Social media has revolutionized how companies connect with their audiences. With billions of active users on various social media platforms, it is no surprise that companies have shifted their marketing efforts to social media.
But with so many companies vying for the attention of the same audience, it can be hard to stand out. This is where measuring your social media performance against industry benchmarks comes into play.
Tracking your social media performance can help you identify areas for improvement and optimize your social media strategy for success.
In this article, we will look at 14 essential social media tests you need to know for your business. Before we dive into the tests, it is important to understand that a good internet connection is essential for effective social media management and strategy implementation. Since the Internet plays a vital role in every aspect of our lives, from work to play, a reliable ISP like Cox Internet can have a significant impact on your social media efforts. A fast and reliable internet connection ensures, among other things, that you can stay connected with your audience, respond quickly to comments and messages, and load content quickly.
Now let’s take a look at the top 10 social media metrics you need to know for your business:
1. Engagement level
Your engagement rate measures the level of engagement your audience has with your social media content. It is calculated by dividing the number of interactions (likes, comments, shares, etc.) by the total number of followers. The average level of involvement in the industry is from 1% to 3%.
2. Click through rate (CTR)
Click through rate measures the number of clicks on a link or call to action (CTA) on your social media post. The average CTR in the industry is 1-2%.
3. Rate of Conversion
Your conversion rate measures the number of people who took the desired action, e.g. For example, they filled out a form or made a purchase after clicking the call to action button on your social media post. The industry average conversion rate varies by industry and business type.
Your reach measures the number of unique people who have seen your content on social media. Average industry coverage varies by industry and type of business.
Your views measure the total number of views your content has on social media. The average risks in the sector differ depending on the sector and the type of company.
6. Subscriber Growth Rate
Your Follower Growth Rate measures the rate at which your followers grow on social media. It is calculated by dividing the number of new followers by the total number of your followers. The average subscriber growth in the industry is between 5% and 7%.
7. Response time
Your response time measures the time it takes for your business to respond to social media posts and comments. The industry average response time is less than 24 hours.
8. Mail frequency
Your posting frequency measures how often you post on social media. The industry average email frequency varies by industry and type of business.
9. Type of content
Your content type measures the type of content that resonates best with your audience. The type of industry content depends on the industry and type of business.
10. ROI in social networks
Your social media ROI measures the return on investment invested in your social media efforts. It is calculated by dividing the total revenue generated from your social media efforts by the total cost of your social media strategy. The average industry return on social media varies by industry and type of business.
11. Share of Voice (SOV)
Your share of voice measures the percentage of social media conversations about your industry or brand that mention your brand compared to your competitors. The average SOV in the sector differs depending on the sector and type of business.
12. Video views
Your video views show how many times your video content has been viewed on social media. Average video viewing speed by industry varies by industry and type of business
13. Population demographics
Your audience demographics measures the age, gender, location, and other demographic information about your social media audience. Understanding the demographics of your target audience will help you create more targeted content and ads. The average demographic industry audience varies by industry and type of business.
14. Engagement by post type
Your engagement by post type measures the level of engagement your audience has with different types of social media content, such as images, videos, or blog posts. Knowing what types of content work best can help you optimize your social media strategy. Average industry participation by publication type varies by industry and type of business.
Wrapping it up
Measuring your social media performance against industry benchmarks is critical to the success of your social media strategy. By understanding how your performance compares to industry averages, you can identify strengths and weaknesses and adjust your strategy accordingly. However, it is important to remember that social media benchmarks vary by industry and type of business. Therefore, it is essential to regularly monitor and analyze your own data in order to better understand your audience and optimize your social media strategy accordingly.