Facebook Metrics To Track For Business Growth
With more people turning to social media for news, shopping, and more, Facebook is a great place to start when it comes to marketing and growing a brand. But knowing which metrics to track on Facebook can be tricky to navigate for new marketers or business owners. As one of the leading platforms in digital presence, tracking essential Facebook metrics gives you valuable insights into how effectively your business is reaching its goals online. In this blog post, we’ll discuss what types of Facebook metrics should be tracked (and how to track them!) so that you can better understand (or enhance) the performance of your business while learning how to measure success on Facebook.
What Are the Most Important Facebook Metrics to Track? Why?
There are many important metrics to consider tracking when starting up a social media campaign. Some of the most important of these metrics include the post-engagement rate, the referral rate, and the industry share of voice. Additionally, it’s also important to track the behaviors related to the ad campaigns themselves—be sure to track the click-through rate (CTR), the cost-per-thousand impressions (CPM), and the cost-per-click (CPC).
It’s crucial to track these aspects of Facebook marketing because they let you know whether or not your advertising efforts are working. For example, if your CTR is low, you might need to change the wording of your advertisement’s call to action. The closer you keep an eye on these things, the easier it will be to tell if your campaign needs adjustments based on the metrics provided by Facebook. Essentially, metrics are the piece of the puzzle when it comes to successful advertising campaigns, and you should track these (and any more) that speak to you and your business instance.
If you want to know how your social media posts are performing with your target audience, it’s time to start tracking your post-engagement rate. This metric can give you valuable insights into how your followers are interacting with your content— whether they’re finding it interesting and engaging enough to share with others. By keeping a close eye on engagement trends, you can adjust your posting schedule and content strategy accordingly and therefore get the most out of your posts every time.
Finding this metric on Facebook is simple—just head to the “Reach” tab and scroll down to the likes, comments, and shares graph. Monitoring this metric is a small step that could make a big difference in the success of your social media presence.
Facebook Referral Rate
The Facebook referral rate is a metric that shows how many times someone clicked a link on your profile and then, in turn, visited your website. If you are a brand focusing on content engagement, product views, etc. the Facebook referral rate is a metric that you should keep an eye on to see how well your Facebook advertising is converting.
To find the Facebook referral rate, simply go to your Facebook Ads Manager and select the campaign you want to analyze. Then, click on the “Columns” dropdown menu and select “Customize Columns”. From there, select “Referral” under the “Engagement” category and you’ll see the referral rate displayed in your analytics. With this information, you can make data-driven decisions to optimize your ad campaigns and drive more traffic to your website. Additionally, you can also track/monitor the Facebook referral rate using the “Acquisition” tab in Google Analytics 4.
Industry Share of Voice
The Industry Share of Voice is perhaps one of the most important metrics ANY marketing agency can track, especially if your product has competition in any sphere. The share of voice metric shows marketers how visible their product or ad is across its designated industry. The larger your share of voice is, the more visible your product or service is across its designated industry as a whole.
To accurately measure your share of voice, we recommend using social media monitoring tools such as SproutSocial. These tools allow you to track mentions of your brand and your competitors’ brands, analyze engagement levels, and monitor conversation trends over time. By consistently monitoring your Facebook share of voice, you can gain valuable insights into your brand’s online presence and make informed decisions about your social media strategy—things that are crucial to marketing success across any social media platform.
Facebook Ad CTR, CPM, CPC
CTR, or click-through rate, is the percentage of people who clicked on your ad after seeing it. CPM, or cost per impression, is the cost you pay for every 1,000 times your ad is shown on the platform. Lastly, CPC, or cost per click, is the average amount you pay for each click on your ad. All of these things are important to your campaign, especially if you’re focusing on paid advertising.
Fortunately, Facebook Analytics makes it easy to access this information and glean valuable insights about your ads and their performance. By logging into your account and selecting Ads Manager, you can view metrics like these and many others, giving you a better sense of how your ads are resonating with your target audience. With this information in hand, you can adjust your ad targeting, messaging, and budget to optimize your results and achieve your marketing goals on this powerful social media platform.
Need More Help With Facebook Metrics?
Tracking Facebook metrics is a critical part of measuring campaign success and reaching desired objectives. It can also give you a much better idea of what tactics are working and what strategies need to be reconsidered or changed. Post engagement rates, ad clicks per cost ratios (CPCs), and Facebook referral percentages should all be regularly monitored to ensure that you’re getting the most bang for your buck on the platform. If you find yourself struggling to get the best performance out of your campaigns or worried about putting together effective strategies for improving results, remember that help is available! Reach out to Hometown Media Services today and see just how beneficial social media marketing can be when done right.