Is Your Social Media Campaign Working?
Based on recent statistics, the average American spends over two hours per day on social media. Consequently, crafting a social media campaign for your agency is worthwhile if you seek to build a relationship with your audience and generate leads. But how do you know if your campaign is working? In this week’s post, we share the 4 social media metrics for insurance agencies to help you understand your campaign’s success.
Why Are Social Media Metrics for Insurance Agencies Important?
As you already know, a social media campaign is a marketing technique that allows you to share information about your health plans and benefit options over one or more social platforms. That said, if you are engaging in social media, you should be measuring those activities.
Social media metrics are used to access insights about your social media progress and performance. Tracking results regularly is key to ensure the effectiveness of your posts or ads and to optimize when necessary. But social media metrics are not as simple as looking at how many likes your posts have, there are hundreds you could be analyzing. Hence, figuring out which ones are the most important can become an additional challenge. What metrics are necessary to track for your business? Below, we share the 4 social media metrics for insurance agencies.
Social Media Reach
Social media reach refers to the number of unique people that have come across your agency’s content. Reach is a top-of-funnel metric and it is strongly linked to your brand’s awareness. Brand awareness refers to the level of recognition your brand has. In other words, if your audience doesn’t know about your agency’s existence, how are they going to become clients? To increase awareness, your social media reach needs to increase as well. Collecting data about your reach will help you see how far your content is disseminating and what the size of your potential audience is.
With this in mind, don’t confuse reach with impressions. Impressions are the number of times your agency’s content is delivered to someone’s feed, and one person could have multiple impressions in a single post. For example, if you share a post on Facebook about a new VB offering, it could show up in your audience’s News Feed and appear again if one of your users shares it. If someone saw both forms of activity, it will count as one reach and two impressions. Social media reach is easy to track as it generally is a given metric on third-party tools such as Hootsuite.
Average Engagement Rate
Engagement refers to the frequency and depth of the interaction between users and your agency. Therefore, average engagement rate measures your audience’s level of engagement. The formula consists of the number of approval actions such as likes, comments, and shares, divided by the total number of followers, then multiplied by 100.
Knowing what percentage of your audience finds value in your content will help you in the creation process moving forward. For instance, if you track the engagement rate of every post you publish on your social media platforms, you will learn which ones are performing better. With this information, you can identify what type of content is the most successful and what platforms work better for your agency.
It is important to keep in mind that the actual number of likes, shares, or comments is irrelevant if your engagement rate is high since it means that your content is resonating with your audience. In this manner, when thinking about social media metrics for insurance agencies, your engagement rate is related to your posts efficacy. For example, you share your latest blog post on Facebook and LinkedIn. You have 1000 followers on Facebook and 500 on LinkedIn. When you publish your post, the reach on Facebook is higher than on LinkedIn, which means more people saw your post on Facebook. But the post on LinkedIn obtained more likes, shares, and comments. From this hypothetical scenario, you can deduce that your content resonates better with your LinkedIn audience and, consequently, the efficacy is higher although you have fewer followers.
Click-Through Rate (CTR) on social media is the ratio used to track how many people clicked on your content or ad. Typically, social media posts or ads are created to redirect users to a page on your website, where you want them to take an action. When considering social media metrics for insurance agencies, CTR is related to the quality of your content: a high CTR shows how strongly your content is resonating with your audience, while a low CTR means that the content you are creating is not interesting to them.
The formula consists of the number of total clicks divided by the number of impressions, then multiplied by 100. However, you don’t need to calculate it manually as all major social media platforms automatically calculate this metric for you. When analyzing your CTR, it can also be tricky to know what the percentage means; what is a healthy CTR? Unfortunately, there is no magic number. We recommend researching as click-through rates vary depending on industry, platform, and type of content.
Conversion Rate in Relation to Social Media Metrics for Insurance Agencies
As you know, conversion occurs when a prospect completes a desired goal. Conversion is not only related to a prospect becoming a client, but can represent any action you want your prospects to take. For example, if you write a blog post with the intention of prospects subscribing to your newsletter, conversion will occur if they subscribe. For this reason, when focusing on social media metrics for insurance agencies, it is crucial to define what you consider a social media conversion.
The best way of measuring your conversion is by calculating your conversion rate. In social media, your conversion rate is the percentage of users who take that desired action divided by the total number of visits. When thinking about social media metrics for insurance agencies, conversion rate is a great indicator of your content value and how compelling it is for your audience. For example, you can publish an article on LinkedIn with a link to your services page on your website, in which you will want your visitors to request a quote. By comparing the number of people that clicked on the link and the number of people that actually requested a quote (your desired action), you will get your conversion rate. If the number is not as high as you had hoped, review your content and adjust it as necessary to align it with your audience’s interests.
Final Thoughts About Social Media Metrics for Insurance Agencies
Monitoring and tracking these 4 social media metrics for insurance agencies can help you learn about your audience and improve your social media campaigns. Start by exploring the different metrics sections of your current social media platforms, you can also look into third-party tools such as Google Analytics, Hootsuite, or Mention.
If you want to learn about the effectiveness of a specific campaign, you will track the metrics on the span of time your campaign has been running. But you can also measure performance on an ongoing basis, tracking all-time activity. All in all, applying marketing analytics and monitoring your results is key to create an effective strategy in an ever-changing environment such as social media.