpose of engagement.
The next metric we see for organic posts there is Page Likes on Facebook and Total Followers on Instagram. The purpose of this metric is to show the total number of people who follow your page or profile on both social accounts. If your other metrics have been successful and growing, this should also follow suit.
Your total following gives you a picture of how interested people are in following your brand and knowing what you’re up to. It’s one thing to like a post. It’s another thing to deliberately follow a page or an account to get updated on all their activities.
Another great metric to measure is your demographics and you find this under the “Audience” tab. Demographics give you a picture of the kind of people who follow your brand, where they stay, their gender and other related information. Based on this information, you can decide on their psychographics for your digital marketing strategy. It helps you understand who your followers are, why they most likely followed you and what would make them to buy from you.
You can also see when most of your followers are online. This way, you can decide the best time to make your posts so as to receive the most engagements.
The above metrics are for organic posts and they give you a picture of how well people interact with your brand’s content.
Ads also have their own metrics. Here are all of them and why they matter to you:
Impressions reflect how many people see your ads in total. It includes the number of unique accounts reached and the number of times those unique individuals saw your ads. For example, if two people saw your ad five times each, then that becomes 10 impressions. Impressions are usually considered to be a Vanity Metric. In other words, most times, they have a large number but the number has no value to add to your brand.
For example, if 5000 people saw your ad and only 109 clicked through to your sales page it means that your ad was ineffective. Impressions mostly serve as a yardstick for the measurement of other metrics as we will see below.
Your Reach refers to how many unique individuals saw your ad. If one person sees your ad 5 times, it still counts as just a reach. This is another vanity metric as it only gives you the picture of how many people were reached and not a picture of the effect your ad had on them.
Frequency represents how many times a unique individual has been your ad. At this point, your metric begins to have intrinsic value.
Metrics with intrinsic value are the ones that you can use to draw a conclusion without needing another metric.
The Frequency metric is important if the goal of your ad is to create brand awareness. The more frequently an individual sees your ad the more they become attached to your brand and become inclined to patronize you. Because of this, you should aim for higher frequencies.
Click Through Rate (CTR) tells you the ratio of people who actually click through to the next page of your funnel to those who get to see your ad (impressions).
This metric is very important if the goal of your ad is to get people to another page where you could close the deal with them or you needed them to take specific action from your ad.
With this metric, you can decide how effective your ad was towards getting people to respond to your offer. Based on this, you can choose to adjust your digital marketing strategy to achieve your results better.
As we see here, Impressions have become a means by which we can measure other metrics. On its own it is a Vanity metric. Combined with other metrics, you can use it to draw important conclusions on your digital marketing strategy.
Cost Per Click (CPC)/Cost Per Mille (CPM) are terms used to describe how much an advertiser is willing to pay the publisher per click on ad or per a thousand impressions. If your goal is to make individuals click on your ad to redeem an offer, then this metric is important for you. However, if your goal is more of brand awareness, then the second is best.
Now that we’ve gotten you up to beat on the major metric of the Meta group apps, let’s discuss LinkedIn. What Metrics can you find on LinkedIn and how can they help you?
When we discussed how to use LinkedIn for marketing, you’d remember that we stated that you’d have to set up a LinkedIn Campaign Manager account that is linked to your LinkedIn account. This is the only way to run ads on LinkedIn. From this account, you can assess your ad metric. Your normal post metrics can be found under the menu bar in the home page.
That said, LinkedIn shares most of the same Metrics with Facebook and Instagram. It gives you insight to your number of Impressions, engagements, reach and demographics. You also get access to ad metrics including Total clicks, impressions and Click-through rate.
However, it also includes the following unique metrics:
• Average engagement: The Average engagement metric is a ratio of the total engagement (paid and free clicks) to the total impressions. Engagements cover actions such as likes, comments and shares. As with Impressions in Facebook, Impressions here take into account the number of times, each unique individual see an ad. For example, a person who sees your ad thrice will be counted as three impressions.
If your aim is to drive leads and conversions (e.g make people to register on a site or download an ebook), you’d want to focus on the following metrics:
• Conversions: This shows the number of times someone responded to seeing your ad by taking an action. This metric applies only to campaigns using LinkedIn conversion tracking. LinkedIn Conversion Tracker is a tool that allows you to track the traffic from your LinkedIn page to your website so you can measure how many people took the actions you needed them to take for your business.
This will show you how to set up the LinkedIn conversion tracker for your ad page..
• Conversion rate: This helps you to see how often your ads result in conversions on your website. This way you can decide on how effective an ad is. It is also a great metric to consider whan you’re running A/B Testing.
• Cost per conversion: This is the ratio of the cost to run an Ad (spend) to the conversions that come from it.
• Leads: This is the data of how much contact information you get from your ads. This metric applies to campaigns using LinkedIn Lead Gen Forms.
LinkedIn Lead Gen Forms are predesigned forms that are tailored to help you get more leads from your prospects. You can try them out here.
• Cost per lead (CPL):This is the ratio of the cost of an Ad spend to the total number of leads. This also gives you a picture of how effective your ads are.
Now that we have wrapped up of every metric for the social media platforms we had discussed earlier, we’ll be using case studies to learn how to use this metrics to help our brand to grow.
HOW TO USE METRICS
Understanding Metrics and knowing what decisions to be made from each of them is as important as carrying out social media campaigns. Even if your social media campaigns are effective, these metrics will serve to show you the way forward.
In this section, we’ll be considering two hypothetical case studies that show how to make the most of social media metrics.
CASE STUDY 1 ZAYA’S COUTURE INSTAGRAM AD
In a bid to run a Sales during the Easter month, April, Zaya decides that she wants to let people know about her sales earlier on and so, she decides to run a digital marketing campaign on Instagram from February that year till April.
She leveraged the February love theme for her social media content while reminding people about the sales coming up in Easter. At the end of the month of February, she had the following results on her ‘Insights page’:
Accounts reached: 1,500
Page Engagement: 500
Total Followers: 7,000
Audience: Males 20-35 years old (mostly bankers and models), Females 16-42 years old (mostly models, housewives)
Time period: Most followers are online from 8:00 am to 12:00 pm
When she ran an ad in February, she had the following results:
Ad Impressions: 18,354
Ad Reach 12,495
Click Through Rate (CTR): 0.05%
Cost Per Mille (CPM): $3.25
These statistics show that her post engagement and impressions are too low compared to the number of followers that she has. If she had been posting her content in February at a time different from the time suggested by the Algorithm, she will definitely need to adjust to post within that time window so as to increase her impressions and engagements in March.
Since she is creating awareness for her Easter sales, Zaya will need all the impressions and engagement she can get. She needs people to be aware of her brand and to choose her brand even before the sales begin. For her to be sure that people are aware of and are looking forward to her sales, she needs to see her prospects engaging her content.
One great way to increase her engagements in March is to tailor her content to match her audience’s thinking pattern. She will needto create content that appeal to housewives, bankers and models. This way, she will get the attention of her target audience and get their approval.
After running her ad, she realizes much more reach and impressions that her followers would have afforded her. This shows how effective ads are towards reaching a larger audience. However, this large number of reach and impressions is not such that should satisfy Zaya. This is because, the ratio of impression to reach is 1.47. This means that, on average, each unique individual only gets to see the ad once. This is not good for her goal of brand awareness. Repetition calls for emphasis. If people will be aware of her brand enough to choose her brand subconsciously, they each would have to have seen her brand at least thrice within the ad running period.
This means that, in April, she would need to spend more money on ads to increase the frequency of her ad’s appearance.
The CTR is also a reflection of her ad’s low frequency of appearance. Let’s say she needed people to follow her business account by clicking the ‘Follow’ button. 0.05% means that, out of the 12,495 people, only 625 people followed the account.
It is quite likely that her ad wasn’t appealing enough for her audience. Her next ad will need to focus more on her audience’s thinking pattern so as to get them to follow through with her Call to actions (CTAs).
Her cost per mille is $3.25. This means that she has spent $59,621.25 on the ad. This ad wasn’t a huge success. We have outlined a couple things that Zaya should do right.
Ø Zaya will need to adjust her schedule to post within the suggested time window so as to increase her impressions and engagements in March.
Ø She is to tailor her content to match her audience’s thinking pattern.
Ø She would need to spend more money on ads to increase the frequency of her ad’s appearance.
Ø Her next ad will need to focus more on her audience’s thinking pattern.
CASE STUDY 2 MARTINS’ FINANCIAL CONSULTANCY LINKEDIN CAMPAIGN
Martins wants to add more clients to his clientele and so he goes to LinkedIn to find companies who he can go along with him.
Because his services are B2B (Business to Business), he chooses LinkedIn to be in his primary social platform of interest.
He creates his digital marketing strategy and launches it on LinkedIn, creating content and running ads. At the end, these are the results:
Accounts reached: 2,305
Page Engagement: 1,825 (57% of this engagement comes from one particular post)
Total Followers: 2,500
Audience: Males 35-50 years old (mostly financial investors and entrepreneurs and business owners), Females 22-43 years old (mostly financial investors and entrepreneurs and business owners), College students (20-30 yrs)
Time period: Most followers are online from 8:00 am to 12:00 pm
When he runs an ad that same month, he had the following results:
Ad Impressions: 8,766
Ad Reach: 5,513
Click Through Rate (CTR): 0.39%
Cost Per Mille (CPM): $5.05
These statistics show a very healthy relationship between his followers, reach and engagement. It means that he’s posting at the right moments, most likely. Also, his content seems to be doing well, as a single post pulled 1040 engagements. That post must have been full of value and perfectly tailored for his audience.
At the same time, there are still spaces to be covered.
Since one post, in particular, drew more than half of these engagements, it means that if he creates more content like that particular one, his engagments will most likely double up; which is best for him.
While his goal isn’t necessarily brand awareness, brand awareness is a means to an end, and so he also needs all the engagement and impressions that he can get.
After running his ad, as usual, he realizes much more reach and impressions than what his connections would have afforded him. This shows how effective ads are in reaching a larger audience. His frequency isn’t that great; however, this isn’t much of a problem for him since his goal isn’t brand awareness. His click through rate more than compensates for his low frequency. His click through rate shows that 2121 people actually follow his call to action This is great for business.
However, this is not to say that he shouldn’t aim for more frequency. By spending just a little more on ads, he could get more frequency and, in return, higher CTR.
At the end of the campaign, his campaign may show that even college students are interested in his content and services; though, he didn’t focus on them in his campaign. This means that he should consider targeting students, and creating offers for them to come aboard his company.
Therefore, if he tailors ads for students, he might also get higher conversions for his ad efforts.
Her cost per mille is $5.05. This means that he has spent $44,268 on the ad. This ad was worth the cost and yielded the right results. However, Martins still has some milestones to cover. Here are a few of them:
Ø Martins needs to create more content like his best-performing post to increase his engagements.
Ø He also needs to spend some more on ads, as that can help him to get more frequency and, in return, higher CTR.
Ø He should consider targeting students and creating offers for them to come aboard his company since they turned out to an important part of his audience.
There you have it. Using metrics is so easy to assess and make the most of.
Digital Marketing Strategy is incomplete without Analytics. Analytics help you decide the way forward for your business.
Your ability to read and understand them reflects how ready you are to leverage your digital space. When done right, you will earn access to as much prospects as you desire.
So, what new social marketing decisions are you making based on your metrics this new month? Let us know in the comment section. Share this post with your friends so they can learn too.