What Social Metrics Do Sponsors Care About in 2020?March 16, 2020
Social media is a vast place. Different platforms, different forms of content, lending its way for new discovery endlessly. But what becomes even more important in business is tracking and measuring the content. From likes to shares to impressions, there is a bunch of numbers to benchmark, but which ones are really the most important to your business?
In this blog, we go over which metrics you should be paying the most attention to and how to measure them.
In the past, social media has always been seen as a way to capture more eyes than any other place. There are only so many seats in a stadium. There are a countless number of fans on social media who can’t attend every game for many reasons. But they are still your fans. This tells me impressions is a metric I should care about. While it is a higher number stat, what do impressions tell you? Simply how many people MAY have seen your post. This is why engagement is the stronger metric. Not only are you measuring who SAW your post, but who took the time to read it, process it, and then engage with it. The people who make up this number are who you are touching in the social space and need to focus efforts on.
Something we are starting to see more leagues, teams, and brands care about is the engagement rate. It’s great to have impressions, engagements, and reach, but how do you benchmark that? That’s where the engagement rate comes in. Engagement rate gives you an average for how much your posts are engaged with. Just because you have a really big or really small engagement number, depending on your audience size, it could mean a lot or a little. Let the engagement rate do the talking and find a better metric to benchmark throughout the industry
Who doesn’t care about the dollars at the end of the day? Being able to put a monetary value to your activations at the end of the day is what needs to be brought to the table when it’s time to recap and possibly renew. At Zoomph, we total together impression and engagement values to come up with a sum social value. This number is a strong showing from a social perspective, what the activation returned for a brand. This may not be the be-all-end-all, but having a value attributed to a campaign makes any reporting stronger.
Who doesn’t want to understand their audience? For years, all brands have analyzed their audience demographics through surveys, from age to gender to lifestyle habits. But social data provides a unique twist now. Using social tools, like Zoomph, not only can you find out the demographics you wanted before like age and gender, but you can uncover even more about your audience based on their social habits. Who else do they engage with? Are they fans of other teams? What brands do they like? All of this can help your brand improve your social, marketing, and partnership strategies.