Which of your social media efforts is successfully reaching your target audience? What social media platform provides you with the highest return on investment on your crypto marketing? Still unsure? Take a look at your social media marketing metrics.
Marketing metrics help to measure the success of your crypto project marketing exertions. It delivers a clear picture of how well your crypto predefined KPIs have been performing. Without analyzing marketing metrics, the team wouldn’t know how customers have been reacting to their social media marketing efforts.
However, you have set social media marketing goals. You need to track which marketing strategy is adequate for your target audience. The only way to quantify your performance is through marketing metrics.
Here is a step-by-step guide for tracking cryptocurrency growth marketing metrics for social media.
Table of Contents
Importance of Cryptocurrency Growth Marketing Metrics
The foremost aim of the cryptocurrency growth marketing strategy is steadily increase the customer base and public attention to crypto projects. Growing your user base will help improve the revenue and profitability of your brand.
Identifying which social media channels your target audience uses will allow you to develop a cryptocurrency growth marketing strategy. Set specific and relevant goals for a particular period based on your project. Develop the contents and start executing. Now measure the following metrics at the end of each period.
Engagement is the backbone of a good cryptocurrency growth marketing strategy for social media. Your primary aim is to make viewers engaged with your posts. Though you have fewer followers, and all are engaging with your content, it is a good sign that your efforts on social media for the crypto brand are working.
Engagement includes the number of likes, reactions, shares, and comments for a post. For a crypto brand, it isn’t easy to understand what type of content your audience is interested. Still, the engagement rate allows for determining which content is working for your audience.
You can measure your engagement rate for a chosen period with the help of the following formulae. Divide your total number of engagements by the total number of followers. Multiply the answer with a hundred. It will give your engagement rate. You can compare the engagement rate for each period to know your development.
Reach and Impressions
Reach, and impressions are two different metrics. Reach is the total number of people who saw your crypto content and posts. There is no guarantee that every follower of your crypto brand will see your posts. At the same time, people who are not on your follower list may also see the post. Hence, reach is the total number of channel users who saw your post.
The impression is the number of times your crypto post is displayed. Sharing your content appears in someone’s feed, but the user may not interact with it. A single piece of content may bounce several times.
Follower Growth or Community Building
To measure follower count take the necessary steps mentioned below.
- Choose a reporting period ( weeks, months).
- Identify your new followers during the period.
- Compared with the number of followers growth in the previous period.
- If you divide the new followers by your total number of followers, you will gate follower growth rate.
Now you can compare your follower’s growth rate for each period and identify the improvement.
Increasing traffic to the main website is a secondary goal of the cryptocurrency growth marketing plan for social media. Increasing website traffic can contribute to brand awareness and, in turn, sales.
Website traffic is a priority metric for cryptocurrency marketers. Analyze the website traffic for the chosen period and know which social media content generates the most traffic. It will help you plan similar contents to drive traffic for the next period.
Click-Through Rate (CTR)
You may often incorporate social media ads or Google ad words for marketing your crypto project, posting these links or ads on social media help to generate clicks. The number of users who clicks on your social media ads, read more button, or call to action links is crucial. It helps measure how many people want to know more about your crypto project and services.
You can calculate your click-through rate for a chosen period. Divide the total number of clicks by the total impression. Multiplying the fraction with a hundred will gives you a click-through rate for a social media channel.
Social Media Conversion Rate
You may incorporate a call to action with social media posts. It can be a link to download your e-book, sign up for your newsletters, or click links to claim any of your offerings. Viewers who have successfully signed up for your newsletters, downloaded your e-books and played a video will fall under conversions.
Keep in mind that clicks and conversions are two different metrics. A click need not be a conversion. A good cryptocurrency growth marketing strategy can generate a high conversion rate for your social media efforts.
Now measure the conversion rate. Identify the total number of successful conversions from your social media channels for a chosen period. Find out the total number of clicks for your links. Divide the number of conversions by the number of clicks. Multiple it with a hundred. You will get the conversion rate.
Return on Investment (ROI)
Imagine that you developed a comprehensive cryptocurrency growth marketing plan for social media. You spend a lot of time and effort on execution to make your crypto brand noticed. You may have measured all the metrics mentioned above. The endpoint of every marketing exertion is to get a return on investment.
ROI may vary depending on your crypto niche. If you run a DeFi project or a Metaverse initiative, ROI will differ. Moreover, it will differ from one platform to another. Facebook and Instagram may give you different ROIs. Still, it is necessary to understand your ROI for each project.
Factors considered for ROI change from one project to another. It also depends on your social media actions. When you create your crypto growth marketing strategy for social media, include the factors you will consider to measure your ROI.
Nevertheless, calculate ROI using this simple formula. Find out the total revenue generated from different social media actions. Subtract total money invested in social media from total revenue generated. This will give you ROI for social media.
Prepare Social Media Analytics Report
A social media analytics report will provide you with an overview of your social media performance. It includes engagement data, impressions, the number of clicks, leads generated, and more. You will get information from a single channel as well as multiple channels. Most of the tools are customizable as per your interest.
There are different categories of reports. Audience reports will give a brief idea about the number of followers on various channels. The interaction analytics report will say the number of interactions such as likes, comments, and shares.
Click analytics report provides information on clicks during the period, and impression analytics report provides the number of views on the post. There are other categories of reports like the number of new contacts reports and session analytics reports. However, it is necessary to track your performance with the help of quantitative data. You can check out these analytics tools.
Hire a Marketing Agency
Developing a successful cryptocurrency growth marketing strategy and analyzing its performance during each interval need two things. One is time, and the other is an excellent team of social media professionals.
However, Hiring a popular marketing agency like Blockwiz can help you do both tasks for you. The experts of the Blockwiz team will develop a comprehensive cryptocurrency growth marketing plan for your brand. Get in touch with Blockwiz social media experts. They assist in running your social media channels and providing complete reports during regular time intervals.
A cryptocurrency growth marketing strategy for social media is essential for your brand growth. Choose the goals, set your metrics, and start posting with an attractive content plan. Gradually you will see the results.
Unless marketers fail to track what is working for the customers, it is just like throwing multiple shots without an aim. Therefore incorporate all the metrics mentioned above. If you need any support, get in touch with experts at Blockwiz.