One of the best benefits of social media marketing is that every detail is trackable in it. Social media metrics help us to understand what works and what doesn’t in the marketing strategy. They are data points that show how well the campaigns are performing. In other words, it helps to improve the marketing ROI significantly. Luckily, we have multiple tools to track the metrics, tweak the marketing strategy, and make the most out of it.
Facebook is still one of the prominent social media platforms that help to grow your business. And Facebook metrics will help you analyze changes and make data-backed decisions to improve the success of campaigns. However, one should know how to use the metrics and what metrics are relevant to their specific business. Facebook metrics come with a set of pre-defined metrics. Here are nine critical metrics that marketers should follow in 2023 to grow the business.
Reach will let you understand how many people have seen your content. Monitoring the reach of your posts is important because it allows you to understand how much percentage of the reach is getting converted as followers. If the reach is high, it means your post is seen by both followers and non-followers.
Audience Growth Rate
Audience growth rate defines how many new followers your brand is attracting on social media within a given period. It is calculated by dividing the new followers by the total audience and then multiple by 100. It is more the count of new followers. For example, if your brand is attracting 10 or 100 new followers a month initially, it will give you a high growth rate.
To calculate the cost-per-click, you should calculate the total cost incurred for the social media campaign and divide it by the total number of clicks. If you are running Facebook ads, cost-per-click is an important metric to follow. It will help you understand how much you are spending per individual click on a social media ad.
The engagement rate refers to the average number of people who have interacted with your social media ad. It includes likes, shares, comments, etc. Creating consistent engagement is critical to measure the effectiveness of your social media management strategy. To calculate the average engagement rate, you should divide the number of posts by the sum of interactions, comments, and shares. You need to divide it again by the total number of followers and then multiply it by 100.
Cost Per Thousand Impressions
The Facebook metrics that you need to follow should be defined by the social media goals you have set. For example, if your social media goal is to build brand awareness, one of the important metrics you should closely follow is CPM or cost per mille. It is the money you spent to get a thousand people to view the sponsored social media content.
Best Time For Content Publishing
Knowing the best time for publishing the content is important to increase the viewership and engagement rate. However, there is no perfect time for posting content that works for every brand alike. That is where Facebook metrics can help. It will analyze the historical social media data and suggests the right time to post the content for the brand. It will help you understand what time would be ideal for your brand to get the best views.
Not to mention, videos are highly effective in building brand awareness these days. To make the best benefits of video marketing, you should what type of videos get the maximum views. Facebook metrics will help you understand how many videos are watching the videos you post.
Video Completion Rate
Video views let you understand how many views the videos have got. Even if the viewers are watching it for a second, it will be counted as a view. But the video completion rate will help you understand how many people have actually watched your videos till the end. If your videos have a better video completion rate, you know the videos are performing well.
Conversion rate is one of the critical factors that define the success of your social media strategy. It will help you understand how often the content you post helps you reach the goal such as getting subscribers, downloads, or sales. It is one way to analyze the value of your social media content strategy.
Know The Top Posts
Having a track of the top-performing posts will help you understand the type of content that gets the maximum response from your target group. You can find the top posts under insights. It will help you determine the ideal type of content that resonates with your audience.
Impressions refer to the total number of times that your ads were displayed on the user’s screen. If the impression rate is high, it reflects better brand awareness. It is different from Reach in Facebook metrics. While Reach measures the number of people who have seen your ad, impressions define how many times a viewer has seen the ad.
Customer Satisfaction Score
Customer service metrics will help you understand whether your target group is happy with the product or service. Hence customer satisfaction score is an important metric to track in 2023. To understand the customer satisfaction score, you can directly ask the audience how would they rate the overall level of customer service.
Location and Language
Apart from the age and gender of your page followers, it is important to understand the location and language as well. If your brand caters to the global market, then you need to have a content localization strategy. Once you know the location and language metrics, you can tweak your content accordingly.
In a nutshell, Facebook offers a set of metrics to make informed decisions on social media marketing strategy. It will help you maintain a steady social media performance and grow your audience. However, the metrics you choose should be based on your marketing goals.