According to statistics by Sprout Social, “78% of consumers are willing to buy from a company after having a positive experience with them on social.”
It goes without saying that social media is the place to be for businesses in order to increase brand awareness and reach out to their target audience. However, social media marketing involves a multi-channel strategy, and it can get challenging to track campaigns and their performance on various platforms. This is why tracking social media KPIs are important to gather insights and strategize accordingly to maximise the marketing efforts.
What does social media KPI mean?
KPIs, or Key Performance Indicators, on social media are essentially metrics used to track relevant information such as the effectiveness of a campaign, engagement rate, audience growth, and so on across various channels. It is significant because it provides a detailed view of a social media campaign and identifies areas that require improvement. KPIs are also important when it comes to the calculation of ROI, which further helps businesses make an informed decision regarding their strategies.
Top 3 reasons to track social media KPIs:
There are several reasons why every business should track social media KPIs, but the three most common and important ones are:
- Check to see where you are doing well and where you are falling short in terms of content.
- To ensure that your message reaches the intended audience, which will eventually aid in lead generation. This is an important aspect, especially when it comes to influencer marketing.
- To understand how your target audience reacts, responds, and interacts with your brand online and their expectations
Important social media KPIs that should be tracked
1. Reach KPIs
Reach KPIs determine the number of people who see the brand’s posts on social media. Reach KPIs are classified into three types:
- Total Reach, which is the total number of unique visitors who have seen a particular post on social media
- Total Impressions, which is the total number of times a particular post has been displayed (whether users have clicked on it or not). It is possible that one user can have numerous impressions for the same post.
- Share of Voice, which is the number of times the brand is mentioned on social media compared to the number of times the competitor brands are mentioned
2. Follower Growth KPIs
The followers’ growth KPIs will help understand if the social community is stagnant or actively growing. This primarily includes:
- New Subscribers, which are the new followers on the brand page within a specific time frame
- Total Subscribers, which means the total followers on the brand page for a specific period
3. Engagement KPIs
A large follower base on social media will be profitable only if its members interact and engage with the content that is being shared. The higher the user interaction, the greater the chances of gaining brand trust, loyalty, and eventually an increase in sales. In fact, most social media platforms even suggest a content with higher engagement to more followers.
Engagement KPIs include likes, comments, shares, reactions, replies, etc. These have an important role, as it shows how popular your content is, apart from serving as a validation to the audience and what they think of a brand.
4. Lead Conversion KPIs
Lead Conversion Rate will help determine the number of users who take an action after seeing a social media post. It could be visiting the brand’s landing page, making a purchase, or subscribing to the newsletter. Higher conversion rates indicate that the audience likes the content.
This is an important metric in paid social media marketing.
Social media is a powerful tool when it comes to marketing, but knowing what is working and what needs to be improved is important to achieve positive results. Social media KPIs are vital for every business to compare the performance and understand whether it aligns with the business goals.
At FCS, the team of committed experts help you track, measure, and analyse metrics and data to gain relevant insight for your business growth. Request for a free consultation today and take your business to new heights!