3 Social Media Metrics Your Business Should Track
Just saw this great article by AJ Kumar…
Metric #1: Share of Voice
You may already be tracking the brand mentions on social media websites, as well as whether those mentions are positive, negative or neutral. And this gives you some useful feedback about your social outreach efforts.
But how would you to know how your company is doing compared to the available market? You can take things to the next level when you measure the share of voice (SOV).
Fortunately, there’s Social Mention, a free tool to help you measure and compare your company’s mentions to your competitors’.
Here’s how to see why this measurement is important. Imagine you track only the number of times your brand was mentioned on Twitter. As the result of your social media marketing efforts, you see this number go from 10 mentions per day to 20.
On the surface, this might seem like a win, but what happens if the total number of brand mentions across all of your competitors is closer to 1,000 per day?
Now you realize you’re only receiving a drop in the bucket of brand mentions in your niche. This highlights both the number of potential customers who have yet to be exposed to your brand and how far you have to go in terms of overall market penetration.
To calculate SOV, conduct a search for each of your competitors and then divide your company’s number of mentions by the total number of mentions in your market.