The Most Important KPIs For Social Media
|Choosing the right social media KPIs|
|Tools to Track and Measure|
The importance of your activeness on social media can’t be overemphasized. It is an excellent way of building personal relationships as well as customer’s relationships with your target audience. Our modern world enjoys carrying out their activities online, most especially their businesses. So, it is no new thing that most people establish themselves using social media platforms.
The modern customers want to establish bonds with their preferred companies and industries. Now, the big question is; how do you ensure your social media activities and efforts have the right influence on your targeted audience or market? Well, we will be looking into that in this article.
It is usually difficult to ascertain whether or not you are on the right business track, and this is where the key performance indicators come into play (KPIs). Knowing your primary social media KPIs enables you to fit in your advertisements and campaigns to match the taste of your customers and as well achieve your goals. Your challenges start crawling in when you don't have enough likes as most of the brands and companies use that as a measurement of one’s success in the social media world. But regardless of these challenges, the KPIs still remains an essential and relevant tool in ascertaining your rate of success in the social media world.
The social media KPIs shouldn’t be something you should overlook due to its importance. The KPIs should be centered on driving lots of new traffic to your site as well as increasing the already existing generation and widening your brand too.
You might be asking or wondering about the social media KPIs to use. Well, I will be giving you the most important social media KPIs to use in order to boost your business and achieve both success and money in the business world.
Choosing the right social media KPIs
This is where confusion sets in as there are millions of indicators to show and track your social and marketing activities, awareness of brands, gaining of followers, community discussions, and satisfaction of customers. There are a lot of articles out there about what KPIs are all about but not how to choose them. But for you to develop and enhance your social media KPIs, it is crucial you dare to be different and get the main and unique indicator.
For easy accessibility and measurement, you and your group need to choose only a few indicators among the many of them out there so that when matched with your goals and objectives, it fits in and becomes your KPIs. Now, some of the tips and rules to follow when making a decision on the best KPIs are discussed below
When talking about social media KPIs, the first thing is to have a general knowledge of what KPIs are all about and then being able to know the ones you need and the ones you don't. Not doing this could be a major contribution to your failure in business.
As we earlier said, it is of utmost importance that you have rich knowledge and understanding of what KPIs are all about. Fundamentally, a KPI is an assessable and calculable value used to show how efficiently a company or brand is achieving its main business objectives and purposes. Hence, your choice of indicators is necessary to determine the rate of your success or failure.
What are the right Social Media KPIs for my goals?
The most successful social media managers start with this question. Though it’s possible to measure every social media metric, there is a reason why it's called a KPI, and that’s because you are actually dealing with the main thing that matters.
Discovering the metrics to measure is tougher than measuring every factor—however, it’s still worth your time. This gives you the opportunity to grow in ways that are in line with your company’s purposes and goals, and it also permits you to break out from the unnecessary metrics that may look great, whereas they don’t move the business forward.
The three steps that can actually help you differentiate everything that needs to be measured and what exactly needs to be measured are:
For you to be able to withstand the social media pressure and in order to make your presence felt, your content needs to be appreciated by your targeted audience. Besides, there is no need to create nice content when there is no one to digest them.
Your social media count is essential for the overall development of your marketing strategies. So, if you don’t concentrate on increasing your reach, then you are actually going to miss a whole lot of money.
Although reach is not a new thing and has been an old fashion KPI in terms of measuring the success of your marketing strategies, it is still of importance and relevance even as of today. It shows how effective and efficient your message is and how wide and fast it spreads. Hence, your reach is of extreme importance, but there are also factors that matters and they include;
Followers or Fans
This has definitely been the most used way of determining success on the social media platform. One of the ways of calculating one’s reach is by knowing the person's number of fans or followers. They (the fans or followers) show pure interest in getting content and messages from you.
But it is necessary to bear in mind that having thousands or millions of followers and fans become useless when they don't communicate or show genuine interest in your brands. However, maintaining a high reach is an added bonus, and it should give you the much-needed enthusiasm to take your campaign to the next stage.
One of the challenges most companies and brands face is; Creating an impression. It seems so hard to measure due to its nature. Your fans or followers can react in different ways to your content, and that's the impression you've made on them. However, the higher the impression being created, the more you are connecting to more numbers of people, which is really a good thing.
Social Media Influencers
Though not every brand has an influencer, it is necessary you get one as they help boost and promote your market campaigns. Social media influencers have a rigid and well-known personal brand and followers too. They help create awareness about any topic, services, or products through their network foundations.
Social media influencers are an added advantage to any business as they help increase the sales of any product it is you are marketing. But it is necessary to know that social media influencers are not the type to associate themselves with any kind of person. They only represent a product or brand of high quality. So, if you have a number of influencers that stick to promoting your products, you are on the go because the influencers you have, the more the sales of products and success in the business.
Another marketing fad to look out for is micro-influencer marketing. Rather than looking for influencers with a large number of followers, you can get influencers with closer knit followers as they have more opportunities to convert. There might not be much exposure or awareness as to when compared with that of a social media influencer, but the micro-influencers are more in touch with their followers; hence, there is a higher rate of conversions. Going for micro-influencers requires you to have many of them so as to increase your sales and results.
Social media is the perfect platform where you can raise awareness for your products or services. Developing meaningful connections and conversations around your brand or product will go a long way in boosting your market campaigns and strategies. In order for you to achieve this, you must constantly and continuously grow your brand and create more awareness about your products every day and also be sure that important people get to see them as well as your targeted audience.
Voice sharing is one of the metrics that enable you to know how much communication and interactions have been circulating around your brand as when weighed with other brands in competition. This gives you a clear knowledge of how people see your brands and enables you to know your stand when it comes to people having to talk about your brand or products.
Voice sharing is of utmost importance because developing the right kind of communication is the basics for the creation of more awareness. So, if there is no buzz around your products or brand, you need to tackle it immediately for the betterment of your business.
The effectiveness of your social media marketing strategies is not only determined by how far you reach but also how much engagement you are able to create. Your brand's reach enables you to know how far your messages are being recognized by the target audience. But that alone doesn't ascertain much unless if backed up with engagement. Having a large number of fans and followers is of no use if they don't communicate with your content, connect to your products, and, most importantly, purchase your products or services. Hence, at the end of the day, you will get to realize how important it is to create meaningful relationships on social media that not only like your content but also engage in full time with them.
Social media engagement should be seen as one of the core social media KPIs that should be used to measure both the long and short term. This is due to the fact that it doesn't just stop there, rather it goes further to tell you those of your followers that are actually liking and sharing your content and finding them useful. It also gives you a clear knowledge of how your brand is performing on a larger scale, hence enabling you to know them better ways of doing your campaigns and channeling your energy and efforts to more useful things.
Though there are many engagement metrics you can assess to know how your target audience or clients are connecting with your brands, yet, nothing surpasses the simplicity and easiness of clicks. We all know that a person clicking on one of your links stands a better opportunity of converting into a sale or lead. This is to say that having the right target audience that is always willing to click increases the chance of you having more business engagements and hence more sales.
But you shouldn’t be carried away by the number of clicks coming in. You should also concentrate on the number of shares and likes your content or brand is receiving. Also, you should look out for the bounce rate that is the rate at which people exit your page. Hence, the lower the bounce rate, the better it is for your brand, and the higher the bounce rate, the worst it is for your brand, and that means you have to re-access what the problem is and make corrections.
Everyone has the tendency to express themselves, especially when they like something. Social media is, of course, no exception, and it is even easier to express yourself there than in real life. Likes are a good sign to show that your brand is moving in the right direction and that people are connecting with your products.
When content has a significant number of likes, it immediately gains relevance for those who come across it. And since we all want to be associated with things liked by thousands or millions of people, the ''like" KPI becomes authentic. This is the reason a social media post with already huge likes tends to generate more likes, and hence more popularity of that brand is being created. Hence, the more the number of likes your content generates, the more credible it becomes.
The number of likes your content is able to generate enables people to connect with your brand, but yet nothing surpasses the power of share. Having large likes is a huge indication that your content or brand is good enough, but having even a larger number of shares increases your engagement level. It also shows that a whole lot of people are benefitting from it as they must have had personal experience from it. Having a large number of shares shows how loyal your clients are and how sure they are in recommending your products to others. Also, having a higher number of shares is an added advantage or bonus to you as there are many social media posts that have a high number of likes but goes with no shares.
Having your customers or clients comment on every one of your products or brands is a good way of bringing your business to the limelight. Comments are a good way of knowing what your customers, clients, or target audience thinks of your brand or services. It opens many doors, and that is why it is necessary to use it as a way of measuring your value. It helps you have bonds with your clients too. The number of comments you get is proportional to the importance of your content and how informative and entertaining it is.
When the comments you get from customers are not as expected, it is necessary then to re-create content that will make your customers drool over. This doesn't mean that you won’t get negative feedback or comments that tend to criticize your brands. But they help you know your stand and where to make adjustments if necessary.
Active social listening enables you to know how many people are talking about your brand on the social media platform. Any time your brand is mentioned, it is a great chance for you to publicize the more or make some corrections when it is a negative comment. They might not be following your brand, but whatever they think about your brand matters a whole lot, and you should as well put that into consideration.
At times, people mentioning you in a comment on any social media platform can turn out to be something positive. But that is when you take steps in the right direction. Hence, social mention is another important KPI as it helps you stay alert and gives you an edge over other competitors. It also helps create a good reputation for your brand.
Your social media marketing becomes very successful only when you are generating high conversion of sales or leads. If your brand does not seal new deals, there will be little growth in your company. For a lot of brands, knowing their conversion metrics enables them to know where they stand, and they could also compare with their competitors when it relates to performance on social media.
Having a good knowledge of your KPIs, such as comments and likes, is just a section of the equation. The other section is to find out how the efforts you make on social media affect your overall business. You should have social media fans who check your offers regularly and buy your products and services. Without conversions, having a large number of followers is useless to your business.
You should have social media goals that lead to generating more sales revenue. It isn't wrong because every business wants to earn a high ROI. The money and time spent on promoting with social media should be worth it, and that will only be possible if you generate profits with the efforts you make.
When the conversion has not led to a sale, it is also important to track. Whether it involves filling a form on your website or downloading a course guide or eBook, converting your social media followers into a lead or subscriber is important. It all boils down to the objective of the social media campaign.
Tools to Track and Measure
Now that you have gotten it right with recognizing and understanding the perfect social media KPIs to measure, the next point of call in getting the right analytic tools. We have listed the few ideal social media metric tracking tools that you could use to measure and improve your performance. Read below.
Hootsuite offers one of the most comprehensive social media management tracking tools online. Their pricing starts at $29 per month, and it is billed annually. This tool is used to automate post scheduling and also to grab key performance metrics. Hootsuite also does a decent data analytics job. If you are running a startup or your business is still at its growth stage, Hootsuite is capable of covering all your social media needs.
The user interface of the tool is designed for easy navigation, and the central screen provides a good overview of Tweet Engagement and Impression. This allows you to further explore all your individual tweets. Twitter Analytics also allows you to export CSV files from Twitter for a chosen period, and it also serves as the perfect medium to provide statistics for company executives. With the amazing visual graphs offered by this tracking tool, you can easily spot trends for a 30-day period and do a deeper analysis to help you improve your performance.
Keyhole allows you to view the number of reaches, posts, engagement, and impressions that a particular hashtag or account is getting. With this, you are also able to find out major influencers whose engagement rates are very high, and the number of followers a particular industry has. This aids you in interacting with them using the right tool. If you wish to discover the demographics of your followers or hashtag users, Keyhole is the right tool for you.
Keyhole does a great job of handling these four tasks:
· Getting you inside the minds of your customers.
· Simplifying your reporting
· Showing you what attracts your consumers’ attention.
· Saving you a huge amount of time
This is a superb analytics tool for identifying your best content and also what users need. We all have an idea that social media could burn your time, AgoraPulse helps you curtail that. It is the best time-saving tool for social media marketers because it can execute almost all social media tasks at once. Use it to schedule content or post across all your social media accounts at once. In addition, the tool has a Chrome plugin. The auto-publish feature also helps you keep your content evergreen on your visitors’ minds.
Build a good social media presence isn't just about creating a profile. It involves a lot of other things. Social media offers plenty of benefits to a business if properly used. So, being successful is about know how to use social media to your advantage. Tracking your performance is one of them, and we have pointed out the various steps and tools you need to make that happen.