Social media has become a vital part of digital marketing. Marketers choose this platform as their powerful tool to reach their targeted audiences effortlessly. In this fast-paced digital world, people use social media platforms to search for new products and services.
However, to achieve success in social media marketing, businesses need to track social media KPIs (Key Performance Indicators). It provides valuable insights into various key factors to measure their performance.
This article elaborates on what social media KPIs are, why it is important to track KPIs in social media, and various social media KPIs that every business should track.
Social media KPIs are the metrics that help marketers to measure their overall performance. They are used to measure various metrics and data pointers to judge the effectiveness of their social media marketing strategies. KPIs are not limited to only social media marketing, it can be used for any business. Businesses use KPIs to check whether their goals are being met and analyze changes that need to be made.
1. Impressions
It indicates your social media posts or campaigns were visible to audience’s timeline or page. This metric does not consider where the people viewed your post or not.
2. Reach
Reach indicates the number of your social media posts reaches your audiences. It gives insights into how many people have seen your posts from the moment they were posted. It can be measured in percentages.
Post Reach Percentage = Post Views / Total followers X 100
3. Follower count
Follower count indicates how many people were showing interest in your brand to follow your social media pages. It gives the number of people following your channel at a given time.
4. Audience growth rate
Audience growth rate is the percentage of changes in the number of followers in a certain period of time. To measure audience growth rate percentage:
Growth Rate Percentage = New followers / Total followers X 100
This provides the count of people who mention your brand name in their social media accounts compared to those who mention your competitors. To calculate the percentage of share of voice:
Share of Voice Percentage = Total number of mentions of your brand / Total mentions (Your Brand + Competitor Mentions) X 100
6. Likes
It gives the count of people who liked your social media posts. When customers feel that this post is good or it is relevant to them, they click the like button. This count gives a positive impact that customers show on your post or brand.
7. Comments
When customers feel like sharing something regarding your posts, they share it through comments. It gives the count of customers interacting with regarding your social media posts.
If customers feel that your post is worth and useful for them and their friends, they will share your posts with their friend’s circle or on their page. This gives the number of people who share your posts with others.
9. Engagement rate
This metric gives you the count of all types of engagement including like, share, and comment. This engagement rate allows you to know how engaging your posts are. To measure the average engagement rate percentage:
Average Engagement Rate Percentage = Likes + Comments + Shares / Followers X 100
When user mention and tag your brand, it indicates that they would like to refer your brand. This metric helps you to find how many people are likely willing to refer to your brand.
11. Click-through rate
CTR is the metric that shows the number of people clicking the CTA you have provided in your social media posts. It indicates whether your post is effective enough or not to encourage people to take necessary action.
12. Lead conversion rate
This metric shows how many leads are initiated from your social media posts and how many of them are converted into loyal customers. To calculate the lead conversion rate percentage:
CTR Percentage = Conversion / Total Clicks X 100
13. Bounce rate
Bounce rate gives you the number of people clicked your CTA button in your social media posts but left without taking any further actions. A high bounce rate indicates that your content is not engaging, or you have provided effective content to attract your audiences.
14. Social media referral traffic
This metric indicates that your website traffic is getting increased through your social media posts. People enter your landing page through the CTA provided in your social media posts. This shows your content is highly engaging and provides relevant information for your targeted audiences.
15. Return on investment
ROI gives you the metric of revenue generated from your social media. It compares the amount spent on social media and revenue generated and provides you with the ROI.
16. Response time
Response time provides the time taken by your brand to respond to customer’s queries. It is an important factor in enhancing customer satisfaction.
17. Customer satisfaction rate
It indicates how happy your customers are. This metric can be gathered by conducting surveys and polls on social media platforms.
18. Net promoter score
NPS is used to measure customer’s brand loyalty. This can be measured by asking customers to provide their feedback based on ranking from 1 to 10. The greater number indicates positive, and the lower number indicates negative feedback.
19. Customer retention rate
This metric indicates how many customers stay with us for a long time. With this metric, you can enhance your quality of service to enhance your number of customers to stay with you for a longer period of time.
Conclusion
Social media KPIs are essential to prove your brand’s success in social media marketing. Businesses can integrate social media marketing tools to set and track the KPIs. These tools generate reports based on the metrics and help marketers to analyze your performance, judge the effectiveness of your social media strategy, and track the growth of the business. The above 7mentioned 19 KPIs play a major role in enhancing business growth through social media marketing. By utilizing the rights tools and measuring the necessary KPIs, businesses can achieve their marketing goals and targets effortlessly.
