Social Media Metrics That Matter to Your Insurance Agency
Sure, your Facebook page may have thousands of “likes” and followers – you may think to yourself, “My social media marketing is effective.” Sooner or later you think: “Why am I not getting newsletter subscriptions? Why is no one requesting quotes? Something must be wrong.”
You celebrated “vanity metrics” only to realize there is no value in your likes or followers for your insurance agency. If you use social media metrics thoughtfully, they can help you understand what your target audience is expecting from your insurance agency. With that information you can learn:
- What beneficiaries like and dislike
- How many of those followers turn into website traffic
- How engaged your followers are with your pages and posts
- The percentage of traffic on your website that converts into a quote or a sale
With that said, it’s time to examine the more meaningful metrics that matter to your insurance agency.
Reach is measuring how many users your posts are actually reaching. The higher this number, the more exposure your content receives. Reach cannot be your sole metric of success; it is an indication of how well your content can attract a new beneficiary. Remember from our Social Media Marketing Course; social media’s primary purpose is to entertain, educate, and engage.
(Tip: Download our Social Media Marketing Course for more detailed assistance with developing an impactful social media marketing campaign)
With that said, how do you measure and track your reach? Analyze how many people saw your content (i.e., Facebook ad or post). The more people who see your campaign, the higher the change you will acquire a new visitor to your website.
The next hope is that the visitor will convert into a lead and ultimately to a new sale. Evaluate the reach of your posts to learn better which post is engaging, entertaining, and educating your viewers. Reach metrics are easily accessible on the insights page (or tab) of your social media profile.
Determine how well your social media content leads people to your website by evaluating your referral traffic. Google Analytics is an excellent resource for tracking referrals. Go to Acquisition, then Social and observe which of your social media networks are driving traffic to your website and how they are converting. To improve your referral traffic, create more engaging calls to action in your social media posts. Give them a reason to click!
Users often visit your website and never go further through the process of completing a form, requesting a quote. To see how frequently this happens, check your bounce rate metrics. If your bounce rate is high from your social media traffic, you can see your visitors were interested in your post, they clicked on the link, but the website didn’t deliver. This allows you to review your landing pages or your site and make changes. Perhaps, running an A/B split test to see which version is more productive and incentivizes your views to continue through the conversion process.
You can review your bounce rate for social traffic by visiting Google Analytics and clicking on “Acquisition” then “All Traffic” and segment by channels. For each social channel, look closely at the bounce rate. You can sort from high to low to understand which channels need more attention, and begin to analyze how you can lower your bounce rate from social media?
The most important piece is ensuring that your social media posts connect well to your website links. If you make a content promise on social media and link to your blog, the article on your website better deliver. You also can offer more relevant content on your landing page to encourage your visitors to navigate to other pages on your site, request quotes, or join your newsletter mailing list.
Social media engagement shows how many of your people are interacting with your content. You may find that your audience engages more with imagery (e.g., infographics, photos, etc.) than a text-based post. Alternatively, you could learn they prefer one topic more than another. All of that can inform your future posting decisions.
An active engagement rate indicates that your insurance agency is connecting well with your audience. “Likes” are often vanity metrics, when used appropriately, and combined with other metrics can be extremely useful. It’s essential to analyze the following engagement metrics: average engagement (number of “likes,” shares, comments across a set time), amplification rate (number of post shares divided by number of people who engaged with your post), and virality rate (the total number of shares divided by total number of views/reach multiple by 100.) For example, if 20 people shared a post that received 1,000 impressions, the virality rate would be 2% (anything over 1% indicates virality – the bigger the number, the better.)
The most important of these metrics would be your followers’ demographics – gender, age, income, education, location, etc. Explore how well these demographics match up with your buyer persona’s demographics. If they are aligned, you can see that your social content is relevant to your target audience. If they are not aligned, revise your content to be more attractive to your target audience (or evaluate whether that audience is still the right one!)
You can use Facebook Audience Insights, Instagram Insights, or the insights of your preferred social media platform to break down all relevant demographics with ease.
Social media can work wonders if you measure deliberately and regularly. Using the metrics we discussed can help you to identify how to better your social content for a more successful marketing program. Download our social media marketing course to learn more about developing a marketing program on social media!