Social Media KPIs To Track For Business Growth
Social media is like a lovechild of newspapers and The Daily Prophet from J.K. Rowling’s famous Harry Potter series; it’s interactive, has a constantly updated feed, and is superior to both in many respects. Hence, it’s no surprise that over half of all marketers (73%) consider social media KPIs to be either “somewhat successful” for their company.
Social media marketing, however, is like paddling a boat without oars if critical social media KPIs aren’t tracked. Without goals, you have no idea where your business is going or if your efforts are paying off.
Businesses’ use of social media is not limited to raising brand recognition. That goes much beyond that. Here, you should be thinking about things like customer service and loyalty, website traffic and conversions, lead nurturing, and lead engagement. Wrap all of this in a shiny bow of revenue creation.
Key performance indicators in social media
Key performance indicators (KPIs) in social media are quantitative measurements. They are a part of the data family and can help your marketing efforts take flight. Unbelievable, right? Let us rephrase that.
How would you respond if someone asked you how your social media presence was doing? It’s fantastic or unbelievable, and we even have some devoted followers. Yet, in truth, there simply aren’t enough adjectives here to provide a conclusive answer.
Key performance indicators for social media
You can immediately tie your KPIs to your desired outcomes in social media. This is to accomplish the following:
3. Generate and convert leads
4. Dedication to the Clientele and Loyalty
With these objectives, you may better assess the value of your social media efforts.
First, we will discuss some key performance indicators (KPIs) for measuring Reach on social media.
Brand awareness is the same thing as reach. Even if you publish groundbreaking material on social media now, it will likely go unnoticed tomorrow. That’s because it’s going to take some work to get the word out.
Count of followers and rate of audience growth
Just monitoring your fan base won’t help you in the long run. Yet, when combined with other key performance indicators, this metric sheds light on the extent to which you are keeping in contact with your target audience. Just check your social media accounts’ control panels.
In social media parlance, a “impression” is the number of times your post was seen by people both within your network and beyond it. In cases where a single user views your message several times, this indicator can be difficult to interpret. A post’s reach can still be gauged by looking at its number of impressions.
Establishing your post’s potential audience size is a first step in mastering the fundamentals of social media publishing, including optimal posting times and topics.
Take a look at your post analytics to see how many times each post has been seen by its intended audience. Now multiply this figure by 100 and divide it by your total number of followers to get an approximate percentage. Your post’s reach is the sum you got.
Referrals via social media
Social referral traffic refers to the volume of website visits that originate from social media platforms. This indicator is important to track because it reflects the number of qualified leads you’ve developed.
It’s also the beginning of turning your fans into paying consumers. Get an overview of the social media visitors to your site using Google Analytics.
Indicators of engagement on social media
Engagement is a priceless commodity. Just being present on a social media platform is useless. Potential purchasers will be turned off by the appearance of inactivity in your company. It may come as a surprise to learn that consumers are willing to spend 20-40% more money with companies who actively interact with them on social media.
Keeping track of your likes and followers isn’t as difficult as your follower count seems. Look at your feed to get some inspiration. Also, the number of likes for your profile is always visible in the analytics section of every social media platform.
A large percentage of people are likely to approve of anything that appears on their newsfeed. Yet, the number of shares is a clear indication of how interesting the content was to your followers.
More people will see your content if you encourage them to share it. So, it is also crucial to provide care for these people.
Comments are a key social media metric since they reveal how engaged your audience is. Comments are more useful than likes and shares because they require more effort on the part of the commenter.
If your followers take the time to leave a thoughtful remark on your social media post, you can be sure they value what you’re sharing. In addition, the likelihood of a sale from such customers is higher.
Always keeping an eye on your click-through rate is crucial. A high CTR shows that your CTA was successful in getting people to perform the desired action. In addition, people who follow you and are interested enough in what you have to offer to click on a link to your website or blog are more likely to become paying customers.
If you want to build your social media audience and keep them engaged, the number of active followers is a significant key performance indicator. A follower who has engaged with you in the past 30 days is considered active. To effectively connect with and interact with prospective customers, it is crucial that you track your followers’ activity levels.
Reflections in Conclusion
Increasing revenue and strengthening connections with customers are two of social media’s many benefits. By monitoring these social media KPIs, you can see how well your strategies are advancing your social media objectives.