The Best Social Platforms For Your Business & How To Measure Them

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When investing in marketing, it’s important to measure the return on investment on efforts to see what is working and not working to help grow your business. Social media can be a wonderful marketing tool to help you do this because it is extremely measurable, editable and scalable over time. 

When entering the world of social media, it is important to first pick the correct platforms to use to find your audience. Then, you need to identify and understand the best key performance indicator (KPI) metrics to track based on your overall goals to see if a platform is bringing you the results you want. 

 

Platform Overview with Associated Metrics

Facebook

Definitely a good starting point when entering the social media space for the first time. Facebook has the most robust advertising targeting (AKA: you can find out very creepy things about your audience quickly), and it also controls advertising on Instagram through Facebook Ads Manager. KPIs to consider:

  • Cost Per Result (Cost per engagement, cost per conversion, cost per click, etc.) Super important when figuring out how much budget you need to make an impact
  • Impressions and Reach – how many people are seeing your content or ads?
  • Engagements – Likes, comments, shares, clicks and more on content or ads. The “am I providing any value to my audience” metric.
  • Leads/Conversions – New customers, email list subscribers, ticket purchasers, etc. These are people who directly converted from ads on social media
  • Follower Growth – Good to track as a means to an end. Page growth proves interest in your business or services over time. 

Twitter

Perfect platform for lively news and updates, engaging in a deeper and ongoing conversation around certain niche topics, events, trade shows, etc. More posts per day are preferred. KPIs to consider:

  • Engagement Rate – Percentage of people who engage with your tweets
  • Number and Types of Engagements
  • Average Tweet Performance – On average, how are your trending over a time period compared to another time period?
  • Impressions and Clicks – How many people are seeing your content or ads and are they clicking on them?
  • Follower Growth 

Instagram

Extremely focused on visuals! A great fit for brands with strong photography, retail, restaurants and bars, beauty, B2C and more. Connected to Facebook for advertising, so very easy to use with strong audience targeting available. You can also use the Insights tab to see high-level data on your audience and more. KPIs to consider:

  • Engagement Rate  
  • Number and Type of Engagements  
  • Impressions and Reach
  • Cost Per Result
  • Website Visitors
  • Leads/Conversions
  • Follower Growth 

Snapchat

More geared toward that younger Gen Z crowd. Ages 15 – 18 is about right for your audience reach. You can do snaps, stories, customized geo-filters and more as paid options based on your goals. KPIs to consider:

  • Impressions
  • Video Views
  • Quartiles & Completions – The number of Snaps watched for a certain percentage of time duration or watched all the way through (25%, 50%, 75% or 97% or above) 
  •  Cost Per Result
  • Conversion Metrics – Purchases, Add-To-Carts, Signups and more
  • Account Growth

LinkedIn 

Most referred to as a professional B2B tool. Through the advertising platform, advertisers can target by job title, company name, seniority, industry and more. Similarly to Facebook, you can find out very detailed information on your audiences to build strong ads that can lead to conversions. KPIs to consider:

  • Cost Per Result
  • Conversions/Leads
  • Impressions
  • Clicks
  • Click-Through-Rate (CTR)
  • Engagements
  • Follower Growth

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