Marketing metrics aid in determining the success of your crypto project marketing efforts. It provides a clear picture of how your crypto-predefined KPIs have performed. The team would not know how customers responded to social media marketing efforts unless they analyzed marketing metrics. Marketing metrics are the only way to quantify your performance. Here are the top crypto growth marketing metrics you need to track for social media.
Engagement is the foundation of a good cryptocurrency growth marketing strategy for social media. Your primary goal is to keep viewers interested in your posts. Even though you have fewer followers, and they are all engaging with your content, it is a good sign that your social media efforts for the crypto brand are paying off.
The number of likes, shares, reactions, and comments on a post is considered engagement. It is difficult for a crypto brand to understand what content its audience is interested in. The engagement rate allows you to determine which content is engaging your audience.
Reach and Impressions
Reach and impressions are distinct concepts. Reach refers to the total number of people who saw your crypto content and posts. There is no guarantee that all your crypto brand followers will see your posts. People not on your follower list may also see the post. As a result, reach represents the total number of channel users who saw your post.
The number of times your cryptocurrency post is displayed is called the impression. Although sharing your content appears in someone’s feed, the user may not interact with it. A single piece of content could bounce multiple times.
Follower Growth or Community Building
For crypto projects, follower growth and community building are inextricably linked. When followers grow, some will turn to community members for help.
To find out how many people follow you, take the procedures listed below:
- Select a reporting period ( weeks, months).
- During the period, identify your new followers.
- Compared to the previous period’s growth in the number of followers.
- Divide the number of new followers by the total number of followers to get the follower’s growth rate.
A secondary goal of the social media cryptocurrency growth marketing plan is to increase traffic to the main website. Increasing website traffic can help to raise brand awareness and, as a result, sales.
For cryptocurrency marketers, website traffic is a critical metric. Analyze website traffic for the specified period to determine which social media content generates the most traffic. It will assist you in creating similar content to drive traffic in the future.
Click-Through Rate (CTR)
For marketing your cryptocurrency project, you may frequently use social media ads or Google ad words; posting these links or advertisements on social media helps to generate clicks. It is critical that users click on your social media ads, read more buttons, or call to action links. It help determine how many people are interested in learning more about your cryptocurrency project and services.
You can compute your click-through rate for a specific period. Subtract the total number of clicks from the total number of impressions. A social media channel’s click-through rate can calculate by multiplying the fraction by a hundred.
Social Media Conversion Rate
You can include a call to action in your social media posts. It could be a link to your e-book, a sign-up for your newsletters, or a link to any of your offerings. Conversions are viewers who have successfully signed up for your newsletters downloaded your e-books, and watched a video. A good cryptocurrency growth marketing strategy can boost the effectiveness of your social media efforts.
Now calculate the conversion rate. Determine the total number of successful conversions from your social media channels during a specified time period. Determine the total number of clicks on your links. Subtract the number of conversions from the total number of clicks. Take that number and multiply it by a hundred. You will provide the conversion rate.
Return on Investment (ROI)
You may have measured all the above metrics. The goal of any marketing effort is to generate a return on investment.
Your ROI may differ depending on your crypto niche. ROI will vary depending on whether you run a Defi project or a Metaverse initiative. It will vary from one platform to another. The ROIs from Facebook and Instagram may differ. It is critical to understand your ROI for each project.
The factors considered for ROI vary from project to project. Your social media activities also determine it. Include the elements you will use to calculate your ROI when developing your crypto growth marketing strategy for social media.
A crypto growth marketing strategy for social media is critical for the growth of your brand. Set your goals, define your metrics, and begin posting with an appealing content strategy. You will gradually see the results. If you are interested in blockchain development solutions, contact SmartOSC.
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