Social Media KPIs: Ultimate guide for better engagement
Table of Contents
Small and large businesses alike understand the huge importance of having an awesome social media marketing strategy as it will take the business to literally new heights. This is because having a social media presence is where you are most likely to make new connections with your target audience and beyond, which was not possible earlier.
And let’s say that you have executed a social media strategy to the best of your company’s and your consumer’s interests. But how do you track what’s going on after the strategy has been initiated? In other words, are conversions happening or is your company getting more views and interactions from the target audience? Is there any real-time progress that you wish to measure to see what impact your social media strategy has made so far?
So, you want results that are quantified and are presented in numbers. And here comes the importance of social media KPIs. In other words, you need solid data proof to check up on your social media strategy impact. And then maybe usher in a few more changes or adapt accordingly.
Understanding social media KPIs becomes important as you will need to keep a track on the proper use of resources and basically getting what you want – more consumers or rather, the right consumers. So let’s dive into the world of social media KPIs.
What are Social Media KPIs?
When it comes to measuring interactions on social media, people only take into considerations how much likes your post has received. Social media metrics go a lot more further than that and so do you.
Social media KPIs are key indicators or metrics that help you measure the success of your social media campaign so that you can understand where you can bring in changes for better effectivity. It includes a wide range of topics ranging from post engagement percentages to followers counts. Also, new estimates are predicted weekly which becomes a lot to take in. And so you need to understand as to which metrics to focus on.
Your social media strategy will have some defined goals which you plan on achieving and this factor will help you decide which metric to choose and focus on. Suppose you aim to increase conversions from social media by 25% in three months. And to meet this goal you have devised a social media strategy that includes ads, product tags, and influencers. Now, to measure this campaign you will need to focus on metrics like social traffic and conversion rate metric from those posts.
Social media KPIs not only help you understand the success of your campaign but also gives you insights on your brand health and general social profile. KPIs should revolve around generating new traffic and potential leads and ultimately, expanding your brand. Keeping all the above-mentioned stuff lets understand the nitty-gritty behind choosing a social media KPIs.
Choosing Social Media KPIs
It becomes important to understand that social media comes with their package of metrics to assist businesses in measuring their campaigns. Twitter has their twitter analytics and if you are on Facebook, you’ll find the metrics on the Insights Tab.
Similarly, for Instagram and Pinterest, you will have to convert your account into business accounts to get the necessary data. However, if you are low on budget, just pick any social media analytical tool that goes on with your budget and get started. The time you would have otherwise, spent on collecting data manually will now make up for the money you spent on these analytical tools.
Some areas to focus on while selecting the social media KPIs / metric for your business are:
- Whether people get updates from your brand or ‘see’ from your brand.
- Rate of engagement from people with your brand.
- Rate of conversions from those engagements.
- The overall impact on your customer base from your campaigns.
The important thing to keep in mind is that the goal of the campaign decides the metric or social media KPIs and based on that we have four such metrics. They are as follows:
- Social media KPIs to keep a track of your brand’s reach.
- Metrics focusing on engagement with the audience.
- Social media KPIs centred on conversions.
- KPIs revolving around customer loyalty.
Pointing out the important aspects of social media KPIs, you need to keep in mind that you should not celebrate the success of vanity metrics. These are superficial metrics which do not highlight the actuality of your brand’s health and neither do they go in line with your brand goals. And that’s why it is a big no-no for your game. So you need to focus on the above-mentioned points to assist you. To further clear out on how you should choose your social media KPIs, let us focus on the characteristics of a good metric.
Characteristics of a Good Social Media KPIs
So, previously we mentioned that KPIs should focus on reach, audience, conversions, and loyalty. But the one thing that is common among them is growth. Authentic growth metrics have the following characteristics:
- Retention: Authentic growth metric should have a built-in retention tab. Retention indicates that you are delivering the right content and creating real value and so your consumers keep coming back. And this should be trackable by a social media KPIs. It should also include meaningful interactions and not just page visits or views.
- Relevant: The metric should also be relevant to your product, in the sense that if your product is for daily use, then the metric should be able to track that. Your growth metric should be able to track the usage as per your product category.
- Honest: Your social media KPIs should be able to tell you that real and authentic state of your brand. Showing off bloated numbers and percentages will hamper your true growth and will not be able to guide you in the proper direction.
If you have found a social media KPIs that has all the three characteristics, then you are good to go. Outlining the characteristics of a good social media KPIs becomes important for you to know where you can put your trust and resources for getting the best results.
Types of Social Media KPIs
Now that you have had a good idea about social media KPIs, let dive into the types of the same. You can get an idea as to which type of metrics you require to mark your progress over time according to the product you are offering.
Social Media KPIs for Analyzing Reach
Reach in the metric universe defines you of exactly how far your message has travelled, how many people might have seen it and who those people are. Some ways of tracking this could be:
Follower count: As crystal clear as it can be, look at your follower count on each platform that you are present on. Knowing that your brand has a good reach can act as a booster for you to start your campaign.
- Impressions: These are a little difficult to measure but they are very important for your analytics department. It means the number of times your posts showed up on someone’s timeline. It should also be noted that a user can have multiple impressions.
- Web traffic: Traffic to your website or page from social media campaigns are another important KPIs that are necessary to mark your progress. This is because those visitors have the potential to become your customers.
- Share of voice: The more there is a buzz around your campaigns, the better it is for your company. If, of course, the buzz is positive. This metric helps to show the chatter numbers around your brand in the industry.
Social Media KPIs for Calculating Engagement
These metrics amounts to the number shares, likes and comments your social updates generate, giving you an insight into the ‘social’ side of social media.
- Clicks: These happen to be one of the easiest metrics to measure and also signifies that the visitors have a huge chance of converting into consumers. It also means that your page or website brings in quality leads and not just the fake ones.
- Likes: We as humans tend to associate ourselves with things that are popular and also those which have a meaning for us. And so counting on the likes is a good way to check on your content performance.
- Shares: Another way to check up on brand loyalty is to keep a track on the number of shares and retweets that your posts receive. It acts as a sign that your customers are more likely to share your stuff with the people that they know.
- Comments: Relevant, interesting and informative content creates a space for comment and engagements. And that’s the whole point of putting them up, isn’t it? Even critics are good for your posts because then you will be able to learn as to what bothers them so much.
- Mentions: Conversations keep happening round the clock and so you need to keep a track about who is saying what about your brand, so that you don’t miss out on anything important. Look at it from the point of bitching about a person you like or don’t like and you do it most when he/she is not around.
Social Media KPIs for Conversions
Whether you like to say it out loud or not, every brand wants more conversions or purchases from the customer’s end. And so tracking conversions becomes important to check on the revenue generations.
- Sales revenue: Increased sales revenue is one of the most important goals if you are out there to sell something. Social media metrics can check on the conversions from each customer to give you an overall insight into the buying behaviour.
- Lead conversion rate: These indicate as to how many people end up buying stuff from your page or website. One of the easiest ways of checking up on conversion rate will be turning on the google analytics for your website or page.
- Non-revenue conversions: Not all that glitters can be gold. Sometimes they can be plain as a subscription or signing up for your newsletter. It may also be the case the conversions could simply mean downloading an eBook or filling out a form. It completely depends on what are you trying to sell.
Social Media KPIs for Customer Loyalty
Since everyone is present on social media, consumer loyalty can be tracked by people returning to you on any social platform you are present on. Other ways of tracking customer loyalty are presented down below:
- Cost per lead: Good and authentic leads are important for your business and so you must check on how much one is costing you. Since social media is all about building genuine relationships with your customers, the cost per lead should decline over time. You can check as to how much bucks you are spending on your campaigns on social media.
- Issues resolved: The prompter and better your customer service is, the more people will look forward to coming back to you and become a loyal customer. Your brand could even stand out among your competitors and remain ‘on top of the list’ of your consumers.
- Customer lifetime value: Customer lifetime value can be proof of how strong and impactful are your social media strategies. By constantly connecting with your consumer you can add value to them and in return they can be a loyal member to you.
Stating a long list of all the important types of social media KPIs is essential so that you can choose the right metric to cover you up.
Social media KPIs can be beneficial when you know what you want to measure and do the metrics align with your brand goals. Choose the KPIs accordingly and then adapt to the changes you deem necessary to make your social media campaigns more effective. So get on with it, you social butterfly!
Social Media Metrics and KPIs are values used by marketing and social media teams to measure the performance of social media campaigns. ... In order for marketing teams to really understand their social media performance, it's important to measure social media metrics and track results month over month.
What are the 5 key performance indicators?
1) Revenue Growth. Sales growth is one of the most basic barometers of success for any business. 2) Income Sources. 3)Revenue Concentration. 4) Profitability Over Time. 5) Working Capital.
What is a good KPI?
Good KPIs: Provide objective evidence of progress towards achieving a desired result. Measure what is intended to be measured to help inform better decision making. Offer a comparison that gauges the degree of performance change over time.