As a consultant, it’s important to track the right metrics to measure your success. Without knowing what to track, you can’t improve or optimize your social media efforts. In this blog post, we will discuss the most important social media metrics for consultants.
What are social media metrics and why are they important?
Social media metrics are numbers that measure the performance of your social media posts and ads. Metrics are important because they allow you to set goals, track progress, and improve results. Without metrics, it would be difficult to know whether or not your social media efforts are paying off.
Which social media metrics are most important for consultants to know?
Social media metrics are the numerical indicators that tell you how well your social media marketing is performing. But which social media metrics are most important for consultants? The answer to this question depends on your business goals. Are you looking to increase brand awareness, boost engagement, or drive conversions? Each of these goals requires a different set of social media metrics.
For example, if you’re trying to increase brand awareness, you might use Reach as a measure of success. If you’re looking to boost engagement, you would look at Engagements (Likes, Shares, Comments, etc). And if you’re trying to drive conversions, Cost Per Lead (CPL) might be one metric that you would closely monitor. Ultimately, there is no one-size-fits-all metric for social media success. The key is to identify the metrics that align with your specific business goals.
Awareness metrics are used to measure the amount of exposure your content enjoys. They’re not concerned with whether people engage with your brand, or convert into customers. Here are some of the most common awareness metrics used to measure social media performance:
Reach refers to the number of people who have seen your post or ad. This is different from Impressions, which is the number of times people have seen it. For example, if one person sees your post five times, that would count as five Impressions, but only one Reach. Reach is a good metric to keep track of because it gives you an idea of how many people are seeing your content.
To increase Reach, post content regularly. This way, people will start to recognize your brand and be more likely to see your content when it pops up in their feed. For certain social media platforms such as Instagram or Twitter, make sure you’re using relevant hashtags. This will help people who are searching for certain topics to find your content.
By increasing your social media reach, you’ll be able to connect with more people and share your message with a wider audience.
Impressions are a social media metric that measures the number of times your post or ad has been seen. This is different from Reach, which is the number of people who have seen it. So, if one person sees your post five times, that counts as five Impressions.
While getting a lot of Impressions is not necessarily a direct indicator of success, it can be useful for gauging the visibility of your content. This could potentially lead to more engagements or conversions down the road.
Engagement metrics are used to measure how often people interact with your content. They’re not concerned with whether they convert into leads. Here are some of the most common engagement metrics used to measure social media performance:
Engagements include likes, reactions, shares, comments, or any other type of interaction. Just like in real life, the more engaged your audience is with your content, the more connected they feel to your brand. And when people feel connected to your brand, they’re more likely to buy from you.
There are a few different ways to make your content engaging. First, make sure you’re creating quality content that is relevant and interesting to your audience. Second, use engaging visuals and video whenever possible. And finally, interact with your followers by responding to their comments.
By increasing engagement of your content, you’ll be able to connect with your audience on a deeper level and create a more loyal client base.
4. Video Views
As any social media user knows, videos are all the rage these days. Platforms such as Facebook, Instagram, and Twitter tend to favor videos over other content formats, so if you want your content to reach more users, it’s worth posting videos regularly. With higher internet speeds and lower mobile data costs, video consumption is increasing at a rapid pace, so there’s no better time to start posting videos.
Fortunately, making videos is easier than ever before. Modern smartphones are equipped with powerful cameras, so you don’t need any special equipment. All you need is a few minutes and you can create a high-quality video that social media users will love.
While engagement metrics (likes, comments, shares, etc.) all apply to videos, there are also metrics specific to video views. For example, social media platforms typically track how long users watch videos – 2 seconds, 3 seconds, 15 seconds continuous views – as well as what percentage of the video they watch – 25%, 50%, 95% video plays.
By considering these metrics when creating and posting videos, you can maximize your chances of reaching more users and growing your social media following.
Conversion metrics measure how well your social media ads are performing in terms of leads, sales, and return on investment.
5. Cost per Thousand Impressions (CPM)
One metric you might see thrown around a lot is CPM. Essentially, CPM is the cost of your ad divided by the number of Impressions x 1000. So, if your ad costs $100 and it gets 10,000 Impressions, your CPM would be $10.
Now, just because your ad has a high CPM doesn’t mean you will not make a profit. So as long as your ad is generating more revenue than it’s costing you to run it, you’re in good shape. So don’t worry too much about CPM – focus on generating a positive return on investment, and you’ll be just fine.
6. Cost Per Click (CPC)
CPC is calculated by dividing the amount you spend on ads by the number of clicks your ads receive. Like CPM, a high CPC doesn’t mean that your ad campaign isn’t profitable. If you’re getting a good return on your investment, then a high CPC isn’t necessarily a bad thing. There are a lot of factors that go into determining whether or not an ad campaign is successful, so don’t put too much emphasis on one metric.
7. Cost Per Lead (CPL)
Most consultants would agree that CPL is one of the key metrics that are close to their hearts. This is the amount of money you spend on an ad divided by the number of leads it generates. A high Cost Per Lead doesn’t necessarily mean that your ads aren’t profitable. At the end of the day, it’s all about return on investment. As long as it costs you less to acquire a client than what you make from them, your ads are successful. So don’t get too hung up on CPL. Just make sure that you’re still making a profit at the end of the day.
8. Click-Through Rate (CTR)
Click-through rate (CTR) is a social media metric that measures the number of times your ad or post is clicked divided by the number of times it is viewed. For example, if your ad is viewed 1000 times and it is clicked on 18 times, your CTR would be 1.8%.
CTR gives you insight into how relevant your ads are to your audience. A high CTR generally means that your audience finds your ads interesting. If you’re running a Facebook ad campaign, a CTR of 1% would be considered above average because the average CTR for Facebook ads across all industries is 0.9%.
However, even if you have a low CTR, it doesn’t necessarily mean that your ad campaign isn’t profitable. At the end of the day, what matters most is your return on investment. So as long as you’re making more money than you’re spending on your ad campaign, then it’s considered successful.
9. Conversion Rate
As a social media advertiser, one of the key metrics you should be tracking is your conversion rate. This is the percentage of people who click on your ad and then go on to sign up or take some kind of the desired action. For example, if you’re running Facebook lead ads, and your CPL (cost per lead) is high, it could be because your conversion rate is low. In other words, not enough people are completing the form after clicking on your ad. This could be due to poor copywriting on the form itself, or too many fields (requiring too much information from the user). Either way, it’s important to keep an eye on your conversion rate and make sure it’s as high as possible. By doing so, you’ll be able to maximize the return on investment for your social media advertising campaigns.
10. Return On Ad Spend (ROAS)
ROAS is another metric that all consultants who advertise on social media should track. It is calculated by dividing sales by ad spend. For example, if you spent $500 on ads to generate $1000 sales, your ROAS would be 2x or 200%. If you are advertising on social media, ROAS is the most important metric because it measures how much money you make for every dollar you invest in ads.
Social media metrics are important for consultants to track because they allow you to measure progress and improve results. By tracking the right social media metrics, you can ensure that your social media marketing is on track and achieving your desired goals.
Do you have any questions about social media metrics? Let us know in the comments below!