These Are The Most Important KPIs for Social Media to Measure
|What is Social Media?|
|What is Social Media Marketing?|
|What are the Benefits of Social Media Marketing?|
|What are Social Media KPIs?|
|The Most Important KPIs for Social Media|
|5 Tools to Measure Social Media KPIs|
When social media was first introduced, no one thought it would be an integral part of digital marketing strategies that it is today. There are 3.5 billion people on social media all over the world. And all indications show that this number is on the rise. Not to mention that social is considered to be “very effective” or “somewhat effective” by 73% of marketers .
With numbers like these, it is quite clear to see that social media marketing is an integral part of achieving your company’s goals. This is especially true if you want to reach more customers and increase revenue and spur growth. But to make sure that your business goals are achieved through social media marketing, you need to be tracking the right KPIs.
But what are those KPIs? Keep on reading to discover the most important social media KPIs that you need to be measuring. The article will also talk about the tools you can use to measure them and be sure that you are gaining the actionable insights you need to make informed decisions.
What is Social Media?
Before we dive into those KPIs, let us begin by talking more about social marketing. Specifically, let us start by defining what social media is. Basically, social media is any website or application that connects people on the internet, allowing them to perform a variety of social networking activities. This can include sending each other messages via instant chat and sharing various kinds of content.
There most popular social networking websites and applications today include:
What is Social Media Marketing?
With social media defined, you probably have an idea of what social media marketing is. To put it simply, social media marketing is the conducting of marketing activities on social media. If you are promoting your products and services on any social media channel, then you are effectively doing social media marketing.
A good note to remember is that while there many social media websites and apps out there, you do not need to be on all of them for your social media strategy to be effective. Rather, you just need to be on the ones where your customers are. So there is no need to be on Instagram if your target consumers are Facebook users – it is a waste of time and effort.
What are the Benefits of Social Media Marketing?
In the early days, social media was all about people connecting with their family and friends. But businesses quickly saw that there was business potential in social media. As a matter of fact, 91% of businesses in the United States of America are currently on one or more social media platforms. And this number keeps on growing.
They are using social media to enjoy the below-mentioned benefits that it provides.
Increase in Sales
At the end of the day, social media marketing is still marketing. Businesses and brands are using social media every day to attract new customers. And with the large audience that is on social media, businesses can uncover new opportunities that can lead to increased sales with the more people that they reach.
Increase in Savings
Many social media channels are free to join. Even though some of them have premium features and paid ads, one doesn’t need to use them if they don’t have the budget to do so. To that end, social media is one of the best ways to reach a wide audience in a cost-effective manner. As is with anything, doing things organically takes time, but if done right, the results can be tremendous.
Increase in Customer Satisfaction
Being on social media gives businesses a chance to be, well, social and communicate with their audience much faster. This means they can engage with customers, whether it is by responding to comments in posts or answering them when they send a message. This way, customers feel like that business or brand cares about them and will be more inclined to part with their money – this means more revenue!
Increase In Brand Awareness
The chance to reach a wider audience also brings brand awareness with it. Through meaningful interactions with customers, businesses can distinguish themselves from others through social media. The more a business posts content and engages with its target audience, the more it will become visible to more and more people, leading to more customers and more sales.
Increase In Brand Loyalty
Social media also provides a business with an opportunity to listen to their customers. By taking in all the feedback they get from comments and messages, they can make improvements to their products and services to further address their customers’ pain points. Not only will this increase customer satisfaction more, but it will also instill brand loyalty. And not only will some customers continue buying from them, but they will also become their biggest advocates.
What are Social Media KPIs?
Now that we know a bit about social media and social marketing, we need to look into what social media KPIs are. First of all, a KPI is any numeric value that aims to tell you how efficient your company is at achieving its goals. A social media KPI will tell you how well your social media strategy is advancing you towards your goals.
The Most Important KPIs for Social Media
With the foundation necessary for understanding what social media KPIs are, it is now time to discuss and mention some examples. Measuring all the social media KPIs, while possible, is highly impractical. You need to focus on the most important ones.
These KPIs focus on how many people your posts are reaching. Naturally, for your social media marketing campaign to have a positive return on investment (ROI), you need to reach the widest audience possible. If you aren’t doing this, then it means something needs to be done about it.
An impression is simply how many times your post showed up on people's news feeds. It could be that it showed up because the person is one of your followers or that one of their friends and followers shared it. Keep in mind that an impression does not mean that the person actually read the post, only that it appeared on their news feed.
When you have a lot of followers, you can see that as a sign that people find you interesting. This means that they would like to hear more from you. This also means that they will get notified of your activities, increasing the likelihood that they will engage with your business or brand.
While having a large number of followers is a good thing, there is no guarantee that every single one of them will engage with you anytime soon. Showing off your large audience is all well and good, but what impresses investors, partners and other people focused on the bottom line is how many of your followers are actually active. These are followers that have liked, commented or shared one of your posts in the last 30 days. It also includes those that have mentioned you.
Engagement is a pretty big deal when it comes to measuring your social media KPIs. While making sure that your posts are reaching a lot of people is great, it doesn’t tell you if your audience is resonating with your message. That is why measuring engagement KPIs is highly important to make sure that people are reacting positively by driving engagement.
Nothing shows that your message has been well-received by your audience as a like. If people aren’t liking your posts, then something in your message isn’t relevant to them and you need to do something about it. The absolute best thing about likes is that they lead to greater visibility of your posts, making them reach far and wide.
The comments section is where the action happens. This is where you actually interact with your audience and keep the conversation going. You can gain invaluable insights, from getting feedback from your followers and responding to them as well to dive deeper into their pain points. When your audience feels heard, not only will they bless you with their business, but they will also become your fiercest advocates.
Shares are another form of engagement where a follower sees that you have posted something useful and wishes to share it with their friends and family. This is an endorsement of your business or brand and social media’s version of word of mouth.
You don’t always have to start the conversation for people to be talking about you. Sometimes, your followers can start the conversion without you through mentions. By tracking your mentions and seeing how much engagement they drove, you can contact the one who mentioned you for a joint social media marketing opportunity.
Your social marketing efforts would be for naught if they didn’t lead to a positive ROI. To understand if the resources you are pouring into your campaign are getting you the desired results, you need to measure some important conversion KPIs.
Popularity on social media, all those likes, comments, share and mentions, needs to get you leads. A lead is a person that has shown interest in becoming a customer – they just need an extra push to get them there. They could have downloaded a free eBook in exchange for giving you their email address or they could have called you to inquire about your products or services.
You also need to measure this KPI, as it sheds light on how many visitors who have come to your website have become customers. The conversion rate takes into account every one that made a purchase from you and divides that number by the total number of visitors. The resulting figure is then multiplied by 100 to come up with a percentage that lets you know if your efforts are paying off. The higher this number gets, the more revenue you will be making.
On the flip side of the conversion rate, we have the bounce rate. Not everyone who comes to your website will take some form of action. In fact, they might just spend a few minutes and then leave. The percentage of people who do this out of all your total visitors is what is known as the bounce rate. If you notice a high bounce rate, it is time to investigate and find out what is making your visitors turn away before they have a chance to even do anything meaningful.
How compelling are the offers you make to your audience? To find this out, you need to look at the clicks (also known as click-through rate) to the links that you place within your posts. The click-through rate is a percentage of the clicks that were made out of all the impressions received from all your posts containing links and call to actions (CTAs). A high click-through rate shows that people are actually responding well to your CTAs.
5 Tools to Measure Social Media KPIs
There is no use knowing what the most important KPIs for social media are if there is no way to measure them. After all, you need to measure them if you wish to extract valuable insights from them. There are many tools that you can use to pull this off, but that research process can be time-consuming.
Here, you will find a list of five of the best tools that you can use to measure social media KPIs.
1. Facebook Analytics
Facebook is the biggest social media network ever. 2.5 billion people on the planet are active monthly users on Facebook, meaning they’re logging into Facebook at least once a month. That is why it is important to measure your Facebook KPIs to make sure that you are using this platform to accomplish your company goals. That is where Facebook Analytics comes in.
If you have a Facebook page, here are some features of Facebook Analytics that make it a must-use:
- Provides you with all of the most relevant and accurate measurements of your most important Facebook KPIs.
- Can create a dashboard that includes all of your most important KPIs.
- Provides automated insights that give you valuable information on how your social media campaign is performing.
- Ability to drill down on important KPIs to uncover consumer-related behavioral patterns and trends.
So what does it cost to use this amazing tool? Nothing. That’s right, you can take full advantage of everything that Facebook Analytics has to offer without paying a single dime.
2. Twitter Analytics
You can’t do social media marketing without thinking about Twitter. On Twitter, you will find about 330 million active monthly users from around the world. Although this is significantly lower than Facebook, it is worth having a Twitter account for your business and tracking social media KPIs in regards to Twitter. Luckily, just like Facebook, Twitter has Twitter Analytics to simplify this task for you.
Here are features of Twitter Analytics that will help you with measuring social media KPIs and more:
- Provides data on your most important Twitter KPIs, such as impressions, likes, follower growth, shares, comments, mentions, engagement and more.
- A simple click can help you generate a monthly report of your KPIs.
- There’s a followers dashboard that gives you insights into what your audience is thinking and feeling, helping you understand them better.
- Allows you to promote your most popular Tweets so they can reach a wider audience and get further engagement.
There is no clear pricing for Twitter analytics available on the main Twitter website. How much you spend depends on the features you intend to use. However, it is possible to use it completely free to extract the valuable insights that you need.
Hootsuite is one of the most popular social media marketing platforms on the planet. That is because it brings all your social media profiles into one place, allowing you to easily track every important social media KPI and metrics that you can imagine. So if you have a Facebook, Twitter and/or Instagram profile, there is no need to keep jumping between platforms to track your KPIs.
Other than that, here are Hootsuite features that make the entire social media marketing process easier for you:
- Powerful analytics with meaningful insights that can enhance your social media strategy if acted upon.
- Allows you to schedule your post well in advance across multiple social media profiles, giving your fans the illusion that you’re always online.
- Advanced filters that allow you to find people that are talking about your business and brand, allowing you to become part of the conversation.
Hootsuite has a number of plans that you can subscribe to and measure your KPIs. The most important plans are Professional , Team and Business , with each one costing $29, $129 and $599, respectively. For the Professional and Team plans, you can get a 30-day free trial. For the Business plan, you need to request a demo.
A good hashtag strategy is essential to the success of any social media marketing strategy. On top of tracking of your important social media campaigns, Keyhole also brings your hashtag game to the next level with hashtag tracking and analytics. This allows you to find out who is hashtagging you and driving the most engaging from those hashtags.
You might be wondering why something like this is important. Well, if someone has the power to get people talking about your brand, then that person is most definitely an influencer. It is good to know who your influencers are because these are people who you can contact and work with to keep mentioning your brand on social media and raising your brand awareness.
To get a hand on these hashtag analytics, you need to sign up for one of the premium plans: Professionals , Corporations , Agencies & Enterprises . Each plan will cost you $99, $299 and $999 per month, respectively. There are separate plans if you also want the regular account and profile analytics. These plans cost $29 for Professionals , $74 for Corporations & Agencies and you need to get a quote for the Enterprises plan.
AgoraPulse is a social media marketing solution built with the purpose of delivering results. It works in the same way as Hootsuite. From scheduling posts to making sure that you never miss a conversation with its Social Inbox , AgoraPulse makes your social media efforts easy. On top of that its reporting feature makes sure that you are always on top of your most important KPIs.
Here is how AguraPulse’s reporting features help you take your social media strategy to the next level:
- One-click reports tell you everything you need to know about your most important KPIs to find out what works.
- Provides historical data on your social media activities, helping you unlock opportunities and spot trends.
- Hashtags reports that give you insight into which hashtags are driving engagement.
- Compares your social media performance with competitors and highlights areas where you can improve to get ahead of the competition.
- Helps you measure essential customer service KPIs and metrics, such as response time, to help you improve customer service.
You can start using AgoraPulse by signing up for the 28-day free trial period to see if it will work for you. After that period is done, it will cost you $79 for the Medium plan, $159 for the Large plan, $239 for the X-Large plan and $399 for the Enterprise plan.
To judge if your social media activities are being effective, you need to measure social media KPIs. In doing so, you also find out if your social media campaign is ultimately leading your business towards achieving its strategic goals. But first, you need to know the most important social media KPIs to measure and the tools that you can use to accurately measure them.