What are social media KPIs?

There’s no need for us to go into detail about the importance of social media in today’s corporate world. Global social media usage is increasing, with approximately 50% of the world’s population using Instagram and Facebook. If you’re reading this article about social media KPIs, you already know how important it is to be active on social media.

However, in order to properly comprehend the business value and demonstrate the outcomes to your team, you must actively measure key KPIs that illustrate the true value.

When it comes to campaigns launched on social media networks, social media KPIs (key performance indicators) are what your company measures. It clarifies what data you’re looking at and what indicators you’re collecting. This indicates how your social media efforts are helping you achieve your business objectives.

Your social media strategy should never be dictated by inspiration. Your social media KPIs are the only ones who can do that job.

Benefits of tracking social media marketing KPIs

Social media KPIs, at their core, indicate the return on investment (ROI) to your clients. They are definitely much more than just tracking the number of your average likes and followers. In a nutshell, you become a better marketer by regularly monitoring your social media activities. You can even both in the short and long term:

  1. Identify the best-performing techniques that lead to a high conversion rate.
  2. When it comes to purchasing new social media management software, demonstrate the importance of digital marketing. The expenditure will be justified thanks to your battle-tested results.
  3. Meet your business objectives, and you’ll be one step closer to generating an incredible bottom line.

Important social media KPIs

The KPIs listed below are organised by category. You’ll need a business account on each site to access the majority of these stats. The analytics section will provide you with the information you require.

Social Media KPIs for Engagement

5 Ways to Boost Organic Social Media EngagementThe energy at the heart of every department in an organisation is driving true brand engagement. KPIs for engagement rate indicates how well your material is received by your target audience. The more people engage with your posts or page, the more likely you are to win their confidence, loyalty, and sales in the future.

Likes: When someone likes your post, it’s a good sign that the content appeals to them. As you receive more “likes” on your postings, more people will be drawn to them, and the content will appear higher in people’s personal feeds.

Comments and Replies: Comments are a better measure of quality than “likes,” because typing something out ends up taking more effort. Start conversations and reply to comments to get your content noticed and develop relationships with your audience.

Mentions: As a marketer, one of the most rewarding experiences is hearing your brand and content mentioned positively by audiences and customers. Online word-of-mouth marketing is huge, and this demonstrates you’re establishing some brand awareness.

Reshares: While Twitter feeds move quickly, LinkedIn users are more deliberate in their resharing of content to their networks. Getting reshares on your material can indicate that it is fascinating and instructive enough for people to want to share it.

Profile visits: When someone is learning about your firm for the first time, they will go to your website, sign up for your email marketing tools, and look at your profile page. This is a nice reminder to maintain your profile up to date with your most essential link destinations.

Clicks: Keeping track of this will provide you insight into how your audience responds to your content. The more high-quality traffic your social media posts generate, the more potential conversions and revenues you can generate.

Social Media KPIs for Reach

New Ways to Gain Social Media Reach, Interactions & FollowersReach KPIs show you how your brand influences your target audience. Including how many people viewed your social media post in their newsfeed.

Follower count: The most straightforward measure to examine is your total social follower count across all of your channels.

Impressions: It is the number of times your posts have shown in someone’s newsfeed or timeline.

Web traffic from social media: Website traffic is how you turn social followers and people who see your content into leads and customers. If your website traffic is low, it’s likely that your content or call to action isn’t engaging enough.

Share of voice: Share of Voice is a metric that measures how much attention your brand receives in comparison to your competitors’ brands. Monitoring brand conversations, seeing more mentions of your organisation, and industry experts referencing your products or services more frequently can all help.

Post reach: It is a more specialised statistic than the overall category of reach KPIs. It represents the number of unique accounts that saw your post on social media. Divide the number of impressions by the number of followers to get a fair estimate of your reach. This feature is also readily available on a number of platforms.

Social Media KPIs for Conversions

9 Ways to Boost Your Social Media Conversion Rate | Sprout SocialConverting interactions into clients is the next step in the marketing funnel. In social media, vanity metrics such as the number of likes and comments have a role. The most important KPIs from social media is how they affect conversions.

Conversion Rate: The number of users who have converted (e.g., purchased a product) vs the number of clicks on a specific post. The percentage of users who converted to leads, or Lead Conversion Rate, is a related KPI. This aids in figuring out whether you’re getting leads that meet your target demographics and if you need to adjust your social material.

Revenue from sales: When you sell products and promote them through your social media presence, you want to know if your efforts are paying off. Examine your Google Analytics or website builder to determine your sales revenue.

CTR (Click-Through-Rate): The percentage of users who click on the call-to-action (CTA) button in your content.

Conclusion

Social media is the future of customer service and business growth. As a result, tracking social media KPIs is a critical component of any social media marketing strategy. Not all metrics, however, are supposed to be equal. Some social KPIs are more valuable than others or are more significant to your business in particular. Tracking all of the aforementioned indicators at once is a time-consuming task, thus concentrate on the KPIs that are most important to ALL companies.

You may have more things to consider, and some of the KPIs listed above may not be appealing to you, but you should always verify that your social media presence positively influences your business goals.

Contact us at Shaktiki today to book a free consultation call.

How to measure your Key Performance Indicators?

How would you know if your marketing efforts are effective or not if you aren’t tracking them? That’s when KPIs, or Key Performance Indicators, come in handy! KPIs allow you to track the indicators that are most important to your company so that you may continue to grow.

A key performance indicator (KPI) is a metric or a quantitative measure that you may use to assess the performance of your company. Digital marketing KPIs are measures that are directly linked to your digital marketing plan. Whether it’s brand awareness, lead generation, sales growth, or SEO. They contain data like your online sales revenue, website traffic, SERP, conversion rates, page conversion, marketing qualified leads (MQL), engagement rate, total revenue. Basically, anything quantifiable and actionable is a part of your digital marketing plans.

Your Key Performance Indicators can originate from social media platforms like Linkedin, Facebook, and Instagram, as well as pay-per-click (PPC) solutions like Google Ads or Bing Ads. Any lead conversion tool, marketing activity, or your sales personnel are all possibilities.

Why Do You Need to Track Your Key Performance Indicators?

KPIs and Metrics: How to Measure Digital Marketing Success | SEO

To have a clear view of what’s working and what isn’t, you’ll need to track your KPIs. You’ll never know where to invest if you make a profit at the end of the day but have no understanding of where it came from. Or what component of your marketing plan was responsible. For example, a single source of website traffic may be responsible for nearly all of your qualifying leads and sales. While you might be wasting money on marketing channels that aren’t generating any.

 

Thanks to multiple systems such as Google Analytics and Google Ads, almost anything can now be tracked. It’s simple to observe where your consumers come from, your cost per lead, how much it costs to acquire a customer, which digital marketing strategies worked best, and so on. With this knowledge, you may eliminate the components of your plan that aren’t profitable and concentrate on improving the ones that are.

What KPIs should you track?

It’s not a “one-size-fits-all” decision when it comes to digital marketing KPIs. The greatest KPIs to track for one organisation aren’t always the same for another.

To determine the ideal KPIs for your company, start with your objectives and move backwards. There’s no need to track email marketing KPIs if your lead follow-up is solely done over the phone or in person.

It is of utmost importance that your KPIs meet basic criteria, commonly abbreviated as SMART, of being-

  • Specific
  • Measurable
  • Acceptable
  • Realistic
  • Time-bound

How to Create Smart Goals and KPIs | By All KPIs | All KPIs

To put it another way, the KPI must deliver a particular result that digital marketers can assess. One that can be identified when achieved. One that is related to your goals and that can be assigned a date or timeframe.

Some of the important Digital Marketing KPIs

The exact combination of Key Performance Indicators you track depends depend on your organisation and the channels you’re targeting with your digital marketing campaigns. Most businesses will also benefit from having some broad marketing measurements and KPIs. Some of general marketing KPIs include –

Rate of Conversion

What percentage of visitors convert to leads and leads to customers is known as the conversion rate. If you want to measure each channel independently, this is a generic marketing KPI that can also apply to any of the other categories. You might also keep track of how many leads or conversions you’ve received.

Cost per lead

Everything your team does to generate new leads is an investment. Advertising, web design, and social media management all consume a significant portion of your company’s money. To understand how much it costs to attract a potential consumer, add the cost per lead KPI to your dashboard.

A lower cost per lead could indicate a better customer experience or greater brand awareness. The contrary result shows that you should review your marketing plan and concentrate on channels that are more profitable.

The cost-per-lead is also an important sales KPI because it lets you measure the performance of your sales force.

Customer Lifetime Value (CLV)

A customer’s lifetime value is the amount of money an average consumer earns over time. Depending on your average retention rate and back-end product or service offerings, this could take days, weeks, months, or years.

Customer Acquisition Cost

The acquisition cost is the amount of money required to acquire a consumer. Advertising, sales calls or visits, and anything else that goes into your prospecting and conversion process are all examples of this.

Return on Investment (ROI)

The ROI is a result of the last two KPIs. When you compare your client acquisition cost to revenue earned, it informs you how much profit you make.

Retention Rate

This marketing KPI depicts the number of customers that use your product for an extended period of time and purchase it again. You can see how engaged your consumers are by keeping track of their retention rate.

Here’s a basic formula to remember: ((CE-CN)/CS) x 100 = Retention Rate

CE stands for the total number of customers at the end of a term
CN stands for the number of new customers acquired over a given time period
CS stands for the number of customers at the beginning of a term

What KPIs to not track?

The ease with which digital marketing KPIs such as website traffic, e-commerce analytics, churn, and organic search can be tracked can be a double-edged sword. It makes it simple to measure key metrics, but it also makes it simple to track things that aren’t important, wasting time and attention.

Consider whether the data will provide you with any relevant insights on ways to improve your bottom line when determining which KPIs to track. It’s probably a vanity measure if the metric isn’t something you can act on or influence, hence it’s not worth tracking.

For example, you might be tempted to track vanity metrics like Facebook likes or Twitter followers, but why measure them if you’re not currently running a social media campaign to increase likes or followers? It’s not a useful metric.

Conclusion

Tracking KPIs is extremely important. This is beneficial if you already have particular objectives in mind, but it might be extremely daunting if you don’t know which data sets to examine. Therefore, it is critical is to choose your marketing KPIs properly. You can determine the success of your plans and continue to improve by focusing on only the most important indicators in terms of your business.

Contact us at Shaktiki today to book a free consultation call.