While mass media campaigns aimed for broad mandates like increasing sales and spreading awareness, social media campaigns have become much more targeted. Likewise, measuring and reporting results have also become more specific. Manually compiling reliable industry benchmarks by hand can be difficult.
Social media industry benchmarks reveal industry results that serve as a standard for your business to surpass. It involves tracking a number of relevant accounts to understand the average performance within your industry and then comparing your results to the benchmarks to see if you’re over or underperforming.
Posts published is a straightforward metric that indicates the number of posts your brand has shared across accounts during a specific period. This is a critical metric for any content strategy because it can help you validate the effectiveness of your campaigns.
While some parts of the world have minimal social media usage, it continues to grow in many places.
Regarding social media performance metrics, the engagement rate is a crucial indicator of whether or not your content connects with your audience. The metric is calculated by measuring likes (or other reactions), comments, and shares across your social media channels.
The metric can be customized to account for specific variables, such as comment frequency per day. This lets you get a bird’s eye perspective on how your engagement rates change.
The metric can also compare your social media performance against competitors. For example, if your competition performs better than you on topics such as “summer,” it may be beneficial to analyze their strategy and learn from their successes. You can then incorporate these learnings into your social media strategy.
As you work to grow your audience, it’s essential to consider the makeup of that group. Look for segments with similar priorities, engagement habits, buying behaviors, favored pricing, and social media activity. These are your “lookalikes,” and they should be the focus of your efforts to expand your reach.
Another key metric to keep an eye on is the audience growth rate. This can be calculated by tracking net new followers over some time, like a week or month. This metric is essential for assessing how quickly you’re growing your following, especially compared to other brands in your industry. This is a good indicator of how well your content connects with your audience. This information can then be used to inform future campaigns.
The goal of any influencer campaign is to drive a return on investment. To accomplish this, you must measure engagement on your influencer posts and ensure that UTMs are set up to track clicks and conversions.
A high engagement rate is critical, but evaluating an influencer’s audience demographics is also essential. Is their audience firmly within your industry? Or are they outside of your core demographic?
For example, a green paint company partners with lifestyle influencers to create content that resonates with its audience. This allows them to share their brand message naturally while still being able to reach a broad audience of interested potential customers. This helps to build trust in their brand and increase conversions.
Referrals are a great way to generate high-quality new leads. Research has shown that customers to whom an existing customer refers have a 16% higher lifetime value than those acquired through paid channels like advertising. This is because referred customers are already interested in your products and are primed to convert. You can make this process more effective by incentivizing your top customers to scour their networks for potential leads actively. Consider offering a points-based system that allows customers to redeem rewards for each successful referral. You can also provide tiered incentives that acknowledge and reward escalating levels of advocacy. You can also incentivize your audience to share their experiences on social media by integrating a sharing button into your app interface.