Creating content is a great way to increase awareness that your company is hiring. A lot of companies are depleting their recruitment budgets by sponsoring posts on various platforms without a good sense of what will resonate with their audience. This strategy might work for some, but if you want to be more strategic about your approach then you'll want to consider which metrics will help you understand the ROI of your social media efforts. Turning to your marketing professionals is the best way to understand where to focus your efforts.
That's why I connected with Jody Ordioni at Brandemix who broke down different ways to determine ROI of your social media efforts. If your goal is to expand the reach of your brand then you can look at something like engagement rate by views, but if you are recruiting at a well-established company, then I would want to focus on the engagement. The two metrics she mentioned that I like the most are Engagement Rate by Reach & Cost Per Engagement. Let's dive into those.
Creating content that drives engagement (ie likes & comments) can be challenging. You have to test out different types of post to see what resonates. To know what resonates, you'll want to calculate Engagement Rate by Reach.
Let's consider the following scenario. If 1,000 people view your post, 80 like it, and 20 comment on it then you have the following equation.
I recommend you look back at your previous posts to determine what type of content resonated best before spending any money on a sponsored post.
The other metric I would like to consider is the cost per engagement. If you're using a platform then it will likely show you this data, but it's good to know how to calculate it in the event that it doesn't. I also like to use thi when looking back on post to get a sense of what it might have cost to sponsor it. Calculating the cost per engagement is easy.
Using the previous example you know that we have 100 engagements (80 likes & 20 comments). You can use any dollar amount that you have in your budget. For example, if you used $100 to sponsor that post you would have the following equation:
It's that simple! If you want the spreadsheet that I use to analyze my social media post to determine what content will resonate with your audience then shoot me an email at Brian@nextwavehire.com.