Social media is by far the most popular form of connecting right now. From Facebook, Twitter, and Instagram more than half of the global population are social media users. A big percentage of these people active on social media also interact with brands and businesses whose services and products they use or are interested in using. Here are some statistics in support of this argument.
- Around 55% of the customers get to know about new brands on social media platforms.
- Around 78% of customers had a favorable response and were willing to buy from a business after having a positive interaction with them on social media.
- Nearly 43% of customers increased their social media usage to know more about new products during last year.
With the help of social media, you can provide better customer service to retain the existing customers and also get more top-of-the-funnel leads to acquiring new customers. KPIs for social media help you measure the results of your social media strategy and modify it for better effectiveness.
What are social media KPIs and Metrics?
Social media KPIs simply mean key performance indicators of your social media strategy. Social media metrics are the numbers that help you determine if your strategy is effective and meeting the goals set. With the help of several KPIs and metrics, you can correctly determine the success of your social media strategy.
Let’s have a look at different types of KPI for social media managers to use and calculate the efficiency of their social media campaigns.
Social Media KPIs for Reach
Social media KPIs 2021 and beyond that focus on determining if your marketing campaigns and messages are reaching the right audience come under KPIs for reach. Reach means the number of viewers and followers of your social media accounts and posts and also the potential target audience that your campaign can reach. Here are different metrics that come under Reach.
1. Follower count
Follower count lets you know the number of accounts following your brand on a particular platform. It is an essential metric that can be found right on the profile page of your different social media accounts.
Social media impressions let you know how many times a particular post or profile has been viewed. It’s an important Facebook KPI used to determine the cost of a paid campaign.
3. Post reach
Post reach is a specific metric that determines the number of unique accounts that viewed your post. Post reach is lower than impressions as it calculates the unique account holders who viewed the post instead of how many views the post generated. Post reach can be roughly estimated by dividng the number of impressions of a post with the number of your social media followers. Many platforms also provide it through their analytics tools.
4. Web traffic
Web traffic is a good way to measure campaign performance and also to determine the performance of your social media posts that have links to your website. Web referral traffic lets you calculate the number of times, users clicks your social media account to reach your landing or web pages. You can easily find it through the social media KPI dashboard on Google analytics or through a website builder. This metric lets you determine the following:
- Reception of a post on your social media account.
- Performance of a sales campaign that is run solely through your social media accounts and handles.
- Campaign success through landing pages whose links are shared on social media.
SOV means the Share of voice that lets you calculate and compare your social media online visibility with your competitors. You can calculate it by deciding on the hashtags, keywords, or categories you want to focus on. Then, you need to compile information on the frequency your brand is mentioned along with these keywords to the total number of times these key terms were mentioned. There are several online tools you can use to get these figures.
KPIs for Social Media for Engagement
This important KPI looks at the level of engagement the viewers have with your social media posts. Are these posts only being viewed or getting more engagement like shares, comments, or using these posts to reach your other posts? Social media engagement is essential to your brand and business’s success online. Here are different metrics that come under Engagement.
Clicks mean clicking on a post, image, or pin to view it further. If a post has additional links that get clicked by a user, it is also counted as a click. These can easily be determined through the analytics tool offered by that particular social media platform.
Likes indicate how many viewers appreciated and applauded your posts and gave them their approval. It is an important Facebook KPI that you can view through the analytics tool.
Post shares are a great way to measure their engagement. It means that your post was so interesting and entertaining that compelled a viewer to share it further, within or on another platform. Shares are known by different names on different platforms. On Facebook, it is called a share, on Twitter, it is known as retweeting and on Pinterest, it is a repin.
Comments just like likes are essential interactions for a social media platform. Comments are a great way to gauge the user engagement with your posts. Comment count can also help you figure out the efficiency of your social media team and where they need to improve. You should engage with your viewers through interactions and replies to these comments. Comments are also effective as a customer service tool and let you find any issues related to your services and products and how to remedy them. Comments can be tracked through an analytics tool.
Mentions are when a user mentions your brand name or tags it on a social media platform. It can be done through a post, in a story or comment or directly to your social media handle. Use a good social media monitoring tool to track this metric.
6. Profile visits
Profile visit means the times your social media page has been viewed for a period of time. Keep your profile updated with relevant links for a good viewer engagement that may lead to more followers and other desired form of conversions in the future. Profile visits are an important and relevant social media KPIs 2021 and beyond and before too.
KPIs for Social Media for Conversions
These KPIs help you track how or which posts and engagements on social media are turning user interactions into conversions. Here are different metrics that come under conversions.
1. Sales revenue
Sales revenue lets you know about the success of your social media marketing campaign. You can use Google Analytics or a website builder to figure out the number of clicks to your social media profiles that lead to conversions.
2. Click-through rate
Click-through rate or CTR is the number of times a link or ad on a post is clicked as per the number of impressions received. A high CTR means the social media post displayed is engaging and effective. It can be calculated through tools provided by the platform you are on.
3. Lead Conversion Rate
The lead conversion rate lets you figure out the effectiveness of your social media strategy. You can use Google Analytics or more complex attribution models depending on the marketing funnel to track your lead conversion rate through social media.
4. Non-revenue Conversions
This social media metric is used to calculate all the non-product or service CTAs that a customer will take. It may include a free e-book download, a form or newsletter signup among other things. You have to decide and set up this conversion by yourself.
KPIs for Social Media for Customer Loyalty
Customer loyalty translates into customers becoming brand advocates, recommending your products to others, and the resultant increased purchases or subscriptions to services offered by you. Here are different metrics that come under customer loyalty.
CPL or cost per lead lets you determine the effectiveness of your advertising or lead generation strategy. Every business or domain will have a different benchmark for calculating CPL. A high CPL means you need to adjust your strategy and improve the allocation of your social media marketing budget. You can determine it through ad analytics.
2. Issues Resolved
Social media platforms like Twitter and Facebook have increasingly become the preferred choice for customers to air their grievances and service queries. You can calculate this by using a tool like Sprout to report on this metric. It can help you calculate your team’s response to managing messages and comments to resolve the issues. A quick response time and a favorable resolution translate into satisfied customers that increase customer loyalty towards your brand.
3. Customer Lifetime Value
Customer lifetime value is the estimated amount a single person or account will spend on your business. It is estimated from the time of the first purchase to the expected end time. With customer lifetime value you can figure out the high-value customers and create customer loyalty strategies to retain them. Customer lifetime value uses your business’s pricing model, any potential upsell to the customer in the future. It also includes forecasting data consisting of similar customer profiles. Given below is the formula to calculate it.
Customer Lifetime Value = Average Customer Value X Average Customer Lifespan
Additional Facebook KPIs
In addition to the above, here are some additional KPIs specific to your Facebook users’ engagement.
Use this KPI to monitor the number of followers gained or lost for a period of time. It is especially helpful to determine if a particular type of content is causing this. Adjust your strategy accordingly.
This is especially helpful if your page is listed as a ‘Local Business’. Star Ratings let you determine how your business is received by the local customer base. You can enable and also disable your star ratings from the profile settings. If you offer quality products and services, we advise you to enable it to convert viewers into customers.
Feedback can be estimated by monitoring and tracking the reviews your social media posts and profile receives.
The KPIs for social media you need to pay attention are the ones directly relating to your long-term social media goals and your overall marketing strategy. If you want to boost brand awareness and build a community, engagement is a key metric for you. If your priority is to drive traffic to your website or landing pages, then focus on Link Clicks and CTR. Whatever your end goal, you need to monitor, modify and constantly try to improve your social media strategy.
Read Our Blog On: Benefits of Social Media for Business