Are you an entrepreneur struggling to determine the most effective marketing strategies for your business? If so, you're not alone. Many entrepreneurs face the challenge of tracking marketing attribution to improve their campaigns and achieve their goals.
Recently, a client approached me with a request to track marketing attribution to determine the most effective marketing strategies for their business. This got me thinking that I needed to step up my analytics game. As someone who manages multiple platforms for this client, I knew I needed to find a way to simplify and streamline tracking these metrics. Doing so allows me to stay on top of their campaigns and make necessary adjustments to optimize their results.
To make this work, I knew I had to focus on the metrics that truly matter. It's not about tracking every little detail but identifying the key performance indicators that provide the best insights. This way, I can ensure that I'm making the most of my time and resources while delivering the best possible results for my client.
🤔 Why do Metrics Matter?
When it comes to metrics, it's best to prioritize the native platform over relying solely on third-party software that promises comprehensive stats. However, if a third-party software helps you keep track, feel free to use it.
Although accuracy is best, identifying patterns and behaviors is ultimately what really matters. By identifying these patterns, you can better predict your campaigns' performance and make necessary adjustments to optimize your results.
Metrics to Focus
Facebook and Instagram
The most critical metrics to consider are Followers, Reach, and Engagement.
Followers are an important metric as they indicate your audience size and potential reach.
Reach refers to the number of PEOPLE who saw your content.
Engagement Rate measures how much your audience is interacting with your content, allowing you to adjust your strategy and optimize your performance.
LinkedIn and Twitter
To measure success on LinkedIn and Twitter, there are three key metrics that matter most: Followers, Impressions, and Engagement Rate.
Impressions indicate the number of TIMES people are seeing your content.
We have already covered Followers and Engagement Rate, so there is no need to go over that again. 😉
TikTok
When it comes to TikTok, there are three key metrics that can help you measure the success of your content: Followers, Views, and Engagement Rate.
Views show how many people have watched your videos, which is crucial to understanding your content's performance.
Since TikTok is a highly visual platform that prioritizes video content, tracking these three metrics can provide valuable insights into what resonates with your audience and help you optimize your content to achieve your goals.
When it comes to measuring success on Pinterest, the two most important metrics to focus on are Impressions and Engagement Rate.
However, some people still like to track Followers, perhaps out of force of habit or a desire to see overall audience growth. While it may not be as crucial as Impressions and Engagement Rate, it can still be a valuable metric to monitor over time. Ultimately, it's essential to track the metrics that matter most to your specific business goals and objectives, whether that includes Followers or not.
How do I calculate my Engagement Rate?
To calculate your Engagement Rate, use the following formula: (Interactions/Reach)*100. There are a few methods to consider, such as Interactions over Followers, Interactions over Reach, or interactions over Impressions. Then multiply by that number by 100 to get your percentage. In my opinion, it's best to stick with the metric that each platform favors.
For instance, on Facebook and Instagram, that metric is Reach. However, on other platforms, it could be impressions or views.
What are Interactions?
Interactions refer to a user's action on your content, such as liking, commenting, sharing, or clicking on a link. These interactions are valuable metrics to track, as they indicate the level of engagement your content is generating.
Where are these metrics LOCATED on my social media platform?
Finding Interactions can be challenging, as manually adding up all likes, comments, shares, and clicks is time-consuming. Instead, I recommend using Metricool, which conveniently adds up all of these interactions for you.
As for Reach, I typically head over to Business Suite, where I can easily find the Reach for the previous week.
Impressions and Views can be found on the analytics of each platform or Metricool. I personally use Metricool because at the time I am writing this blog post, you cannot control the date range on TikTok or LinkedIn.
🤩 Benchmarks aka Goals
Regarding ideal benchmarks or goals for engagement, it's important to note that it varies by platform and industry. Therefore, I recommend researching your specific industry to determine the best answer.
Facebook: The engagement rate for Facebook posts is typically between 1.30% to 2.60%.
Instagram: The engagement rate for Instagram posts is typically between 1.50% to 2.30%.
TikTok: The average engagement rate for TikTok videos is between 4% to 9%.
LinkedIn: The average engagement rate for LinkedIn posts is between 2% to 6%.
Twitter: The average engagement rate for Twitter tweets is between 0.5% to 1.0%.
Pinterest: The average engagement rate for Pinterest pins is between 0.1% to 0.3%.
Remember that these benchmarks can vary depending on your industry, audience, and content type. So it's always a good idea to research and analyze your social media accounts to determine the best engagement rate benchmarks for your situation.
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