Monitoring your social media KPI marketing and drawing some actionable conclusions would be the objectives of all social media managers. Paying attention to the critical KPI (Key Performance Indicator) will improve your authority, brand reach, and online reputation. Refining your social media marketing strategy will also improve your lead generation and conversion rate and ensure that you will create a positive impact for your business.
What is Social Media KPI?
With the popularity of social media metric analysis tool, monitoring some of the data will no longer be a challenge for you. The trick here is to know how to measure social media KPI that will help you evaluate your social media marketing. By choosing the right KPI, you will measure the success of your marketing efforts. You will understand which point requires more attention and improvement. Social media will help you achieve various goals, such as improving brand awareness, delivering excellent customer service, and improving your conversion rate. However, it can also be a curse if not implemented the right strategy.
The intricacy of the different platforms causes issues in looking for the vital social media KPI. It is ever-changing and versatile. Other metrics will help you measure different goals. The more you add in your KPI template, the easier it would be to lose track of your objectives. Start by identifying your goal, making it easier to identify the KPI you need to track your goals. We’ve separated the different KPIs according to your possible Goals.
Social Media KPI that Will Increase Your Reach
Your social media reach pertains to the number of people who will see your post. Increasing your reach is essential, especially if you reach out to the right person. If your message is delivered to those who will not grow any interest in your company, it will be pointless. Once you’ve created your customer persona, you can develop a message to which your audience will respond. By posting the right content, your engagement will also be boosted.
Social Media Reach
By choosing the right social listening tool, you will have access to social media KPI marketing that will show you the right metrics in one dashboard. You should look for a tool that will help you listen to different social media platforms such as Tik Tok, Twitch, YouTube, Twitter, Instagram, Facebook, etc. Besides showing you all your mentions, it should also come with powerful marketing analytics that will help you assess your strategy. Generally, the higher your reach is, the better the result. However, in some instances, the targeted reach will bring better results. Look for the selected audience who will likely purchase your service or product. Listen to your mention since they will talk about your company.
Your share of voice would be one of the important social media KPI to track if you want to improve your reach. It is all about the conversation related to your company. It pertains to the number of online people talking about your brand compared to your competitors. To compute this, simply divide your total mentions by the number of mentions of your competitors. Online metric tools will show this instantly, but you will have to pay the subscription fee. If you can spark that conversation, you will boost your brand awareness and reach. You will also develop a community of loyal customers, resulting in an increased sales opportunity and extended customer value.
AVE
AVE or advertising value equivalent is essential to understand how to measure social media KPI to improve your brand reach. It will basically inform you how much you can get from your marketing and PR activities. AVE will tell you the estimated time you need to spend if your posted article has been used as an advertisement. We understand how this is just an estimate, but it is a good metric to measure the performance of your activity.
Web Traffic
Understand that you don’t necessarily have to be too focused on boosting your engagement rate. You also have the option to direct your audience from your social media account to your website and landing pages. Thus, increasing your organic traffic in the process. Google Analytics would be a powerful tool to get an exact number of your online audience and understand what is social media KPI. If there is an improvement in your organic traffic after implementing this strategy, you are using the right marketing strategy. You can even improve your content by paying attention to the session and bounce rates. Once you raise your brand awareness, expect more people to get to know your company and the things you do. You can further improve the content on your website and create a more personalized experience.
Social Media KPI for Improving Engagement Rate
After you successfully reach out to your audience, you want to ensure that they will engage with your post. Therefore, it is time to look for your social media engagement rate. As a part of your social media management team, you want to ensure that they are not simply passing through your post. You want them to react to your content. We’ve listed some of the social media KPI you should monitor to keep on track of your engagement rate. The more relevant your content is with your audience, the easier it would be to encourage them to interact with your content.
Likes
Social media engagement is mostly involved in thumbs-up and hearts. Likes are probably the most fundamental social media KPI marketing to assess your social media performance. The more likes you receive, the more you encourage the algorithm to delve deeper into your content. Therefore, it will appear more frequently on the social feed of your followers. You need to understand that type of post receives the highest likes and impressions. Try to develop content related to it to improve your engagement KPI that will eventually lead to an increase in your followers.
Comments
When it comes to knowing how to measure social media KPI to learn about your engagement, comments may be more valuable than likes, especially when it comes to delivering the message. Comments would be an incredible way to convey information about your offerings. It is also a way to determine the features of your products that they find interesting or need improvement.
Mentions
People will often open a conversation about your brand online, and you have to stay on top of them. They could be talking about your company on a platform where you are not found. Your job as a marketer is to find these conversations and monitor them. Mentions are the type of social media KPI that will tell you how popular your brand is. The ability to create a discussion on a platform where you are not active is a sign of increasing brand awareness.
Social Media KPI that Boost Conversion Rate
Most marketers will eventually pay attention to their conversion rate. Ultimately, your social media marketing goal is to improve your company’s bottom line by enhancing your conversion rate. Understand that conversion may differ from one company to another. For some, this can mean the number of people who will sign-up for their webinars; to others, this can mean sales conversion. Keep in mind that it will not always be related to its revenue. Not all of your followers will be buying your service or product. However, if no one is purchasing your offering, there is something wrong with your SMM.
Sales Revenue
Know that all company objectives are to create sales and make a profit. Your social media account, asides from building awareness and improving your reach, should bring your company revenue. You need to take a closer look at Google Analytics that determines which part of your social network is driving sales into your conversion funnel. Analytics will help you understand where those traffics come from. You need to know if you continue to attract new audiences while keeping a decent number of returning audiences. Social media could attract new customers and increase the social media KPI associated with your conversion rate.
Non-Revenue Conversions
There’s also a different method to calculate your social media conversion rate. Social media KPI marketing related to the conversion funnel is not always associated with direct sales. Mostly. It will depend upon your goals. Also, your objective might be revenue-related, but you also need to consider what is best for your strategy. Some non-revenue conversions can trigger specific actions that will eventually lead to an increase in sales.
KPI for High-Quality Customer Service
Social media platforms are being used as a part of the company’s customer support. Reacting immediately to the customer’s inquiries will deliver various benefits. For instance, it shows the prospects that you appreciate them and prevents the escalation of any social media crisis. It allows you to transform these customers into your brand ambassadors. It also shows the more human side of your business.
Social Media KPI: Sentiment Analysis
Quality customer service in social media will start with sentiment analysis. It is like the cream of the social media KPI. You must understand just how many people are talking about your brand. However, you should know how they feel regarding your brand. With sentiment analysis, you will be able to assess the feelings behind the conversation or messaging of the clients. This tool will analyze the emotional characteristic of the emoji, words, and mentions. The more positive impression there is about your brand, the better the sentiment will be. However, you should also pay attention to negatives since they can be a goldmine to your company. Analyze some of your prevalent issues and some ways to improve them. A sudden increase in negative sentiment can also indicate an impending crisis. By implementing the right strategy, you will be able to prevent this.
CLV (Customer Lifetime Value)
Offering outstanding customer service would eventually result in a spike in Customer Lifetime Value. It indicates how long your audience is staying in your social media account. If you manage a subscription-based business, your CLV is also an important metric to monitor. If you are selling a product, it is also important to see how frequently your audience is returning to you and how often they are purchasing it. How can your channel help in improving this social media KPI? Social media is linked with your CLV since it aims to provide relatable content and strengthen your relationship with your audience.
Issues Solved
It is typical for a business to receive a complaint from their clients. Some marketers are determined to find these complaints and resolve their issues. You will have to respond quickly to all the messages posted on social media. Even if they only mention your brand and not the company name, you will have to reach out to them. Excellent customer service will separate you apart from your competitors. It is a great way to improve your social media KPI and boost your sales.
Your social media is a powerful tool that will boost your social media KPI and help you attain your objectives. Whether it is for improving your reach, boosting your conversion rate, reducing bounce rate, etc., monitoring the right KPI will help you achieve it.