There are many metrics that companies must keep track of if they are looking to grow their presence on various social media platforms. Between things like conversions, customer care, and share of voice (SoV), some of the most important metrics can help companies understand their brand presence on social media platforms and achieve more success.
Share of voice (SoV)
Although share of voice as a metric has historically been used in public relations efforts, or as part of advertising campaigns, it is relevant for social campaigns as well. That’s because the share of voice shows how much digital space the company is occupying, such as the number of people that are talking about the company online, compared to its competitors. There are a few different platforms that companies can use to better understand their share of voice by keeping track of brand mentions and specific keywords. This can help companies define whether they need to improve or generate more attention and develop a bigger share of voice. It’s important for companies to remember that improving the share of voice is not something that can happen overnight, and it should be an ongoing goal that companies can only measure if they set benchmarks ahead of time and keep track of the metrics over a longer period of time.
There are a few metrics that companies can keep track of to better understand the level of customer care that they provide to their audiences on social media. Metrics like response time and response rate are essential at understanding how well the company provides customer care to its customers on social media. These metrics track the speed of the customer care team when responding to important messages from the customers, as well as the number of customers that actually receive a response from the company on social media. There are a few platforms that companies can use to see these types of metrics to help businesses better understand how they are providing customer service to its audience and how to improve its performance over time.
Another important metric that companies need to keep track on social media platforms are referrals and conversions. Both metrics are highly correlated to the number of sales that the company generates via social media, as well as tied to the company’s marketing goals, and overall business goals. Platforms like Google Analytics are there to help companies keep track of their website traffic, referrals, and conversions. Referrals are the way that the website visitor lands on the company’s website, while the conversions are whenever a website visitor purchases something from the company’s website. These numbers are also tied to the click-through rate (CTR) on the content the company is sharing on social media platforms, as well as other digital platforms, like emails, ads, and landing pages. ￼