What is a Social Media KPI?
Social media serves to be the best platform to reach out to your prospects and consumers. Your clients are already connecting with companies on social media. If you are not conversing with them properly on social media platforms like Facebook, Instagram, Twitter, and Pinterest, you are losing out.
Great social media marketing may help your company achieve extraordinary success by cultivating loyal brand advocates, driving leads, and boosting sales. However, if you are struggling with your media marketing, you must look up professional experts, i.e., sunandesign. They can help you with developing and executing better marketing strategies.
Once you have a social media marketing strategy established and implied, you must watch the social media KPIs. Wondering what they are? Continue reading to know:
What are social media KPIs?
KPIs are said to be Key Performance Indicators. They are a type of metric that is used by businesses to track performance over time. They aim to assess if the target goals are being reached. If not, then determine the area which requires a change for betterment. Hence, the social media KPIs used to determine if a company’s marketing plan is effective are known as social media KPIs.
Let’s see which social media KPIs are important that one must not overlook:
Significant social media KPIs:
To effectively monitor the performance of your brand’s social media strategy, you must set KPIs in the following categories:
Reach KPIs measure the number of users who interact with your social media channels. Consider reaching to be a quantitative measurement that shows your current and future audience and growth through time and brand recognition. Such as:
- Impression: is the number of times a user has seen your posted content in their timeline or feed.
- Social share of voice is the metric that compares the number of people who mention your brand to the number of people who say your opponents, demonstrating the relevance of your brand in your industry.
- Follower count is the number of followers you have on your social account.
- Reach: is the number of individuals that have viewed your post since it was published. However, the number would vary based on when they are online, and the quality of content matters too; is it compelling enough to stop by or not. This KPI allows you to get a sense of what your target audience considers valuable and fascinating.
- Audience growth rate: to ensure you are gaining rather than losing. It would be best to look up to audience growth rate as it shows how the number of followers changes over time.
First of all, don’t ever confuse engagement and reach. They both are two different things.
Engagement KPIs measure the effectiveness of your social media interactions with your followers. They reveal your audience’s interest in what you’re saying and determine if they are eager to connect with your business.
- Comments: look how often your followers leave you a comment on a post, positive or negative both.
- Likes: how many times a user interacts with a post published on your media account by pressing the Like button.
- Applause rate: it only tracks favourable or favourable interactions. This includes actions such as likes, retweets, saves, and adding the post to favourites.
The number of social interactions that result in website traffic, newsletter sign-ups, sales, or other targeted actions is measured by conversion KPIs metrics. Conversion analytics show how well your social networking sites plan is working. They are as follows:
- Conversion rate: is the percentage of the visitors who take the activities specified in your media platform CTA compared to the total amount of clicks on that particular post. CTA means a call to action, which means visiting your website, subscribing to your mailing list, making a purchase, and so on. Remember, a higher conversion rate would indicate that your post has provided something valuable to the audience, prompting them to take action.
- Click-through rate (CTR): is the proportion of people that saw your post and responded to the call-to-action it contained. This metric tells you if your content grabs your audience’s attention and motivates them to take action.
- Bounce rate: is the per cent of viewers that have clicked on a link but then soon left without making any moves. Remember that not everybody who taps on the links will study the entire article you have shared or complete a transaction. A higher bounce rate means your material is not engaging or doesn’t have an ideal user experience.
- Cost per click (CPC): The amount paid on your sponsored social media post per click. Please keep track of it to see whether the money you are spending is a good investment.
- Cost per thousand impressions (CPM): is the cost per 1,000 users who scroll through your sponsored post on social media.
Customer satisfaction KPIs:
Customer satisfaction KPIs are essential as they determine how people on social media perceive and react to your firm. Their online engagements with your brand provide instant feedback for your company.
- Customer satisfaction score (CSat): is the metric that indicates how satisfied your customers are with your company’s goods or services. You may gather this information by asking one easy question in a poll or surveying your social media platforms. By doing so, you can get valuable hands-on insights and work according to them to better your company.
- Customer testimonials: are the reviews written by themselves and submitted on social media sites. They show how your customer feel about your product and how their experience was with it. Moreover, a star rating can give you a decent idea of how people think about your company.
- Net promoter score (NPS): is the number that determines how loyal your customers are to your brand. To know about this, you can continually ask in a survey or conduct a poll on your social media channels. For instance, you may ask, would you suggest the products in your family or friend’s circle? If yes, then why? Add a comment sticker to your story. Allow the respondents to react on a scale with dislike, likely, or highly likely descriptions.
You are summing up here with the hope that this piece of information might have cleared your views regarding KPIs, what and how they would help you measure.
Although all the above-discussed choices are excellent, you must only concentrate on the most pertinent KPIs to your social media platforms where your business is participating and which are relevant to the target audience’s purchasing behaviour.
Keep in mind that each person in your audience is unique. So in case, your ideal buyer isn’t inclined to take some action, don’t stress or beat the bush about it. Instead, keep track of the given KPIs to see where you are doing it wrong and how you can make sense of that to grow your business.