There are possibly a million different KPIs a brand can track in terms of social media. Okay, maybe that’s an exaggeration but with Facebook alone the level of granularity you can get to is enough to make your head spin. Deep analysis on the details definitely has its place. But when reporting on management, finding the right way to cast your performance metrics in context is critical. Otherwise everyone gets lost in the details and loses sight of the story you are trying to tell.
Here are five simple ways to put context behind your data and create more meaningful social media reports, specifically around measuring engagement.
Engagement as a Percent of Audience
Adding up all the user actions available for your social networks (such as mentions, likes, retweets, shares, and clicks) and then dividing that by total audience (Facebook fans + Twitter followers) gives you engagement rate in relationship to audience size. Using this type of context shows how much of your audience is engaged with you and how effectively your programs turn passive fans into active participants.
Simply adding up all of the components mentioned above and evaluating your total engagement is important as well. By tracking your total engagement over time or continually mapping it against your goals can help translate individual actions into a single engagement metric across all social media channels. Bonus points for tracking over time and mapping to goals all in one chart!
Channel Specific Measurement
You can also break down engagement at the channel specific level to provide additional insight to your reports. Evaluating your data like this makes it easy to compare your social media channels and see how they stack up against each other. Furthermore, it can help determine which of the one million possible KPIs are most important to your brand on each channel.
Weight Your Metrics
Once you determine what KPIs are top priority for your brand, you should adjust their values within the reports. Because what one brand considers a key data point, and ultimately dedicates time and resources towards, can vary greatly for another brand even within in the same industry. By more heavily weighting your most important metrics, you can ensure that your reports accurately reflect the marketing goals and strategies you set.
Engagement With Market Context
To complete the picture for senior management you can put context around your KPIs by comparing them against other brands in your industry. Doing this will validate how realistic your goals are and give you an additional benchmark to track against over time.
What Is Right For My Brand?
The ultimate goal of social media for every marketer is driving a two-way conversation between the brand and its fans. Understanding and measuring engagement is crucial to evaluating that two-way conversation. As we’ve seen in this post there are many different metrics you can use to capture engagement; and there is not a right or wrong way to tell this story. The important thing is to come up with a relevant set of KPIs that make sense for your goals and regularly report back on performance against those KPIs to your organization.
Curious to see if your fans and followers are engaging with you? Then go ahead try one of our Free Social Media reports.
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