This article explains the social media metrics associated with conversions, including conversion rate, click through rate, and bounce rate.
Now that you may have a social media channel running, it is important to know and understand the data you can access from social platforms; this data is called metrics. Metrics include information which will help you understand if your social media goals are being met, and will therefore help determine if your social strategy is effective.
The world of social media metrics can be a confusing world to dive into. Third party companies that provide analytics reports breaking down your metrics may use confusing terminology and may also skew the data to highlight the value they provide instead of the metrics that actually provide value to your company. We have broken down the basic metrics into a 3 part series to help you clearly understand the various social media metrics and the language used. The third category we will be explaining in this article is conversion.
Conversion involves encouraging your audience to take some type of desired action in order to interact with your brand. Conversion metrics demonstrate the effectiveness of your social engagement. Conversion is when engagement leads to your audience interacting with your offers. Your offers are products, services, downloadables, contests – anything you are offering your consumers to interact with. Here are 3 metrics that relate to conversion:
- Conversion Rate
The conversion rate is the number of visitors who take action on a social media page after clicking on a link, against that page’s total visitors. Examples of taking action would be subscribing to your newsletter, downloading content, purchasing product, or registering for a webinar; these are often referred to as a “call-to-action” (CTA). Understanding this metric can give you clear insight into the effectiveness of each post within a social campaign. A high conversion rate shows that your content is valuable to your audience, and furthermore shows that your content is relevant to the particular offer. Your conversion rate answers the question “How well does this particular offer resonate with our target audience?”
- Click Through Rate
Your CTR is how often people click on a call-to-action link in your social posts. Your click through rate is specifically tied to a link provided in your post that directs your audience to additional content (not to be confused with likes, shares, and comments). These links, redirect your customers to your targeted page or promotion. Tracking your CTR will give you valuable insight into how compelling your offer is to your audience, however it will not reflect the number of users who actually accessed the additional content they were linked to.
- Bounce Rate
This is the percentage of page visitors that click on the link to your additional content, only to quickly leave the page they land on without taking any further action. This could mean a number of things such as: they are not seeing the value in your offer, the content didn’t properly reflect the offer, or they simply clicked the link by mistake. Your bounce rate is an important addition to your click through rate as it gives a true reflection of conversions. If your social media bounce rate is lower than that of your other marketing sources, it’s solid proof that your social media campaigns are targeting the right audience, and furthermore are driving high-value traffic leading to conversions.
Metric Madness Made Clear!
There you have it – the confusing world of social media metric madness summarized in clear, understandable language. In summary, conversions demonstrate the engagement leading to actual interaction with your products and services. Awareness leads to engagement, engagement leads to conversions, and conversions mean your social media strategy is working and you are meeting your goals! Now that you have a better understanding of some of the conversion metrics associated with social media, we challenge you to contemplate the following question: “How can we incorporate a call-to-action in our social media to encourage more interactions with our offers?”