With the help of social media, businesses can connect with their ideal customers on a more personal level, expand their customer base, and ultimately generate more sales.
But how can companies tell if their social media marketing is actually producing results?
The solution is straightforward: by keeping tabs on KPIs (KPIs).
Brands can easily evaluate the efficacy of their social media marketing with the help of these key performance indicators.
Key performance indicators in social media
Key performance indicators (KPIs) are the metrics by which a company evaluates the success of its advertising campaigns.
Key performance indicators in social media monitor the efficacy of social media plans over time. What is working, whether or not business objectives are being met, and what needs fixing are all highlighted.
The social media team will be completely in the dark if they don’t track and analyse their data and results. Knowing which campaigns are helping or hurting the company’s bottom line will be challenging.
In order to achieve KPIs
It’s a catch-all term for the metrics that show how far your content and brand name have travelled across social media.
Here are some key performance indicators to use when gauging the success of your social media campaigns
1 Go for another reach, why not?
Well, think of this as Reach with a small “r”.
The term “reach” is used to refer to the total number of people who have seen your content. The perfect scenario is when 100% of your followers actually see your posts. Therefore, if you have 5 million followers, your engagement rate should be close to that.
2) First Impression
How many times people see your content is measured in terms of impressions. The impressions of a single user can be shared. The post will appear in their timeline and again when one of their followers re-shares it. Even if the user does not interact with the content, the impression will still be recorded.
It’s hard to tell the difference between impressions and reach. Engagedness is the key differentiator between them.
No. 3: Online Footage
It’s crucial that you monitor how many people are coming to your website from various social media platforms. There are two telltale signs of success when it comes to social media and website traffic:
- A large audience is being exposed to your work.
- Exactly what your viewers have been asking for is what you’ve been posting.
- There is a direct correlation between the amount of reach and engagement your social media posts receive and the amount of web traffic they drive.
Influence in social media
A brand’s social share of voice (SOV) is a metric used to evaluate its visibility in social media. It monitors social media mentions of your company and its competitors.
Share of voice measures the amount of time different brands spend in the public discourse. Share of voice analyses brand mentions on social media platforms.
5. Rate of increase in the size of the audience
The audience growth rate tracks how quickly a brand’s online following expands or contracts. Knowing the rate of change in your follower count over time is a key metric in social media marketing.
Audience growth rate is determined by:
Take your follower count on the first day you begin tracking it as a baseline. Keep a daily, weekly, or monthly tally of the change in the totals.
Growth rate percentage = New followers / Existing followers 100
6 – Possible Influence
In social media, your post’s potential reach is the total number of people who could see your message during the time period being tracked. The number of people who could see your uploaded content is equal to the number of people who follow you. With a base of one thousand social media followers, your initial potential audience size is also one thousand people.
Indices of engagement
Key performance indicators for social media engagement let you assess how well you’re doing on these platforms. Number of reactions, favoriting, sharing, etc., are all tracked.
However, engagement key performance indicators are broad indicators. Engagement Key Performance Indicators can tell you if your content is resonating with your audience, but they can’t tell you why your social media efforts are resulting in conversions and sales.
7. Likes
You can get a “like” on just about any of the major social media sites. That’s because they facilitate user participation in blog entries and status updates. Users express their agreement with the shared content by clicking the “like” button.
Likes are the least active form of audience participation because they don’t reveal any serious interest.
Remarks #8
Your content will encourage discussion among your intended audience if it is both educational and interesting to them.
Whereas likes are more subjective, comments can be used to gauge actual interest. The information gleaned from this can help you better cater to your target demographic. Keep in mind that more comments aren’t necessarily better.
Nine. Retweets and shares
Shares, as opposed to likes, are a more accurate measure of audience participation. An individual can easily like a post on social media without even reading it. If a user shares or retweets a post, it means they engaged with it and found it valuable enough to share with their own audience.
The Top Ten Mentions
The number of times your brand has been mentioned on social media is proportional to the number of mentions it has received.
Brand awareness grows as more people are exposed to it through social media posts.
Closing Remarks
After deciding which social media KPIs are most important for your business, the next step is to establish a system for monitoring them. There are essentially two approaches, and they are:
- Taking advantage of the built-in features of the social media platform itself.
- Alternatively, you could use a social media management tool.
- If you want to keep tabs on your social media KPIs, you can do so without leaving the platform, as every major network has analytics tools baked right in.