If you’re here reading this article, chances are you are a marketer, an analyst, or even an entrepreneur. And you’re trying to find the right metrics for your social media strategy.
Or you’re stuck while creating a report.
Social Media platforms have grown in number today, and so have social media metrics. Everything has a metric of its own. Every click, reaction, and link copy is tracked.
But even the top social media metrics could mean nothing without context.
Vanity metrics are analytics items that do not have much meaning or context. They do not give you any information or insight about your ROI, or the significance of your efforts.
For example, the number of likes/shares/comments, might not mean a lot to your business. But they could be insightful when combined with other metrics.
Social Media Metrics haven’t lost value. Their meanings and implications have evolved.
Crucial Social Media Marketing Metrics in 2024!
Tracking social media metrics is an absolute necessity today. But which metrics to track? To find out, let’s split important social media metrics into five broad categories:
- Social Media Engagement Metrics
- Social Media Growth and Awareness Metrics
- Social Media Marketing Metrics
- Social Media Customer Service Metrics
- Social Media Community Metrics
The rest of this article will give you a clear idea of what each metric means in 2024.
Social Media Engagement Metrics
Engagement is still one of the top priorities of Social Media Marketing in 2024. Your business/brand has a social media presence to engage with people.
The key metrics to track engagement!
Likes (or any other reaction). Comments. Shares. Subscribes.
All these form the basis of engagement. However, we can combine these metrics to get better insights. Combining these metrics quantifies your social media engagement meaningfully.
Below are the top Social Media Engagement metrics to track your social media efforts.
Engagement Rate
Engagement Rate is the total number of engagements, divided by your post-reach, and multiplied by 100.
What does Engagement Rate tell us?
Engagement Rate is the percentage of people who react to your post. It is a good measure of how engaging your social media posts are.
Some benchmark Engagement Rates!
As a rule of thumb, a 2% engagement rate or more is always a good sign. The ideal number might also change across platforms and industries.
For example:
The average engagement rate on Instagram ranges from 1.5 - 2.5%
The average engagement rate of the Entertainment industry ranges from 0.9% to 1.5%
Virality Rate
Virality Rate is the measure of the total number of shares, divided by your impressions, and multiplied by 100.
What does Virality Rate tell us?
The Virality Rate is a relatively new metric. It tells us what percentage of our audience found our content to be “shareable”. This metric gives us an idea of how likely a person is to share your content when they view it. The virality rate improves with shareable and informational content.
More shares mean more impressions and more impressions mean more virality.
What is a good Virality Rate in 2024?
Virality is a puzzle yet to be solved. There are no absolute numbers to benchmark virality. The only aim is to maintain a consistently growing virality rate.
Amplification Rate
Amplification Rate is the measure of the total number of shares, divided by your total followers, and multiplied by 100.
What does Amplification Rate tell us?
Amplification Rate is the percentage of our audience who are likely to share our content. Thus, this metric can be used to gauge the shareability of our content. It also helps us understand if our content reaches the right audience.
Sharing the right content to the right audience means more shares, impressions, and growth.
What is a good Amplification Rate in 2024?
Trends indicate that the best amplification rates lie between 0.03 and 0.05%.
Applause Rate
Applause Rate is the total number of applause actions i.e. likes, shares, and saves, divided by the total number of followers, multiplied by 100.
What does Applause Rate tell us?
Applause Rate is the measure of positive engagement. It gives you an idea of whether your content creation activities are engaging. They also complement other metrics like Virality Rate.
What is a good Applause Rate in 2024?
There are no ideal numbers for this metric. This metric can be used as a benchmark to consistently improve content. It also helps analyze our competition.
Social Media Growth and Awareness Metrics
Growing on Social Media could mean a lot of great things to your brand: the broader the reach, the more your brand’s ideas get recognized.
The best Social Media Growth metrics?
These metrics show us how much our efforts to build content on social media translate to growth. Below are the top metrics to add to your reports to track growth and brand awareness.
Impressions
Impressions are the total times your content was displayed to our users on a social platform.
What do Impressions tell us?
Impressions quantify our ability to present content at different places. Think of it as the number of times someone might see our content on their feed. This includes in-app suggestions, home screens, discover pages, etc.
Here’s an example. You find TMR’s videos on your homepage, suggestions, and search bar. This means TMR’s video has 3 impressions.
Impressions also help us gauge how well our content is optimized to a particular platform/format.
How many impressions should my post have?
Impressions differ from the industry, audience, and platform. So, there are no quantitative benchmarks. However, consistent impressions could mean that your social media campaigns are optimized.
Reach
Reach is the total unique times your content was displayed to our users on a particular platform.
What does Reach tell us?
Reach tells us how many individuals are exposed to what we post. It is counted only once per unique post view.
Here’s an example. You find TMR’s videos on your homepage, suggestions, and search bar. But it has reached only one person.
This metric helps assess our content strategy, social media optimization, and brand awareness.
More reach also means more potential social media engagement.
How much reach should my post have?
Just like impressions, reach is subject to change across industries and platforms. Reach must be consistent, or improving.
Views
Views are the total number of times our audience has accessed your content. This metric is associated with content types that can be viewed, like Videos, Blogs, Shorts, etc.
What do Views tell us?
Views are a measure of the number of people who viewed our content. If a person views your content twice, it is counted as 2 views.
For example: If you watch TMR’s video twice, once in the preview, and once through the video, it means our video has 2 views.
This insight helps us gauge how well our content is tailored to our audience!
How many views should my content have?
Views are subjective to the audience, niche, or platform. While it’s a great way to measure the relevance of your content, it’s not the only metric you need. Other engagement metrics help us understand how our audience receives our content.
Audience Growth Rate
Audience Growth Rate is the measure of the Total New Followers Gained, divided by Total Followers, and multiplied by one hundred.
What does Audience Growth Rate tell us?
Audience Growth Rate is the percentage of growth in our social media followers. It is generally calculated within a specific time frame.
Here’s an example. Your page has 200 new viewers in a week. And the total number of social media followers was 5000 when the week began.
Then your Audience Growth Rate is 4%.
[NOTE]: Consider the audience at the start of the period to make the calculation.
This metric helps us measure the growth of our page.
How much Audience Growth Rate is ideal?
From trends across the internet, the ideal growth rate is between 2 to 5%. This only applies if you post and engage on social media consistently.
Social Media Marketing Metrics
As of January 2024, over 5 Billion people had their accounts on social media: that’s about two-thirds of all the people on earth.
This is why all major Social Media platforms have advertising features. Major players Facebook, Instagram, and even Snapchat have joined the bandwagon.
The best Social Media Advertising metrics?
Social Media Advertising metrics help gauge your marketing strategy. They tell you if your social media campaigns are cost-effective. These metrics also represent our social media success.
Click-through Rate
Click-through Rate (CTR) is the number of clicks on your post/ad, divided by the number of impressions, and multiplied by one hundred.
What does CTR tell us?
CTR is the likelihood of a viewer, clicking (interacting) on a link or a button on your ad.
For example: If your page had 1000 impressions, but only 10 people clicked. This means that the CTR is 1%.
This metric helps us gauge the
- Performance of our post/ad content
- Relevance to our audience
- Effectiveness of our campaign strategy.
What’s the best CTR in 2024?
The ideal range of CTR has always been above 2%. However, this could change depending on the campaign size, goals, and the industry.
Cost per Click
Cost per Click (CPC) is the price of every individual click on your advertisement.
What does the Cost per Click tell us?
When running social media campaigns, our ads could accumulate a lot of clicks, quickly. That’s why CPC is an important metric to measure. It gives us an idea of how much we need to spend to meet our campaign goals.
What will affect CPC in 2024?
CPC is dependent on several factors. Some include the quality of our ads, intent, or target audience. It is also affected by other marketers bidding for the same keywords as you.
Cost Per Mille
Cost Per Mille (CPM) is the measure of the total amount spent on a campaign, divided by the total number of impressions, and multiplied by one thousand.
What does Cost per Mille tell us?
Cost Per Mille (CPM) is the measure of the amount you need to pay to get 1000 impressions.
For example: If your CPM is $6, you paid $6 to get 1000 impressions for your ad.
CPM measures how cost-effective and efficient your campaign is, based on the spending.
What affects CPM in 2024?
CPM is affected by factors like the platform chosen, relevance, and timing of the ads. It also depends on keywords and audiences set for the campaign.
Conversion Rate
Conversion rate is the ratio of the number of conversions to the total number of views.
What does Conversion Rate tell us?
Conversion Rate is the measure of the percentage of your audience who are likely to convert. A conversion could mean anything: from a website visitor to a sale.
Here’s an example.
10000 people viewed your social media ad. And 200 people submitted their details for the webinar. The conversion rate here is 2%.
The conversion rate is a direct measure of your social media campaign’s success.
What affects CPM in 2024?
The answer to this may change across channels and campaigns. But, an ideal conversion rate is generally around 2-5%.
Social Media Customer Service Metrics
Put yourself in the shoes of a customer. In case of a grievance, would you prefer quick solutions? Or would you rather go along email threads or long phone calls?
This is the difference social media has brought to customer service. By enabling customers to engage with brands directly, customer servicing is quicker. Customers prefer comments and tweets, over emails. And companies find it easier to get direct feedback from customers.
The best metrics!
Tracking customer service metrics helps you gauge your response and ticketing efficiency. They quantify important aspects like response time or ticketing. Customer Satisfaction scores can also show if your brand is making an impact.
Below are the top customer service metrics to track in 2024.
Customer Satisfaction Score (CSAT)
How do you rate the experience?
You might’ve seen this question on Social Media or an app. This is to measure the Customer Satisfaction score.
What is Customer Satisfaction Score?
Customer Satisfaction (CSAT) Score is the rating given by customers for a product/service. It is usually a measure of the sum of all ratings, divided by the number of customers who rated, and multiplied by 10.
What does CSAT tell us?
CSAT scores simply tell us how satisfied a customer is with our product/service.
A lower CSAT score indicates that you need to modify the current strategy. And a higher score indicates that customers are satisfied with their service.
For example: Tree customers have 6, 7, and 8-star ratings for the experience. This means the CSAT score is 70.
What’s the best CSAT score in 2024?
CSAT scores aren’t exclusive to social media. Generally, the ideal CSAT score is somewhere between 60 to 90.
Net Promoter Score (NPS)
How likely is it that you would recommend our product?
The Net Promoter Score (NPS) is similar to the CSAT. However, NPS is more focused on the future.
What is Net Promoter Score?
The NPS is generally measured on a scale of 0 to 10. The scores in this range can be broken down into three categories.
0 to 6 points are considered Detractors. They wouldn’t recommend your brand.
7 and 8 points are considered Passives. They might or might not recommend your brand.
9 and 10 points are considered Promoters. They are most likely to recommend your brand.
The Net Promoter Score is the number of Promoters, minus the number of Detractors, divided by the total number of responses. Then the result is multiplied by 100.
What does the NPS tell us?
The NPS helps understand customer relationships in the future. A greater percentage score means that your customers love your product/service. These customers will recommend your product/service to others.
Here’s an example. 50 people responded to your NPS survey. Out of these 10 are Detractors. 25 are Positives. And 15 are passives.
This means your NPS is 30%.
NPS is also an indirect measure of brand equity and the effectiveness of your customer service.
What is an ideal NPS score in 2024?
Anything above 0 is a great NPS. However, the most ideal score is above the 80 percentile.
First Response Time
What is First Response Time (FRT)?
First Response Time is an average of the time taken for a brand to respond to the first message. It is measured by the the sum of first response times, divided by the total number of first responses.
What does First Response Time tell us?
FRT is a simple measure of how long you take to respond to the first query of a customer. FRT is important because the first response generally tells a customer that their issue/query is being checked.
What affects First Response Time in 2024?
The best FRT in 2024 is 60 minutes or less. This is a value maintained by brands with strong social customer service across industries.
Average Response Time
What is Average Response Time (ART)?
The Average Response time is like FRT. It is measured by the sum of the total time spent with the query, divided by the total number of responses in the period.
What does Average Response Time tell us?
ART tells us how quickly we respond to the customer’s queries. Customers wouldn’t appreciate long waits for a response/solution. A shorter average response time simply means satisfied customers.
What affects First Response Time in 2024?
Similar to FRT, the best Average Response Time in 2024 is 60 minutes or less.
Average Handling Time (AHT)
What is Average Handling Time?
Average Handling Time (AHT) is the total time taken to handle a social media ticket from start to end. It is measured by dividing the total time taken to handle the ticket by the number of tickets handled.
What does Average Handling Time tell us?
AHT is a way to measure the efficiency of your social media customer service. It points out areas of improvement. AHT also gives us idea about customer satisfaction.
Here’s an example. The total time spent in handling a ticket is 200 minutes. This includes calls, chats, and sending the ticket to the right executive.
The total number of tickets handled is 30. Your AHT is then 6.6 minutes/ticket.
What is an ideal AHT in 2024?
The most ideal number across industries is six minutes. However, this could change across industries and companies. The type of tickets and the volume could also impact AHT.
Social Media Community Metrics
Building a community is just as important as engagement and growth. Because growth could give us reach. But a community gives us loyalty.
People like being heard. It encourages them to follow, engage, and potentially convert into loyal customers. This is why some brands are successful on social media.
Below are some top social media community metrics to track in 2024. These metrics help you quantify your community-building efforts.
Mentions
What are Mentions in social media?
A mention is a social media post, comment, or story referring to your brand. This could include direct tags or something indirect like hashtags.
What do Mentions tell us?
A mention means that your brand/business is noticed. This is a very direct measure of the number of people talking about you on social media. It could also indicate the success of your community-building efforts.
What is the ideal number of mentions in 2024?
There is no ideal number of mentions. It only shows that your efforts are working (or counterproductive)
Sentiment Score
What is a Sentiment Score in social media?
It is a measure of the sentiment or emotion behind social media mentions. It helps you understand if your community is saying positive things about you.
There are no formulae to calculate the Sentiment Score. It is possible to use Social Media Listening tools to analyze mentions for Sentiment Analysis.
What does the Sentiment Score tell us?
Sentiment Score is an important metric for brands trying to build a community. It makes the best out of social media to analyze your brand’s impact.
Are people happy with your brand? Or why are they talking negatively?
Sentiment Analysis and Scores can impact everything, right from the customer service to the overall product. It can help companies make decisions to improve their customer’s experience.
What is the ideal number of mentions in 2024?
Any score above 0.5 is considered to be a good number. However, this could vary across industries, platforms, and businesses.
Share of Voice
What is Share of Voice (SoV)?
Share of Voice (SoV) is a comparative metric. It shows how many people are talking about your brand, versus your competitors.
It is measured by dividing the total mentions of your brand on social media, by the total mentions of all brands in the industry. It is then converted into a percentage by multiplying with 100.
What does Share of Voice tell us?
Share of Voice tells us how popular your brand is in your industry. It quantifies your brand’s awareness on social media.
It helps us understand if your social media marketing or advertising efforts work.
Here’s an example. Out of 100 mentions in the jeans industry, 30 are of your brand. This means your social share of voice is 30%.
What is a good Share of Voice in social media?
There are no ideal figures for SoV. However, it is important to track your social voice to understand where your brand stands. It is also an important metric to consider while choosing your competition.
Pro Tip: Compile Social Media Data into Reports that improve your social media strategy
We compile data and create reports for analysis, strategy, and insights. Metrics and data help us optimize our social media efforts. However, when not presented properly, ANY data could just be numbers.
Here’s how you compile your data into meaningful reports:
- Build it for a purpose: Is it to compare your previous year's revenue with your current, or to keep track of your channel’s Engagement and Virality rates? Every report must have its very own dedicated purpose. One report cannot do it all.
- Choose the right metrics: Metrics can be combined to meet specific goals. Choose the right metrics that fit your report’s purpose. Here’s an example. If your report is to track your Social Media Marketing efforts, insights like CTR or CPM are more relevant. But engagement metrics might not mean much.
- Not just Numbers: One of the most important needs for a report is ease of interpretation. Make sure you represent your data correctly: some data could be a table, while others might call for a graph or a chart.
Two Minute Reports: build reports for your social media marketing campaigns within minutes!
Two Minute Reports (TMR) is a nifty, AI-powered social media analytics tool. It is built to make report-creation simple and quick.
TMR makes report creation, data management, and strategy simple and quick. With this tool, you can draw categorized social media metrics from 75+ popular platforms.
