Believing the RIGHT Social Media Metrics
I don’t know about you, but I hear the word metric and think of two things. The first is a super cool Canadian indie band (not what we are actually talking about, unfortunately.) and the second is math (EW). Metrics can seem daunting and overwhelming due to the already present relationship a lot of us have with math, and the idea that we let math go a long time ago. For me, this was the case. But, I have learned that putting these metrics in place could potentially make or break your business. So I think they are worth it.
A metric is defined as a quantifiable measure that is used to track and assess the status of a specific business process (https://www.klipfolio.com/resources/articles/what-are-business-metrics). These tools have become especially popular and helpful with the rise of social media. Organizations can track followers, likes, engagements, etc. and see how strong their online presence is. This can be especially helpful through specific marketing plans. As well, companies can use this data to support pitches and presentations.
There is a flaw with metrics. Sometimes, companies measure irrevelant or useless metrics. This can point them in the wrong direction, or give them false information about their progress.
There are two types of metrics; vanity and actionable. Vanity metrics boost confidence and look cool, but they are not effective tools for decision making. Actionable are the ones you want to measure. The name of these explains them perfectly; you can take action with this type of metric. Examples include conversion rates, intent and participant numbers.
The problem organizations are having is that they think just looking at followers or likes is enough to measure their success. They do not take into account if these are active participants or not. For all they know, these could be accidental clicks or browsing. Just because viewers are there does not mean they are engaging with the content.
Looking at the wrong metrics can lead you to the wrong audience. It can affect your targeting and positioning. It can also give false hope for projects and engagement. Thus, wrong metrics can take you backwards and have more of a negative effect on your business reputation.
Businesses need to dig deeper. It is easy to get caught up when you have thousands of followers, but to truely be able to measure their success, they need to see how many of these thousands are ACTUALLY participating and their reasoning. It is about targeting and specifying your audience.
