What Are Social Media KPIs?KPIs for social media are nothing but the metrics used in social media analytics. Social media analytics refers to the process of gathering customer data and interpreting it to extract meaningful insights. Social listening is also an integral part of social media analytics these days. Consider the following things while using social media analytics KPIs:
1. Role of KPIsMarketers usually use social media analytics dashboards to analyze the performance of their posts and campaigns. To evaluate performance, they define the metrics that they wish to track. Social media KPIs help them determine whether the intended purpose of their social media strategy is being met or not.
2. Relationship Between KPIs and Marketing GoalsKey Performance Indicators for social media analytics depend on your marketing goals. If your goal is to increase sales, you can measure metrics related to the conversion rate. If your goal is to increase audience reach, metrics related to customer reach will come into play.
Why Is There a Need for Tracking KPIs in Social Media Analytics?The following points assert the need for integrating KPIs into social media analytics.
1. To Identify the Best-Performing StrategyBrands are fiercely competitive when it comes to achieving their marketing goals. To stay ahead in the market, you must experiment with different marketing strategies. Social media KPIs help you identify the best-performing social media strategies. They do so by using metrics that are calculated with the help of analytical tools. Suppose that you set up a campaign on Facebook to increase brand awareness. In this case, the metric “Reach” allows you to evaluate the performance of your campaign. Let us say your goal was to increase your followers by 5,000. Now, KPI reach will help you determine whether the campaign helped your follower count or not.
2. Measures Ad, Post, and Campaign PerformanceApart from audience reach, other Key Performance Indicators for social media analytics can track audience engagement, conversion rates, and other things. Other than posts and campaigns, KPIs are also used to measure the performance of social media ads.
3. Analyzes Social SentimentKPIs act as social proof while validating your engagement, reach, and conversion levels. Analyzing customer reactions closely can also reveal their underlying sentiments. Shares and likes are positive reactions that convey that your customers are happy. When customers dislike your content or hide it from their news feed, it indicates a negative sentiment around your brand. Customer sentiments hold great value as they determine the outcome of your business. KPIs help you track these sentiments based on numbers. Social listening metrics like customer satisfaction feedback reveal how well customers receive your service/product. The Customer Satisfaction Score (CSAT) indicates whether customers are satisfied with your customer service. Some other indicators help you monitor social sentiment, brand visibility, and other useful parameters. Read about: Everything About Sentiment Analysis-Your Ultimate Guide
Four Types of KPIs to Track in Social Media AnalyticsThe social media KPIs should focus on four key areas of your social media strategies. These areas are brand awareness, engagement, conversions, and customer satisfaction. Let us learn a little more about these types of KPIs for social media analytics.
1. Brand Awareness (Reach)Every day, thousands of brand accounts are created on social media. Each brand tries to make itself noticeable through consistent marketing efforts. Therefore, making people aware of your brand’s existence is itself a big challenge in social media marketing. If your marketing goal is to increase brand awareness, your social media KPIs should be related to it. Impressions, reach, the share of voice, and brand mentions reveal important statistics regarding your brand’s awareness. Startups are more concerned with creating brand awareness because they are visible in the market. Established brands focus on using their brand awareness to increase engagement and brand perception.
2. EngagementOnce the customers start knowing about your brand and products/services, they start engaging with your posts. Creating engaging and useful content should be at the top of your priority list. Engaged customers take the required action, like liking your post, subscribing to your page, or buying your product. Likes, comments, and engagement rates are the basic social media KPIs to measure social media engagement.
3. ConversionConversion becomes easy when you engage your customers and encourage them to take the required action. KPIs like conversion rate indicate whether customers are responding to your Call To Action (CTA) statements. Social media KPIs like Click Through Rate (CTR), Bounce Rate, Cost Per Click (CPC), etc., reveal important statistics regarding your conversion strategy. Established brands already have sufficient online visibility. The audience recognizes the brand and engages with its content. So, these brands focus on increasing their conversion rate.
4. Customer ExperienceCustomer experience KPIs monitor how your customers perceive your brand. Their sentiments can be reflected through testimonials, reviews, and feedback. You also have the CSAT Score, Net Promoter Score (NPS), and some other metrics to evaluate customer satisfaction.
KPIs for ReachThe following are the most commonly used social media KPIs for evaluating customer reach.
1. ImpressionImpression reveals how many times your post, video, ad, or campaign has appeared on a webpage or in a customer’s timeline/feeds. If one customer views the content multiple times, all the views are counted as impressions. Impressions are simply views. They do not indicate whether the customers read, click, or engage with your content. Yet they are useful in determining whether your post has reached a wider audience or not.
2. Post ReachPost reach indicates how many people have viewed your post. Unlike impressions, it calculates the number of people who have viewed your post. If one person views your post multiple times, the post’s reach will only be counted as one. It is so because post reach is calculated by evaluating the number of accounts that have viewed your post. Due to this reason, post reach is always lower than impressions. Post reach is one of the most important KPIs for social media analytics because it measures the actual reach of your content. So, it is pre-included in most social media analytical tools and dashboards.
3. Web TrafficWeb traffic measures the performance of your posts, which comprise your website links. If a customer clicks on your posts and gets redirected to one of your website’s pages, the web traffic KPI will increase by one. Web traffic can be easily evaluated through Google Analytics. Most brands track this metric using website builder tools. You can use web traffic as a social media KPI for these things:
- To measure the sales campaign’s performance
- When you promote your landing pages through your campaigns or posts
- To check how the audience receives your content on social media