The Engagement Rate is the best metric for benchmarking performance but social media analytics offer much more!
Understanding different aspects of social media could be an intricate task. Considering all the major platforms – Facebook, Twitter, YouTube, Google + and others – marketing your brand socially requires a comprehensive approach; much more than just understanding one platform or one metric. Because social media involves a great deal of human interaction in its entire complexity, aggregating results to just one digit would be grossly inaccurate and frankly impossible. That is why many of our customers have already decided to use a dashboard which includes multiple metrics for measuring each of these social networks and different aspects of their performance.
In social, you need to measure different things:
Fan growth, posts from you, your fans interactions (At Socialbakers we refer to this as Engagement), your users’ wall posts, and the speed of your response determine your social success. Since all of the above metrics are public, you can and more importantly shoud analyze these metrics for your competitors as well. Social media conversations (and logically marcomms) take place in an open environment, and learning form successes (and failures) of your direct or indirect competition, is something that just works to improve your engagement and fine-tune your social marketing tactics! Additionally, there are metrics that are strictly platforms based, like Facebook Insights, which for example include “reach” or “talking fans”.
The best metric for benchmarking: Engagement Rate
We at Socialbakers believe and our clients’ successes stand as proof that the best way to compare social performance is to analyze Engagement Rates. The beauty of this calculation is that it can be applied for any social network that uses public data, such as Twitter and Google +! The formulas for average Engagement Rates are:
It's true that Average Post Engagement Rates can range from 0.01% to 1%, but people keep forgetting thats the people interacting, and that its for every post. If 1% of people interact with EVERY one of your posts, that means a majority of your fans have seen it. So it's the exact reason why Engagement Rate is a metric worth monitoring!