How to Track the Most Important Social Media Metrics for your Construction Business
The construction industry as a whole has been slow to take their marketing onto social media. The few that are using social media, often do not know how to measure or which metrics are the most important to measure. Once you set your goals, it will be easy to decide which metrics you need to look at in order to meet those goals. So social media management for construction businesses is important, as is knowing how to review campaign metrics.
As you go along, you can set time frames in which to monitor these metrics as well. This will allow you to make changes to campaigns as you go along and identify how your social media strategies for each social media platform are performing. By knowing performance, you will also know how good your social media presence is.
In fact, there are social media analytics tool on each platform that you can use to gain these insights. Facebook has them in the Insights tab while Twitter has Twitter Analytics. Instagram requires a that you have a business account to be able to access your data. Additionally, you can make use of paid or free third-party tools.
Below are the social media metrics that will be most important to gauging how your social media strategy is working. You will also be able to understand how to calculate each individual metric.
Audience growth rate
Your audience growth rate measures how quickly your brand’s followers increase on social media. Calculating your following on different social media networks will help you determine the average rate at which your followers increase or decrease. When you know your growth rates, you will know which platforms are bringing in the biggest increases in followers. You can use similar strategies on the under performing networks or decide not to continue using them at all.
How to calculate audience growth rate
Measure your net new followers on every social media platform that you are using, over a fixed period of time like a week or a month. Then use the following equation to calculate your growth rate percentage:
Post reach is the number of people who have seen a post in their feed since it went live. Post reach percentage helps you understand how far your content is reaching. Post reach stats are available to see on both Facebook and Instagram. Both sites also categorize these as organic reach (people who saw your content for free), paid reach (people who saw your paid content, like through an ad), and viral reach (people who saw your content because one of their friends interacted with it). Twitter on the other hand, does not track reach.
How to calculate post reach
Measure the reach of any given post on a social media platform. Then use the following formula:
If you have a high reach but low conversions, you will have to change your ad.
Conversion rate is the percentage of people who complete an action on an ad, email or landing page. This action does not need to be a sale. It can be a click on a link or call-to-action (CTA), subscription to a newsletter, a brochure download, or a form that needs to be filled up This percentage is calculated by dividing the total number of visitors by the number of people who completed the action. If you have a higher conversion rate, it means that your audience sees your content as informative and valuable.
How to calculate conversion rate
Set your goal as a specific number of leads and then calculate your conversion rate through the following formula:
According to Google Ad conversion rates in 2019, the average percentage for the construction industry is 4.64%.
Cost per click (CPC)
If you are using paid ads, you will need to calculate your CPC. Cost per click is the price you pay for every click on your ad. You decide how much to spend for every click; this is called the “maximum CPC bid.” Many social media platforms have their own in-built analytics tools in their ad managers so you can easily view the cost for each ad. Once you know your CTC, you will know how much traffic costs, and then decide whether paying for an ad is worth it. This will allow you to manage your marketing spending better.
How to calculate cost per click
How much you actually pay for each ad, can be calculated through the following equation:
Check your PPC regularly as the amount may fluctuate slightly over time.
Return on Investment (ROI)
Return on investment applies to any and every marketing effort in which you have invested money. ROI measures the loss or profit generated on an investment. If you have a high ROI, it means that your marketing effort was a success because you would have made more money than you invested. If you have a low ROI, it means that you spent more than you earned. If you are monitoring your campaigns or ads regularly, you can adjust things
How to calculate return on investment
To calculate the return on investment percentage, use the following formula:
The higher your ROI percentage is, the better your ROI is.
Social media management for construction businesses and knowing how to review campaign metrics are integral to successfully monitor and run successful marketing campaigns. If you calculate the most important social media metrics listed above regularly, you will easily be able to understand whether your campaigns are running smoothly or not. If they aren’t, then you can make changes early into their runs.
At CMGurus, we are experienced at monitoring metrics and making campaign changes so that you can concentrate on running your business. We also offer a number of other digital marketing services that you can choose according to your needs.