Everest Business Funding Identifies How to Measure Success on Social Media
How much time does the average consumer spend scrolling through social media? Enough time for businesses to consider a social media presence essential to growth and brand development. Everest Business Funding states that companies looking to take their association with social media to the next level must run a strategic plan parallel with producing quality, consistent content to measure success. Business professionals from Everest Business Funding’s team break down how a company can calculate a brand’s social media achievements below:
When measuring engagement on social media, the metrics used to reflect the numbers will expose how viewers interact or engage with a company’s posted content. Engagement actions include responses to content through shares, likes, and comments. Higher engagement from viewers reflects the value of content seen from consumers’ eyes. Media managers can find the average engagement rate by dividing the total number of engagement actions a post receives from the total amount of followers a company has and multiplying that result by one hundred to equate the average engagement rate percent. In addition to the average engagement rate, other metrics that businesses can use to gauge audience interaction include applause rate, amplification rate, and virality rate.
Measure Audience Growth
A social media manager, marketing specialist, or business owner can scale audience growth, or how quickly a company’s following increases, by focusing on volume. Audience growth measured through volume considers the number of individual profiles participating in a conversation topic revolving around a company or, essentially, social mentions. Through social media applications like Twitter, audience growth can be determined through tracking brand mentions, hashtags, or Twitter mentions, otherwise known as the amount of @username included in a post. If current posts are not generating audience growth, companies should rethink their messaging to accommodate the target audience better.
Measure Brand Awareness
The calculation of brand awareness reveals the level of attention a brand is receiving through a mix of social media metrics like links, impressions, shares, and @username appearances in posts. Organizations usually measure brand awareness during a reporting period, which also helps gauge the effectiveness or brand awareness goal of marketing campaigns. Reporting periods can range from a week to a quarter, depending on within what period of time brand awareness needs to be measured. Post impressions and reach should be taken into account when striving to find the brand awareness a single post generates.
Measure Post Reach
After a company posts content, the post reach can be measured in three different ways: organic reach, viral reach, and paid reach. Organic reach hones in on current followers, and how many viewed a post through their newsfeed. This type of reach is the primary place where successful companies want to see their numbers grow. The two other types of reach, viral and paid, look at audience views outside of those who are current followers. Viral reach adds up all those who came across a post discovered from suggestions, hashtags, or others’ shares. Paid reach is true to its name as it supplies the number of viewers who saw a post through content posted as a sponsored ad. Measuring post reach aids marketing in pinpointing what content will bring in more followers while engaging current, too.
About Everest Business Funding
Everest Business Funding provides alternative finance options and revenue-based financing to small business owners. They serve a diverse pool of businesses, from healthcare to retail, to help them obtain working capital to grow, buy inventory, launch marketing campaigns, or hire staff. Everest Business Funding’s clients are treated with respect and receive high-quality guidance and service from its professionals.