For the B2B brands it is of utmost significance to define their social media metrics so that they can determine the performance of their social media campaigns & ROI from each of them. For this the brands need to track the right Key Performance Indicators (KPIs) that not only take the fan, follower or like counts but also align the business objectives of an organization with the core Social KPIs.
Chris Brogan, the American author journalist & marketing consultant explained the importance of social media marketing as follows:
“Social Media puts the “public” into PR and the “market” into marketing.”
In the previous parts of the blog post, we delved into details towards defining & measuring the vital KPIs for Facebook & Twitter. Let’s now dig into the Instagram metrics, to comprehend which are the most important ones to qualitatively & quantitatively represent the success of the social campaigns executed on Instagram.
Instagram is projected to contribute to a quarter of the total Facebook ad revenue at the end of the year 2019, a number which will rise up to 30% in 2020 (Source: recode.net).
Instagram claims to have about 2 million monthly advertisers.
As has been summarized in several blogs on Instagram, the platform has about 2 million businesses advertising monthly & 80% of the accounts follow a business on Instagram. 50% of the businesses create at least one story per month & 1 out of every three most engaging posts on Instagram resonates with some business.
Instagram marketing is an important tool for marketers to promote their products & services & videos on this platform generate 38% more engagement than image-based posts. (Source: Instagram blogs)
Instagram is the most impactful platform for story-telling as well.
68% of millennials consume stories on Instagram compared to 49% on Snapchat & 44% on Facebook.
Measuring the successes of Instagram marketing campaigns is not as simple as for other social media platforms; nonetheless, measuring the following metrics can prove to be helpful.
The following KPIs can be employed to measure the success of Instagram Marketing:
1. Tracking Likes & Comments:
When it comes to Instagram Marketing, tracking the number of likes & comments on a piece of content not only helps to gaze whether the content is relevant to the audiences but also in-turn helps conclude what emotions are evoked in audiences after watching them.
Likes are a good way to track engagement & comments are only better. Commenting on a post implies that the posts have evoked some emotion in the audiences or the audiences care about the post enough to more than just double-tap & leave a comment. Both positive & negative comments are beneficial. While positive comments are guidelines for marketers to figure out which pieces of content are working best for them, negative comments help them fix the loopholes in their online marketing endeavors.
2. Measuring & Employing most engaging hashtags:
Hashtags on Instagram work like the keywords for search engines. Instagram also allows users to experiment with a wide array of keywords. Figuring out which keywords drive the most engagement on Instagram is important for marketers to be discovered by their potential buyers & engage them better with the posts.
The marketers need to split-test their hashtags before employing them into their social media campaigns. Often experimenting with a set of engaging hashtags works the best.
Along with the hashtags the marketers should also consider scheduling their posts on times when it will generate maximum engagement.
On weekdays, timings between 10: a.m. to 3 p.m. are considered best for posting on Instagram. With a peak engagement at 11: a.m. Wednesday is the best day to post on Instagram while Sunday is the least engaging day for the audience.
The least amount of engagement occurs during late nights & early mornings (11 p.m. to 3 a.m.). On Friday posts between 10-11 a.m. generate maximum engagement. (Source: Sproutsocial.com).
3. Engagement per Audience:
When it comes to Instagram marketing, big & established names in the industry generate more engagement than the newbies or sprouting talents. However, the true measure of engagement just shows a superficial picture until the marketers decide to quantify the level for engagement for each of their audiences. Using this metric shows a holistic picture of engagement; whether the pieces of content are being delivered to the relevant audiences and vice-versa, which types of content generate the highest level of engagement & what changes need to be done in the content strategy to further improve the level of engagement of users with the content.
Measuring engagement per audience on Instagram might enable pages with a small number of followers to outperform those with innumerable followers, in terms of engagement despite the fact that the overall engagement for the small pages may be way below than those on the pages of well-known brands.
It’s also important to post relevant content more frequently to keep the audiences on Instagram engaged. Ideally, two relevant posts per day are considered to be good for Instagram health. If the Instagram engagement for some reason has dropped, the marketers can check for the quality & relevancy of their content as well as can check for improving the image quality & the combination of hashtags.
Employing videos to improve engagement can be another wise option.
4. The total number of Followers:
The total number of followers is a vanity metric for some, though having a large number of followers increases the organic as well as the social reach of an organization.
The number of followers should be racked over a period of time to measure the efforts of marketing endeavors on Instagram. For example, if the number of followers is tracked over the month & on a particular day, the marketers find an unprecedented upsurge in the total number of followers; they can review their content strategy on that particular day & repeat similar tactics to see if it helps them fetch more followers.
Marketers employ several strategies to grow the number of followers. Some of them include: employing influencers, positive word-of-mouth from friends or family members or through paid ads.
5. Referral Traffic from Instagram:
Tracking the amount of referral traffic from Instagram that contributes to the entire website traffic is possible using UTM (Urchin Tracking Module) parameters. UTM tags can be added to the URL to facilitate the tracking of website traffic from Instagram. When tags are added to the URL, Google Analytics is able to track them. Thus, marketers can decide what percentage of their total referral traffic is coming through Instagram.
6. Instagram Story Metrics:
Instagram has become a popular platform to tell stories. A compelling story-telling entices the customers to take the desired action on Instagram that is messaging the brand directly.
Let’s see what the several Instagram story-telling metrics are & how they can be tracked:
- A total number of Unique Views:
The total number of people who viewed a brand story on Instagram constitutes the number of unique views.
- Completion Rate:
This Instagram metric gives us the number of viewers who viewed a brand story completely. This metric can be calculated by the following method:
Completion Rate = (Total Number of views on the last story)/ (Number of views on the first story)* 100
Analyzing the completion rate against the number of views on the story can help in deducing how relevant the content at disposal is for the potential buyers & what changes need to be done in the content strategy to engage the potential buyers better.
- Measuring Engagement Rate by Direct Messages to the Brand:
Unlike some of the other social media platforms, stories on Instagram can’t be liked or shared. The only possible form of engagement on the stories can be if the visitors decide to message a brand directly from the Instagram stories.
The Rate of engagement can be calculated as follows:
Engagement Rate = (Total number of people who sent direct messages to the brand after viewing their stories)/ (Total number of views on the story)
It’s important for the marketers to understand that since Instagram App doesn’t save the performance of individual stories over a period of time, in order to measure & compare the success rates of their marketing efforts, the marketers either need to manually maintain a spreadsheet pertaining to the performance of each of the stories separately or they can use a similar integrated platform, if possible.
The total number of Instagram mentions via posts wherein either the Instagram handle of the brand is tagged or the brand is otherwise simply mentioned in the caption of a post, defines the mention of the brand.
8. Brand Page Visits:
The total number of visits on the Instagram profile page of a brand.
9. Email Clicks & Click Rates:
The total number of viewers that tap into the business email addresses account for Email Clicks while the total number of Email Clicks divided by the total number of Brand Page views gives the Email Click Rate.
10. Number of Live-Viewers:
The live viewers, who prefer to engage with a piece of content at a given point in time, constitute the number of live viewers for that business account.
11. Exit Rates:
This metric helps to delve into reasons why prospects might not be viewing the entire Instagram story.
Exit Rate = (Total Number of Exits from a story before its completion) / (Total Number of Impressions)
Tracking some basic metrics on Instagram tactfully may help in better story-telling to divert the number of potential buyers through Instagram.
Apart from the above-mentioned metrics, other metrics can also be tracked to measure the success of Instagram marketing. These include Swipe Away, Taps Forward & Back & the Instagram metrics for ads such as Click-Through-Rate (CTR), Cost per Click & Average Cost per Click.
Marketers from a particular segment should always do some research about which types of content are doing best for their competitors & what key takeaways from the competitor analysis can be assimilated into their own businesses.
Measuring some basic metrics can help in building a healthy pipeline of targeted audiences through Instagram which is purchase ready.
Wrapping It Up
According to Pam Moore, CEO & Founder of Marketing Nutz, the imperativeness of advertising on the social media platforms (including Intagram) can be realized in the following quotation:
“You can never go wrong by investing in communities and the human beings within them.”
Any brand which manages their Instagram account without ever looking at analytics, don’t properly understand the results of their marketing endeavors. The marketing efforts overlap with the goals of a department or a company and keeping the mind the points of interaction or the intersection sets the marketers can deduce which metrics to use to quantify the endeavors of their marketing campaigns on Instagram.
For effectively being able to tell their brand stories on Instagram, it is important for marketers to make data-driven business decisions using the social media analytic tools. The marketers need to track what matters the most to them & reflects their success stories. For instance, the audiences might not be hitting the like button & might still be getting converted.
We, at Valasys Media, employ a wide array of B2B services such as lead generation, account-based marketing, lead nurturing, event promotion services, list building services & content syndication services to enable our B2B clients achieve their core bottom-line endeavors such as Conversion Rate Optimization (CRO), an optimized sales revenue & improved users’ experiences.For refurbishing your B2B marketing endeavors & for deciphering the pathways to perennially healthy sales pipelines, feel free to get in touch with our team of experts.