Currently, there are 4.9 billion people using social media which is equal to 59.9percent of the total global population. Social media has become a powerful tool for businesses, with billions of people using various platforms worldwide. To harness the potential of social media for business growth, it is crucial to track the right social media metrics and key performance indicators (KPIs).This article provides insights into social media KPIs, how to set them, and which KPIs to track for different marketing goals.
What Are KPIs?
KPIs are essential numbers that indicate whether a strategy is effective and aligned with business goals. While metrics alone may not tell the whole story, a combination of KPIs provides a comprehensive view of performance.
To access most social media metrics, a business account on each platform is required. Alternatively, the use of social media management tools can help consolidate analytics from different networks into one central place.
Setting the right social media KPIs involves aligning them with business goals and considering factors like growth stage and strategy implementation. Start by establishing social media goals that align with overall business objectives, such as audience growth, brand awareness, lead generation, or sales.
For startups, focus on community building and market validation, while established businesses may emphasize conversions and associated costs.
KPIs To Effectively Monitor Social Media Performance
To effectively monitor social media performance, it is advisable to focus on a few key KPIs that directly impact the bottom line.
For example, if sales are a primary business goal, relevant KPIs may include the number of sales per platform, total revenue, or cost per acquisition.
Social Media KPIs for Reach
Reach metrics determine if marketing messages are reaching the target audience and assess the potential audience size. Key reach KPIs include:
- Follower count: The number of accounts following your brand on each platform.
- Impressions: The total number of times a post or profile has been viewed.
- Post reach: The number of unique accounts that saw a specific post.
- Web traffic: The number of times users clicked from your social media accounts to your website.
- Share of voice: The visibility your brand has compared to competitors based on mentions and keywords.
Social Media KPIs for Engagement
Engagement metrics measure audience interactions with your content. Essential engagement KPIs include:
- Clicks: The number of clicks on links, captions, or expanded posts.
- Likes: Indicate appreciation and approval of a post or account.
- Shares: The number of times a post or profile is shared on different platforms.
- Comments: Interactions in the form of comments on posts or livestreams.
- Mentions: Instances where your brand is tagged or mentioned in posts or comments.
- Profile visits: The number of times your profile has been viewed.
Social Media KPIs for Conversions
Conversion metrics track the effectiveness of social media strategies in converting interactions into customers. Key conversion KPIs include:
- Sales revenue: The revenue generated through social media-driven sales.
- Lead conversion rate: The rate at which leads generated through social media convert into customers.
- Non-revenue conversions: Actions such as email sign-ups, white paper downloads, or form submissions.
Social Media KPIs for Customer Loyalty
Customer loyalty metrics assess the impact of positive social media interactions on customer behavior. Relevant loyalty KPIs include:
- Likelihood of action: The tendency of customers to buy, recommend, choose, spend more, or develop a stronger bond with a brand after positive interactions.
- Cost per lead: The cost-effectiveness of advertising or lead generation strategies.
- Issues resolved: How effectively customer service issues are addressed on social media.
- Customer lifetime value: The total value of purchases made by a customer over their lifetime.
In summary, social media KPIs play a vital role in leveraging business growth. To effectively measure the impact of social media on your business, it is important to set the right KPIs and metrics that align with your goals. By focusing on reach, engagement, conversions, and customer loyalty, you can track the success of your social media strategy and make informed decisions to drive business growth.