Buckle up, folks. It's time to talk about social media KPIs.
The term "KPI" stands for "key performance indicator" and it's the thing that tells you whether your marketing strategy is working—or failing.
KPIs are one of the most important things to keep an eye on if you want to grow your business. So let's take a look at some of the most important social media KPIs for business growth.
Social Media KPIs 101
We know you’re excited to jump into the KPIs and how to use them.
But first: some quick questions and answers about social media KPIs.
What are KPIs
KPI stands for "Key Performance Indicators," which is just a fancy way of saying "what you're measuring."
KPIs provide data you can analyze to measure the success of your social media marketing efforts. There are a variety of different social media KPIs to choose from, depending on what you want to accomplish with your strategy (we’ll get to that later, don’t worry!).
Basically, if you're spending money on advertising and marketing, you need a way to measure its effectiveness. This will help ensure that your brand isn't wasting time with ineffective ads and can focus on ones that work!
KPIs simplify marketing strategies
You want to know how many people are seeing your content, how many of them are engaging with it, and how many actually buy or sign up for something as a result of reading it.
One of the most important things about KPIs is that they give you a straightforward and unbiased way to measure performance.
This objective data shows you which content is performing well and which content needs a re-vamp. From here, you can develop marketing strategies to improve success.
Your goal should be to pick a few KPIs (not all of them) and stick with them over time so that any improvements become more obvious.
Once you have your KPIs set up properly, you can use them regularly as part of your marketing strategy review process so you can constantly improve your efforts on each channel without having any gaps in data-collection.
Where Can I Track Social Media KPIs?
Our biggest tip is to choose one social media KPI tracking platform. This ensures that your data is consistent and you can track changes over time.
Types of Social Media KPIs
Let’s take a deep dive into each category.
Reach is a social media KPI that lets you know how many people you’re “reaching” with your content.
It's important to know your reach because it tells you how many people are seeing your content. It can help inform which direction to take your content, and it's an important metric for any business or person who wants to connect with others.
This social media KPI has its limitation though. While reach lets you know whether or not your content has been seen, it doesn't tell you anything about engagement with the content. We’ll discuss engagement in the next section.
Engagement is a social media KPI that looks at how often your audience interacts with your content and how likely they are to recommend it.
It's a way of measuring how well you are doing at engaging with your audience, and it goes beyond just measuring clicks by looking at the time someone spends on your site and whether or not they come back for more.
Because engagement has been shown to have a direct correlation with retention rates—the longer someone stays engaged with your product/service, the more likely they are to buy it or continue using it.
“Conversions” are visitors who took the action you wanted after viewing your content.
So if you have an e-commerce site, a conversion could mean someone buying an item. If you're running a blog, a conversion could mean someone subscribing.
This social media KPI provides important insight into how effective your content is at driving desired behaviour.
List of Social Media KPIs
We've all seen it: the follower count. It's like a badge of honor, a sign to other people that you're worth their time and effort. And it definitely doesn't hurt to have more followers than your competition.
But what if we told you that this social media KPI is actually one of the least important ones?
Sure, seeing your follower count go up is a great feeling. But how many of your followers are engaging with your content? And how many followers are buying from your business?
So while it's great to increase your follower count, don't let that be your only metric for success—after all, quality beats quantity every time!
Impressions are the number of times your content was shown to people over a given time period.
It's a great metric for measuring the reach of your content on both Google and social media.
Measuring impressions can help you understand how many people are seeing your content and if they're engaging with it. This can help you make changes accordingly.
For example, if 70 people saw your content over the span of a week, but only 4 people engaged with it, then you may need to re-evaluate your content and target audience. This is because while your content was seen by 70 people, only 4 were influenced enough to click on it, like, comment, subscribe, etc.
Traffic refers to the number of visitors that come to your website from search engines, social media platforms, or other websites.
The traffic KPI helps you determine which content gets the most visitors and which one doesn’t. You can use this information when planning content strategy or developing new products or services for your business.
Traffic By Source
Traffic by source is a very useful KPI that measures where your audience is coming from. For example, did a specific user across your content through Facebook, Instagram, or LinkedIn?
This social media KPI can be used to monitor marketing efforts on specific social media platforms. For example, if you just launched a marketing campaign on Instagram, you can monitor how effective it is at directing new visitors to your content.
Social share of voice
This social media KPI measures the number of times your brand was mentioned on social media compared to how many times your competitor’s brand was mentioned.
Clicks measure the number of times someone clicks on your website from the Google search result page.
To optimize this social media KPI, make sure your title and meta description is intriguing and encourages people to want to read more.
FAQs about Social Media KPIs
How do you measure social media success?
The key to understanding social media success is figuring out what your KPIs are.
Think about it: if you don't know what you're trying to accomplish, then how can you actually know whether or not you're succeeding? You need to be able to define what success looks like so that you can see whether or not your efforts are moving towards that goal.
Once you've got some ideas about what success could look like—like increasing sales by 10% or getting 500 new followers on Twitter—you'll need to start evaluating where your efforts are falling short. That's where KPIs come in handy: they let you measure progress towards those goals and show whether or not there's still room for improvement (or if things are working well enough).
How is social media growth measured?
The most important thing to remember about social media growth is that it's not just about getting more followers.
There are many other KPIs you should keep an eye on. For example: how many people clicked on your website from the social media post or the number of people who engaged with your social media post.
The best way to measure social media growth is by tracking a set of KPIs every month. This will let you see where you need to increase efforts, and where you’re doing well.
An example of this is if you just launched a marketing campaign. After you launch, you can use KPIs to track the effects of the marketing campaign on business growth. This will provide you with solid, consistent data on what works for your business and what doesn’t.
KPI vs Metric
KPI vs Metric is a frequent question that gets asked.
While these terms are often used interchangeably, their uses are slightly different.
All KPIs are metrics but not all metrics are KPIs.
We understand it can get confusing so we’ve put together a simple KPI vs Metric comparison chart with examples.
Which social media KPI is most important
The most important social media KPI is engagement.
It's tempting to focus on things like total followers, but those numbers don't mean anything if your audience isn't interacting with your content. Engagement is the best indicator of whether or not your content is resonating with people.
We're Here to Help!
Choquer Creative has helped over 100 companies improve their digital presence and marketing. KPIs are an important part of our strategy. Contact us if you have any questions about KPIs and social media marketing!