Social media is a potential tool for promoting any businesses, including businesses related to cryptocurrencies. The use of social media metrics can track practically every single aspect. A cryptocurrency initiative needs a robust social media marketing plan to gain visibility and trust.
Social media has helped the crypto ecosystem expand. There are specific social media marketing objectives for each cryptocurrency project. Marketers must monitor which tactics are most effective for their intended audience.
The performance of a project is evaluated and measured using marketing metrics. Your team size, financial resources, and organizational objectives will determine how many KPIs you track. In this case, you should also think about your crypto wallet.
It is beneficial to always keep an eye on social media activity around cryptocurrency projects. The public can purchase funds when participating in a project if they want to participate.
Social media posts may help traders and miners develop their expertise. Before sinking into the crypto market, prospective traders use social media to gather pertinent information and tools. Thus, it is vital to educate yourself on the indicators that matter most to your business.
As a starter, you can watch any cryptocurrency videos on any YouTube channel to learn more about crypto marketing for social media. Here are some of the best crypto marketing metrics to measure for social media growth:
Not all of your followers are likely to view your postings. It’s possible for users who are non-followers to view your content. Simply put, reach is the broad audience for your crypto social update.
Reach KPIs and track how many people use your social media outlets. It’s a great idea to keep track of your overall reach and the audience for each content you have.
Consider looking at what portion of your reach comprises followers instead of non-followers to understand this measure better.
If many people who are not your followers are viewing your content, it is either getting shared widely, performing well in the algorithms, or both.
You have to remember that engagement and reach are two essentially unconnected notions. Reach data demonstrates current and future consumers, brand recognition, and expansion.
Your audience’s engagement rate is the proportion of people interacting with your content by sharing, liking, commenting, or reacting. Determining the kind of material about cryptocurrencies the market wants can be complicated.
However, examining engagement may decide if the material is popular with your audience. Engagement is the cornerstone of a successful social media crypto marketing plan. It depends on you to define “audience.”
Consider calculating social media engagement with your following. But remember that not all followers of yours will see each post. Additionally, you might obtain attention from non-followers. Maintaining readers’ interest in your postings should be your main objective.
Imagine you have fewer followers, but they are all active users of your stuff. It is evidence that your social media marketing efforts are having an impact. You can monitor your engagement rate over a predetermined time frame. To calculate, here is the formula:
(Total number of engagements / total number of followers) *100 = engagement rate.
The impression represents how many times users have seen your content. It may be higher than reach because someone may visit your content multiple times.
Despite sharing it, users were unable to engage with your content. The actual content itself can bounce multiple times. In this instance, it’s crucial to research the subject and assess its viability. You might improve on it and broaden the topic to cover more details.
4. Audience Growth Rate
The audience growth rate calculates how many new followers you’ve added to your social media accounts over a specific time. You can determine the increase of your following by monitoring the track of audience growth.
What matters is how quickly your followers increase, not how many of them you have. Building a community is inextricably linked to the audience growth rate in the cryptocurrency industry. Some followers will eventually join communities as the audience grows.
If you’re starting, getting 10 to 100 followers in a month is a terrific way to stand out and gives you a quick boost. However, if your follower is larger, you’ll need additional people to join to maintain the momentum.
5. Click-Through Rate (CTR)
The Click-Through Rate calculates the average number of times users click a link in your post to acquire more information. Anything that fits that description, whether a blog post, a video, a narrative, or your crypto website, is all qualified.
You can use ad terms to promote your cryptocurrency enterprise and blockchain development company on social media platform. Sharing these adverts or CTA links on social media will help boost click-through rates.
It’s crucial to track how many people click on them because it reveals how many people read your post and did additional research after seeing it. Furthermore, it assists in calculating the number of people likely to be interested in your crypto project and facilities.
The CTR informs you of the number of users who have seen and clicked on your content. It serves as a solid gauge of how well your social media content promotes your brand.
6. Conversion Rate
The conversion rate is the number of users who click a link in your post and take the desired action, such as downloading, installing, registering, or making a purchase. The conversion action is the final action you want viewers to take on your channel.
It is one of the most important social media marketing metrics since it highlights how critical your content is for feeding your funnel.
Always keep in mind that clicks and conversions are two different things. A conversion doesn’t always come after a click. You can raise your crypto project’s conversion rate by implementing a solid social media marketing approach.
The use of UTM parameters will enable you to track social conversions. After adding your UTMs, divide the total number of clicks to determine the conversion rate.
7. Amplification Rate
The percentage of followers who share every post overall is known as the amplification rate. It consists of retweets, shares, re-pins, and programs.
Typically, your followers will extend your reach as your amplification rate increases. A high amplification rate shows that you positively associate with your target audiences.
8. Social Sentiment
The social sentiment analysis examines the feelings and ideas underlying social media discussion. The metric indicates if the amount of mentions or debate surrounding your project or brand is positive, negative, or neutral.
Your cryptocurrency marketing strategy is extensive on social media platforms,. It is essential to calculate audience sentiment. Additionally, it’s a variable that can assist you in giving exceptional client service. Analytics technologies that process and categorize language and context are needed to calculate social sentiment.
Now that you are aware of the most crucial crypto marketing KPIs to monitor for social media growth. Social media metrics demonstrate whether or not your marketing plan is effective. They draw attention to the shortcomings.
Now you know the essential crypto marketing metrics to measure for social media growth. You cannot make wise business decisions on your marketing activities without monitoring your essential indicators.
Andre Oentoro is the founder of Breadnbeyond, an award-winning explainer video production company. He helps businesses increase conversion rates, close more sales, and get positive ROI from explainer videos (in that order).