15 Most Important Social Media Metrics to Track in 2023

15 Most Important Social Media Metrics to Track in 2023
Article by DesignRush DesignRush
Last Updated: December 02, 2022

Saying social media is popular would be like claiming that the sun is warm — an understatement. Globally, more than 4.26 billion people used social media in 2021, and that number will grow to approximately six billion by 2027.

A great representation of potential clients attracted many marketers from various industries to develop social media marketing (SMM) strategies to achieve their business goals. SMM is tightly bonded to social media metrics — data that shows social media strategy performance.

Considering that there are over a hundred social media metrics, inexperienced marketers could try to track as many as possible and waste valuable time.

To prevent that, we made a list of the 15 most important social media metrics that will help you monitor your SMM results.

Let's start with a brief explanation of social media marketing metrics and their importance.

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What Are Social Media Metrics?

Metrics for social media marketing are data points that show how effectively your SMM campaign is performing.

You can use relevant measurement to evaluate the effectiveness of your strategy for each business goal you're aiming to accomplish on social media.

Social media metrics provide marketers with valuable insights: from how many people saw your content to the return on investment (ROI) your tactic delivers.

Metrics for Social Media Marketing You Should Monitor

The most important metrics for social monitoring in 2023 are the following:

1. Reach

The number of people who saw your content is your social media reach. You can measure the average reach value or reach for each social media post.

Also, it is important to determine what percentage of your reach are followers and non-followers. If many people who don’t follow your brand see your content, that is a sign that active followers are engaging and sharing it over social media.

2. Impressions

Social media impressions show the exact number of times people saw your content or ad.

Impressions can be higher than reach because the same person can return to your content and read it several times. If the number of impressions far exceeds the reach, you have created an appealing piece that engages users and grabs their attention.

Every social media platform counts impressions differently. Twitter and Instagram record impressions each time a user sees content, while Facebook counts impressions every time a paid ad is displayed on a screen.

3. Conversion Rate

The goal of every marketing strategy is lead conversion — a purchase, newsletter subscription, e-book download or some other type of engagement with your content.

The number of leads that visit your landing page and perform the desired action makes your social media conversion rate.

To calculate the conversion rate, you must make your calls to action (CTAs) trackable using UTM parameters. Find out how many clicks and conversions your page has received and follow this formula:

Conversion Rate Percentage = Conversions / Total Clicks x 100

A low conversion rate indicates your CTAs and landing pages could use adjustment.

4. Audience Growth Rate

Audience growth rate measures the percentage of new followers your brand gets at a particular time.

To calculate the audience growth rate percentage, select the reporting period and use this formula:

Audience Growth Rate = New Followers / Total Audience x 100

5. Engagement Rate

Social media engagements include all user interactions with your brand — likes, shares, comments and mentions. The engagement rate is the number of all reactions your brand receives relative to your follower's number.

To calculate the engagement rate, follow this formula:

Engagement Rate = Number of Engagements / Number of Followers x 100

To increase engagement on Instagram, Facebook or other social media platforms, follow the best SMM practices:

  • Post consistently
  • Interact with your followers
  • Use convincing CTAs
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6. Return on Investment (ROI)

The ROI is one of the most important metrics for social media marketing for all marketers and business owners because everyone wants to see their marketing efforts’ profit.

To calculate social media ROI, use this formula:

Social Media ROI = Returned Investment / Investment Made x 100

If your ROI is more than 0%, your SMM campaign is profitable. If it is below zero, you should adjust your strategy because it causes waste.

According to a survey that included 1,600 marketers, here are the social media platforms that bring the most significant ROI in 2022:

  • Facebook - 21%
  • Instagram - 18%
  • LinkedIn - 14%
  • TikTok - 12%
  • YouTube - 11%

7. Cost per Click (CPC)

The fee you pay every time a user clicks on your social media ad is called cost-per-click. This metric helps you determine the success of your marketing campaigns.

If your CPC is too high, you might want to reduce your bids and track advertisement results on lower positions. Otherwise, you won’t achieve a return on investment.

The social media platforms you advertise on provide CPC analytics. Still, you can calculate it using this formula:

Cost per Click = Total Ad Spend / Total Measured Clicks x 1000

8. Cost per Mille (CPM)

The cost per thousand impressions or cost per mille shows how much you pay for a thousand impressions on your social media ad.

Like CPC, you don't need to calculate this data since social media platforms provide it as a part of advertising analytics. However, here is the formula:

Cost per Mille = Total Ad Spend / Total Ad Impressions x 1000

9. Click-Through Rate (CTR)

The click-through rate shows how frequently users click on a link in your post that leads to the landing page. CTR helps you understand which marketing approach gets the best response from your audience.

If this metric is low, that could mean two things: you’re targeting the wrong audience or your copy is not compelling enough for your audience to wish to find out more.

Calculate your social media CTR following these steps:

Click-Through Rate = Total Clicks / Total Impressions x 100

10. Keywords

Words the audience types into the social media search bar to find objects of interest are target keywords for your marketing campaigns. Tracking keyword performance can improve your overall SMM strategy and boost each of the metrics from our list.

Use social media analytic tools like Google Analytics or SEMrush to optimize your keywords and grow your online presence.

11. Traffic to the Brand’s Website

Many business organizations use social media accounts for one primary goal — to increase traffic to their brand's websites.

If your business niche demands high traffic on your website, the platforms you should focus on are Facebook, Twitter and Pinterest. Measure how many visits you record directly from social media using Google Analytics or HubSpot tools.

12. Net Promoter Score (NPS)

Net promoter score is a unique metric demonstrating customers' loyalty to your brand. It answers how satisfied they are with your brand and whether they would recommend it to a friend or family.

Determining NPS is easy. Ask customers to rate your brand on a scale from 0 to 10. Categorize answers according to the score range into three groups:

  • Detractors: 0 – 6
  • Passives: 7 – 8
  • Promoters: 9 – 10

Apply the results in the following formula to calculate your NPS:

Net Promoter Score = Promoters - Detractors / Total Respondents x 100

13. Social Share of Voice (SSoV)

You can find out how exposed your brand is on social media and how often people mention it if you calculate the social share of voice.

Use social media measuring tools, like Mentionlytics, Hootsuite and Sprout Social, to get the number of your brand’s mentions.

Calculate your SSoV using this formula:

SSoV = Brand Mentions / Total Mentions (Yours + Your Competitors) x 100

14. Social Sentiment

While SSoV indicates how often people mention your brand, social sentiment evaluates users' feelings toward it — whether they perceive it positively or negatively.

To analyze social sentiment, you can track social media mentions and categorize them according to the sentiment they bear. Another option is to use social media sentiment analyzing tools, such as Hootsuite, Digimind, Crowd Analyzer or TalkWalker.

15. Video Views

Last but not least, the video views metric indicates how many users watch videos you’re creating. Each social media platform defines video views differently, but the first few seconds of the watch time counts as a view.

The video views metric is complemented by a video completion rate, which shows how many users watch your videos until the end. This metric gives insight into whether your content satisfies your target audience’s taste.

Why Is Social Media Metrics Tracking Important?

Social media measurement is important because it shows the effectiveness of your SMM campaign and its impact on your overall business progress.

Metrics show which sectors of your strategy deliver results and which could use improvement, allowing more efficient management of your resources and preventing waste.

Besides financial success, metrics provide big data on social media and introduce you to the audience’s online behavior and the brand’s perception among customers.

Metrics also improve decision-making, targeting, personalizing and overall campaign success.

Modify your SMM tactic following the feedback from social media metrics and watch your brand progress towards your business goals.

Wrapping up on Social Media Metrics

An average social media user spends 144 minutes scrolling social networks.

As a marketer or business owner, you have as much time to grab his attention and engage him with your content.

The 15 social media metrics we’ve listed above will show you how successful your attempts are.

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