There is a Good Saying –
Great marketing decisions are formed based on data. You cannot gauge to what extent your decision was right until you measure the performance. You must have been using social media KPIs already to share tweets, post images, and answer customer service questions and you must be. Not all social media marketing is the same, and all strategies might not work for you. To form the better strategies for next time you need to analyze how your social media is going by measuring Social Media KPIs.
KPI – Key Performance Indicator
Social media KPIs are values used to monitor social media performance. To understand how much traffic you are driving through social media and how many website visitors are converting into leads, KPIs are helpful. You might be using a number of channels for social media marketing and this surely makes it difficult to track the success of campaigns as the data is placed at various locations but InTouchApp helps you get all your data in one place. Social media KPIs are important to track social media performance every month using these metrics.
Before that, let’s see in what ways social helps you:
- Drive traffic to your website
- Create brand awareness and engaging with customers
- Increasing your followers
- Find leads &making more sales
Social media is very good to build personal relationships with people but you can also increase revenue, reach, and overall ROI. Let’s see a few KPIs you can monitor to determine how successful your campaign has been.
Social Media KPIs You Should Track
You get more attention based on the number of likes as people are attracted to popular things. Also, this is the indication to the respective platforms that this content being popular needs more attention.
2. Followers Growth
This indicates how large is your audience reach but this doesn’t give any hint of engagement. If you want to increase your network, you have to increase the number of followers. It does play a role even if people think that followers count isn’t much important.
3. Web Visitors From The Social Channel
This is the metric which tells how much website traffic is coming from social media. Social media traffic can be analyzed by calculating Goal Conversion Rates (GCR) which helps us to know which site giving more traffic. If your content is on point, it is reflected in conversion rate. How to understand that your social media campaign has been successful? If it is successful, you will see high GCR with high traffic from social media platforms.
4. Traffic Conversions
Conversions are even better if visitors provide you with their contact info. You can monitor and count how many registers for webinars, how many subscribe, how many download premium content. Social media KPIs is helpful to determine ROI if you can track conversions.
How can you calculate the conversion rate? Using below simple formula:
Interactions / Reach * 100% = Conversion rate
For a post with 100 clicks and 10000 reaches, the conversion rate would be (100/10000)*100= 1.00%
You need to be social & your content has to sound interesting, relevant so that it sparks conversion. It all affects your marketing whether you are being praised, criticized or talked about. Getting comments means your content is relevant.
6. Social Sentiment
As defined by NETBASE, Social Sentiment analysis is the use of natural language processing (NLP) to analyze social conversations online and determine deeper context as they apply to a topic, brand or theme. This is the way to determine how people feel about your brand and it is compared across your competitors.
This is kind of identifying emotions and depth of feelings. Knowing what matters to your customers is important you need to analyze shared sentiment. By doing this you will learn whether a customer’s emotions are positive or negative & how strong those emotions are.
7. Social Shares
Likes are but good but shares are better as shares constitute conscious action. It is like recommending something to friends, colleagues, and family. More shares mean you are creating quality content.
Social shares tell how popular is your content & while like tell nothing much, comments tell they are interested, social media shares or retweets tell they are really interested and not just interested.
8. Social Media Mentions
When brands get tags and mentions, it means people are having a conversation about them. This way you are rated for relevancy.
9. Profile Visits:
You won’t be able to see this metric in all social media but it is important as a lot of brand research happen on social media websites. Many people may follow you but do they visit your profiles as well? People who are really searching for your products and services are the ones who visit your profile. So, this is the metric that can help you identify qualified leads. You don’t come to know if they are willing to buy but at least it is possible to gauge their interest.
As you could see, there are many social media metrics you can measure, but only those matter which answers you following questions:
- Are you getting qualified leads?
- Is there any engagement with qualified leads?
- How many inquiries have you got about your products?
- How many have actually bought from you?
So remember, next time you are measuring social media KPIs, make sure you focus on engagement, reach, leads, conversions.