It’s not a secret that nowadays social media plays a very important role for many businesses. Various platforms allow them to reach and engage with their target audience in order to promote and grow brand and products. Having social media is necessary – if you’re not taking advantage of them you’re missing out on an inexpensive, fast, and quite effective way to reach a lot of people.
Why should you measure social media KPIs?
To make social media even more valuable you need to start looking at the right metrics – they will help you understand which of your social media activities are working, and which aren’t. Without tracking proper metrics, you won’t know if you’re “doing it right” and succeeding with your marketing strategy or not.
What are the KPIs exactly?
KPIs stand for Key Performance Indicators. Simply speaking these are measurable values that demonstrate how effectively a company is achieving key business objectives. They can help decide whether changes need to be made.
Social media KPIs you should be tracking
There are four main social media KPIs areas you should be focusing on: reach, engagement, conversion and customer satisfaction. Let’s take a closer look at them.
KPIs for reach
It’s all about how many people have come across your content. Measuring reach can be misleading as it only shows how many people saw your content. But seeing doesn’t mean that they interacted/engaged in any way. And having a large reach with low engagement is a bad sign because it shows that you don’t have content that resonates with your audience.
Examples of social media KPIs for reach:
- Reach (number of unique viewers)
- Impressions (total number of times content was displayed)
- Follower count
- Web traffic from social media
- Audience growth rate
KPIs for Engagement
Engagement measures the amount of likes, shares, comments, etc. that your content receives. In other words it measures the quality of the interactions with your followers and how well it resonates with the audience. As long as your audience is engaged, you are doing a great job.
Examples of social media KPIs for engagement:
- Social media clicks
- Social media likes
- Post shares
- Comments on posts
- Mentions of your brand
- Profile visits
KPIs for Conversion
It shows how many interactions turn into desired actions like website visits, downloads, purchases, newsletter sign-ups etc.
Examples of social media KPIs for conversion:
- Conversion rate
- Revenue generated
- Click-through rate (CTR)
- Time Spent On Page
- Bounce rate
- Cost per click (CPC)
- Unique And Returning Visitors
KPIs for Customer Satisfaction
They are tracked to see how social media users think and feel about your brand.
Examples of social media KPIs for customer satisfaction:
- Customer testimonials
- Customer satisfaction score (CSat)
- Net promoter score (NPS)
- Response time on social media accounts
- Positive brand mentions and customer lifetime value
As you can see there are many social media metrics, and all could be relevant to your company in different ways. But at the end you have to be sure to choose only the best ones for your company.
How to track KPIs?
The easiest way is to use built-in analytics features of individual social media platforms – all major social media platforms offer basic solutions for tracking social media performance (Instagram Insights, Twitter Analytics, LinkedIn Analytics, YouTube Analytics, etc). They’re free and easy to use.
Now you know that tracking social media KPIs should be an important part of your social media marketing strategy. You need to choose and then focus on KPIs that have the most value for your company and your social media marketing strategy. So, which ones will you choose to measure?
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