The 3 Social Media Marketing Metrics that Affect Revenue

August 31, 2018

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Social media marketing metrics are numerical scores, data points, or statistics that summarize and give insights into your business’ social media marketing performance.

By tracking the right social media marketing metrics, you can improve the efficiency of your efforts on social media, as well as more effectively engage with your audience across the most relevant social media channels.

These metrics are also essential if you’d like to determine the social media networks and channels that ultimately help your bottom line. However, it’s important to go beyond just tracking fans and followers; your social media marketing program should also report on social media marketing metrics that affect revenue.

Reach and Engagement

Reach and engagement are two of the most universal social media marketing metrics that you can track. No matter what platform or social media management tool you’re using, it’s likely that your dashboard already provides detailed information on both reach and engagement.

A quick visit to your Twitter profile’s Analytics tab (“Tweets” section), for example, will let you in on how well your tweets and posts did. You can quickly measure Impressions (reach), Engagement, and Engagement Rate of each of your individual tweets.

You can also observe reach and engagement trends over time, which should help you understand better the kind of content that performs well, and when the optimal time is to post.

Why is this social media marketing metric so crucial? Well, reach and engagement can measure the spread of the social media conversations you’ve started. They also help contextualize other social media marketing metrics, giving you a more accurate idea of your audience size and the level of participation that your audience has in social media conversations about your brand.

Related reading: 7Social Media Marketing Strategies to Drive Results

Audience Growth Rate

A lot of social media marketers regularly keep an eye on their number of fans and followers on social media.

But instead of just looking at, say, the number of new Twitter or Instagram followers you got last month, or the number of Facebook users who “liked” your business page, why not take it a step further and measure the speed at which you gained social media following?

As one of the social media marketing metrics that affect revenue, audience growth rate can be measured by asking the question, “How fast did our business generate new followers? And were we able to do it faster than our closest competitors?”

To measure audience growth rate, simply take your net new followers on each platform over a given reporting period — say, the last month or the last quarter.

Then divide your number of net new followers by your total number of followers (on each platform) and multiply by 100 to make your measurement unit a percentage rate.

It’s easy to find these stats on the Insights tab of your Facebook business page. Just look for the “Followers” section:

You can also use this formula to track the audience growth progress of your competitors and compare your social media marketing performance.

Social Share of Voice

Social share of voice is an essential social media marketing metric that answers the question, “How many people are mentioning your brand in social conversations compared to your competitors?”

It determines what percentage of the overall conversation about your industry is focused on your brand vs. what percentage is focused on your main competition.

By measuring social share of voice, you can gain a better understanding of how visible and how relevant your business is in the market. It also allows you to check out what your competitors are doing. With most or majority of social media conversations being public, you can easily measure your business’ — and your competitors’ — mentions within a given reporting period.

To track social share of voice, get the number of mentions your brand receives across each social network. Then do the same for one or more your competitors. Add all these up (your mentions and your competitors’ mentions) in order to get the total mentions in the overall conversation about your industry.

Finally, divide your mentions by the total industry mentions and multiply by 100 to get your social share of voice as a percentage.

Related reading: 5 Customer Satisfaction Metrics You Need to Track

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