In a world of social media metrics that ranges from follower counts to engagement percentages, it can be challenging to figure out what to look for.
So, what are the metrics you focus your tracking efforts on?
Here we have summarized the most important metrics you need to know, which you can apply to any social media channels.
Whether you're an influencer or marketer, these metrics are essential for understanding your account performance and when considering collaborating with an influencer.
Impressions and Reach
Indicate how many times your content has been seen by users. Keep in mind that a single user can be counted multiple times.
As an example, if you have 500 followers but they each view your content twice, you would have 1,000 impressions.
It is important to note that impressions are a measure of your ability to get your content in front of your target audience.
This refers to the number of unique users who view your content, despite seeing it more than once.
Suppose you have 500 followers and each of them sees your content twice, your reach remains 500.
Reach is an important metric as it represents the very first time a new user is exposed to your account.
If you track your reach and it’s low, you may want to consider a strategy to get your content in front of new users.
In essence, the main difference between impressions and reach metrics is that impressions measure how many times your content has been seen by your audience. On the other hand, reach is the number of people who are actually exposed to your content.
So, why are these metrics important?
Both impressions and reach provide insight into how your social media engagement is doing. There is a direct correlation between low impressions and reach and a lower engagement rate, as fewer individuals will see your post.
Engagement allows you to monitor how well your social media efforts are resonating with your followers.
Here are some engagement metrics to keep an eye on:
Likes, Comments, Retweets, Shares etc.: How many people like your posts, comment on, retweet or share your content?
Post Engagement rate: Is calculated by dividing the number of likes and comments between the number of followers and then x 100. A higher rate signifies greater engagement with the content.
Monitoring your engagement metrics will help you know how engaged users are with your content. It will also provide you with insights on the best day and time to share your content.
When creating new content, you can use A/B testing to discover what content is most appealing to your audience.
3. Audience growth
Indicates the rate at which your number of followers increases. This metric is more valuable than a simple follower count since it enables you to set specific goals.
You may wish to consider, for instance, increasing your follower count by 30% over the next three months, rather than merely increasing your number of followers over an unknown period of time.
You should track this metric in order to determine whether or not the content you are using to reach new potential followers is effective.
If your impressions and reach are high but your following isn't rising, you may want to reevaluate how you are exposing your profile/brand to your audience.
Above are some of the most common metrics applicable to individual accounts, but for professional marketers and brands looking to launch an influencer campaign, the following metrics should be considered:
4. CPM (Cost-per-Mille)
The cost-per-mille is an important metric for determining the success of a campaign. Influencer cooperation costs are measured using this cost per thousand impressions, which is used to see if the costs are justified. Additionally, other factors such as credibility, influence, engagement, or industry are included in the final price. Because of this, influencer marketing costs can exceed CPMs.
How is the CPM calculated?
The CPM is calculated using the following formula:
Price of content to be produced / gross reach x 1000 = CPM
There is also a wide variety of prices depending on the social media platform and format. The reason for this is that some content, such as videos, is much more expensive than an Instagram post.
5. CPE (cost-per-engagement)
Besides the CPM, the engagement rate of an influencer is also an important consideration in Influencer Marketing. If the users do not interact with the content, what is the point of having such a large community?
In particular, micro-influencers maintain a close relationship with their followers and enjoy a great deal of community trust. Due to this, agencies often charge these smaller influencers not only in fixed amounts but also on a cost-per-engagement basis.
How is the CPE calculated?
To determine the CPE, influencer marketing costs are calculated using the engagement rate. Engagement refers to all interactions with a post, i.e. likes, comments and shares. The engagement rate can be calculated in different ways depending on the context.
In the process of creating content, oftentimes influencers overlook the data behind it. On the other hand, marketers might focus on the number of followers, but determining the quality and engagement is one of the key factors before signing a campaign deal with an influencer.