Social media has become essential for businesses to reach their target audience and drive engagement with their brand. However, without proper measurement and analysis, social media efforts can be ineffective and waste resources. That’s where Key Performance Indicators (KPIs) come in. This blog post will discuss the most important social media KPIs businesses should track to measure their social media success and drive better results.
Social Media KPIs
The most common metrics to track when it comes to social media include:
- Follower Growth
- Conversion Rate
- Share of Voice
- Customer Satisfaction
Now, let’s dig a bit deeper into each metric.
Reach is the number of unique users who have seen your social media content. This KPI is important because it measures the overall exposure of your brand to your target audience. To calculate reach, you can use the built-in analytics tools provided by social media platforms or third-party tools.
Tracking reach is crucial because it helps businesses understand how many people are exposed to their brand on social media and how effective their content is. A high reach indicates that your social media strategy is working, while a low reach can suggest that your content is not resonating with your audience.
Engagement is the number of interactions users have with your social media content, such as likes, comments, and shares. Engagement is an essential KPI because it measures how well your content resonates with your audience and how likely they are to take action.
To calculate engagement, you can use the same tools you use to measure reach. A high engagement rate indicates that your content is valuable and engaging. In contrast, a low engagement rate may suggest that your content is not resonating with your audience or that the right people are not seeing it.
Impressions track the number of times your content was visible on someone’s social media feed. The number of impressions includes every instance your content shows up on a user’s screen, whether it’s an original post or a share.
Use the built-in analytics tools provided by social media platforms or third-party tools to calculate impressions. The more your content appears in user’s newsfeeds, the higher your impression count will be, meaning your content is circling widely.
Follower growth measures the number of new followers your social media account gains over a specific period. Follower growth is important because it indicates the popularity of your brand and the effectiveness of your social media strategy in attracting new followers.
To calculate follower growth, subtract the number of followers you had at the beginning of a period from the number of followers you have at the end of that period. The built-in analytics tools provided by social media platforms or third-party tools that you use will also track this measurement for you.
Click-Through Rate (CTR)
Click-Through Rate (CTR) measures the percentage of users who click on a link in your social media post. CTR is important because it measures how effectively your content drives traffic to your website or landing page.
To calculate CTR, divide the number of clicks on a link by the number of impressions the link received.
The conversion rate measures the percentage of users who take a specific action, such as filling out a lead gen form, making a purchase, or signing up for a newsletter. Conversion rate is important because it measures how effectively your social media strategy drives business results.
To calculate the conversion rate, divide the number of conversions by the number of clicks on a link. A high conversion rate indicates your social media strategy is working, while a low conversion rate suggests the need to adjust your content or targeting.
Share of Voice
The share of voice measures the percentage of social media conversations about your brand compared to your competitors. Share of Voice is important because it helps businesses understand how they are perceived compared to their competition.
To calculate this metric, use a social listening tool to track the number of mentions of your brand and your competitors over a specific period. A high share of voice indicates that your brand dominates the conversation, while a low share of voice suggests you need to increase your social media presence or improve your messaging.
Customer satisfaction measures your customers’ satisfaction with your brand, as expressed through social media comments, reviews, and messages. Customer satisfaction is important because it indicates how well your brand is meeting the needs and expectations of your target audience.
To measure Customer satisfaction, use social media listening tools to track mentions of your brand and monitor sentiment analysis to understand how your customers feel about your brand. A high level of Customer satisfaction indicates that your brand is meeting the needs of your target audience, while a low level suggests that you need to improve your product or customer service.
Bonus – Cost per Acquisition (CPA)
Cost per Acquisition (CPA) is a metric to track if you are running ads. CPA measures the cost of acquiring a new customer through paid social media marketing efforts. While not directly related to social media engagement, it’s important to track CPA to understand the cost-effectiveness of your social media campaigns.
To calculate CPA, divide the total cost of your social media campaign by the number of new customers acquired through that campaign. The ad tool you use to run your ad should also provide these analytics. A low CPA indicates that your social media campaigns are cost-effective in acquiring new customers, while a high CPA suggests that you need to adjust your targeting or messaging to improve your ROI.
Why Track Social Media KPIs?
Tracking social media KPIs is essential for measuring the effectiveness of your social media strategy and driving better results. By monitoring these key metrics, businesses can gain insights into the performance of their social media campaigns and make data-driven decisions to optimize their strategy.
Remember to choose the KPIs most relevant to your business goals and track them consistently over time to measure progress and identify areas for improvement. With the right social media KPIs in place, businesses can maximize the impact of their social media efforts and achieve their marketing objectives.