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Instagram is one of the most used social media sites with roughly one billion monthly active users. So it’s one of the big fishes. It literally has the power to make or break a brand with a simple hashtag.
Instagram metrics are vast and powerful and give a whole new meaning to the word research.
It’s also one of the easier and fun ways to grow a business, but how exactly can anyone measure brand success in the midst of all the chaos? Let me tell you!
The funnel method:
Instagram gives a pretty big range of analytics to understand various audience measures. The funnel method uses these metrics to determine how many people are actually being converted into buying from the business.
The reach or awareness of a brand will be vast, when compared to the other levels.
This area represents the amount of accounts/people that a brand has reached via word-of-mouth, ads, story updates, influencer ads etc. This is crucial area to get more customers, to attract them with marketing, showing the customers why the brand is unique, and why they should buy from you and only you.
Instagram provides the reach stats to your business account and the key demographics that your brand reached!
v The interest area shows how many of the accounts/people reached actually started following the brand because they were interested and wanted to see what the business had to offer.
· The percentage of interest can be measured by dividing the new followers gained in the ongoing month with the ongoing months reach multiplied by 100.
New followers
------------------------------------------ x 100
Total reach
This method can help determine what changes are needed as well as the type of content that grabs the attention and puts the brand on the spotlight using the metrics Instagram provides.
Desire/contacted: The customers who reach out and actually ask about the product/service being provided comes under desire. Desire can also be taken as a part of the interest part of the funnel.
Reactions like comments, DMs, calls, messages, everything counts!
The desire percentage can be calculated by:
Desire/contact area
--------------------------------------------------- x 100
Interest area
The final and the shiny golden egg is the purchases area. This is how many sales the business makes in the ongoing month or a particular month.
This final number makes all the sweat and late nights worth it!
This amazing number shows how many people actually bought the products/services being offered after being contacted!
This final step can be measured by:
Purchases made
---------------------------------------------- x 100
Desire/contact area
The funnel method is one of the most traditional ways to measure a brands success without having to spend a dime on 3 parties or companies that specialize in calculating metrics. It’s quick, effective and doesn’t require much work.
The added benefit is that everyone and anyone can do this without much schooling on the topic.
So if you’re a small or medium business owner, and you want to know much your brand has grown, the funnel method throne is right for you! So what are you waiting for? - Namrata Vojjala
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