The social media metrics to track in 2024

What do you think is the cause of such failures? Most of the time, this is due to the lack of focus on key social media metrics. Just posting content on social media and calling it a day won't give you any success. If you want your strategies to work and your audience to convert, you must have a tight hold on your social media performance.

And if you are wondering how this is possible, then social media performance metrics are your answer. But what metrics do we keep referring to? The next section will explain that, so keep reading.

What are social media metrics?

Simply put, social marketing metrics are data points that help you determine how well your social media strategies perform. In addition, these metrics will also help you understand how you can improve them. The social media engagement metrics are proof of how much money and effort you are spending on a campaign and how you are getting in return.

Social media performance metrics tell you how well your business is fairing in the social sphere. Without metrics, you cannot create effective strategies. Additionally, you will also not be able to realize the opportunities and threats to your campaign. These metrics are a way to measure whether your strategy can achieve its goals or not.

So, if you are implementing strategies without even checking if you are getting the results, you are throwing all your money and hard work down the drain. Therefore, tracking social marketing metrics is very important if you want your campaign to succeed. The next section will explore various metrics that can impact your performance.

18 Key social media metrics you need to look out for

Businesses do not do social media marketing just for the sake of it. If you are putting your money into something, you need to get your money's worth right. Social media metrics help you understand the position of your brand and campaign. You can find out whether they are doing well by just glancing at the social media engagement metrics.

Let's dive into social media measurement and understand why they are so important.

1. Engagement Rate

Engagement rate, as the name suggests, measures how much engagement your content gets as a percentage of your audience. However, the way you define your audience can differ. Ideally, you might want to measure social media engagement relative to your brand's followers.

However, you must remember that not all your followers will engage with your content. Moreover, you might also get engagement from people who do not follow you. But if you ignore these two factors, you can easily measure social media engagement rate using this simple formula:

Total likes, comments, shares, etc/Total Followers x 100 = Average engagement rate percent.

2. Virality Rate

Virality rate measures how much your audience has shared your content. These social media measurements indicate the rate at which your content is shared beyond the original number of impressions. Every time a person shares your content, it will give a fresh impression to their audience.

Therefore, it is basically a measure of how your content spreads exponentially. Here is a simple formula you can use to calculate virality rate:

Number of shares/Number of impressions x 100 = Virality Rate Percentage

3. Amplification Rate

The amplification rate refers to the average number of shares each post gets. Unlike virality rates, the amplification rate is calculated for shares based on the followers. Here is a simple formula you can use to calculate this social media metric:

Total post shares/Total number of followers x 100 = Amplification rates

Remember, the higher the amplification rate, the more followers will help you expand your reach.

4. Reach

Reach is a key social media metric that tells you how many people have seen your content on a platform. With reach, you can also check how many followers and non-followers have seen your post. Hitting many non-followers will help you build more followers and expand your target. You can easily check your reach by visiting your social media metrics dashboard.

5. Potential Reach

Potential reach helps you determine the number of people who have the chance to see your post within a period.

6. Impressions

Impressions refer to the number of times people see your brand's post on a social media platform. Sometimes, it takes more than one viewing for people to take action. Therefore, when people see your content repeatedly, they are highly likely to purchase. These types of social media metrics can easily be calculated with tools that are available on the internet.

7. Audience growth rate

This is one of the most crucial social media measurements that tell you how many followers you have gained within a given time frame. An increasing audience growth rate is an indication of your brand growth. In addition, it is also a sign of how well your social media campaign is working.

8. Video Views

The way each platform counts video views can be slightly different. Generally, watching even a few seconds of a video will count as a "view". So, video views are basically an indicator of how many people have at least seen the beginning of your videos.

9. Video completion rate

Getting a high amount of video views is excellent. However, it only indicates how many people have started to watch your brand's video. What matters the most is how many people have gone through the video until the end. These social media kpis can use the video completion rate to understand if the quality of your content is up to the readers's expectations.

10. CTR

Click-through rates refer to the number of people who have clicked a link from one of your brand posts. These links usually lead interested customers to your website, blog post, etc. Overall, CTR helps you determine how many people are interested in knowing more after encountering your social content.

To know your click-through rates, you either go to the social media metrics dashboard or you can annually calculate it using this formula:

Total no. of clicks for a post/Total number of impressions x 100 = CTR percentage

11. Conversion rate

Conversion rate tells you that some of your audience took action after encountering your social media content. Unlike CTR, which only focuses on the number of clicks, conversion rates actually determine how many people took an action. Conversion rates are among the key social media measurements that indicate the success of your brand on social media.

Following is a simple formula to help you calculate conversion rates:

Number of conversions/number of clicks = Conversion Rate

12. Net Promoter Score

NPS is a useful social media metric that measures your customers' loyalty to your brand through social media.

13. Brand Awareness

The amount of attention your brand gets across all social media platforms per reporting period is called brand awareness.

14. Social Share of Voice

SSoV is one of the very important social media engagement metrics. It measures how many people have mentioned your brand compared to your competitors.

15. Cost Per Click

CPC, or cost-per-click, is the amount you have to pay per individual click on your brand's social ads. In other words, these social media metrics tell you if your marketing budget is being well spent.

16. CPM

When you run a social ad campaign to build your brand online, CPM becomes more important than CPC. CPM refers to the cost-per-thousand impressions, which means exactly what it sounds like. CPM is the cost you pay for every thousand impressions. The lower the cost of CPM, the more effective your branding campaign will be.

17. Average Response Time

This social media metric measures how long your customer services team responds to a query.

18. CSAT

CSAT refers to the term customer satisfaction score and can help you measure overall satisfaction with your brand's services.

All of these social media engagement metrics can help you understand the position of your brand and your social media campaign. Moreover, you can also use these to bring good results by improving your social media marketing strategies. And if you don't have enough time to track these metrics, you can always rely on social media services.

Conclusion

Social media is where the future of your business lies. If you are marketing your brand on social media, then monitoring the various social media metrics is mandatory. However, that does not mean you have to do all of this yourself. You can rely on Gigde's social media services to make your campaign a huge success. Check out our website for more information about our services.

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