Top 7 Social Media KPIs to grow your Business
If you think being active on social media is a luxury for your business, then you cannot be mistaken more. It has become one of the necessities for the sustainability of your business. According to a survey, around 95% of users aged between 18 and 34 years prefer to follow companies who are active on social media. So, if it is so important, then identifying social media KPIs is more relevant today than ever.
Key performance indicators or KPIs, as we usually call them, are the metrics companies use to evaluate their business performance. Every organization has different criteria for measuring its success. Some calculate it in terms of revenue generation, while others measure it in terms of the number of customers they acquire. Nonetheless, there are different angles from which you can measure the growth of your business, and the parameters that matter to you most are the key performance indicators for your business.
The world is socially more connected now than ever. This is true in a general sense, as well as in business. Even the customers drive their attention more towards brands that have a great social presence on popular social media platforms. Successful ventures have already identified this strategy, and to leverage their outreach, they run various social media marketing campaigns.
But your strategies should generate a substantial ROI for every implementation. Only based on that, would you be able to decide whether to continue the campaign or to try something new. To know how effectively your campaigns are running, you must measure your social media KPIs. Understanding these KPIs would help you improvise on your social media marketing campaigns and drive better results.
So let us look at the top 7 KPIs that you can use to measure your social media campaigns.
#1 Number of Fans
When you are running a business and want to step into social media marketing, the first step for you is to create your business page. This the center from where you would drive all your social media ads for your brand. Now, once you have that page, you must advertise it to reach as many people as possible.
The number of people who like your page or subscribe to it is the number of fans or followers of that page. Although it doesn’t guarantee that they all would engage effectively with your page or posts, it is a good way to measure the depth of echo you can reach through your loudest shout on social media. In simple words, this KPI gives you the number of people you can reach through a social media platform.
#2 Web Traffic
Your social media ads are of no use if you don’t link it to your landing page. The most common way to do that is to use the call to action button on your ads. When the customer sees your ads and wants to know more about your product, then they click on that, and consequently, they reach your landing page on your website.
Now, your website can give you any information about its visitors, and the one data that is relevant here is to know the source they are coming from. If your social media conversion rate is high, it means that your ad is working great and generating a lot of traffic to your website from social media.
#3 Share of voice
In the world of digital marketing, customer reviews are everything. This is an element that can take your business to immeasurable heights, or it can throw you out of the industry. Nonetheless, for you to reach the maximum audience, you need to promote conversations about your business online.
The more people are engaging in conversations about your brand, the higher visibility you will gain in the digital market. Be it positive or negative – either way, it will help you. The positive ones will boost your customer’s acquisition, while the negative ones will come as learning or feedback. You must act on the negative ones immediately and release the enhanced version with a loud announcement.
#4 Engagement rate
This is the simplest KPI you can measure for your ads. The more people click on various sorts of engagements they can have with your ads, the higher the performance of your ad. Nonetheless, you must also take into account the bounce rate.
Through several clicks on likes, shares, and comments, you can easily measure how your ads are performing in comparison to your competitors. The competitor, who is the industry leader in your business niche, should set a benchmark for you to measure your engagement.
And when by clicking on your ads, the visitors reach your landing page, they must stay there or proceed in your sales funnel for you to acquire them. If the click rate is high, along with the bounce rate, then it shows your social media content plan is not right. You need to make it more appealing to attract more customers to the next stages.
#5 Sales Revenue
You can have a huge fan following on your Twitter or Instagram page, you can have thousands of people engaging with your posts on Facebook, but what is the final use of all that if none of them purchase the product you sell. Your end motive to run the ad campaigns on these platforms is to have a high social media conversion rate.
Out of all your business revenues, you must measure the specific revenue your social media leads are generating. This would give a fair amount of idea about the value of each customer you are getting from those platforms. This is especially important to allocate the budget for further investments on social media marketing. The more sales revenue you can generate from here would allow you to invest further into this.
#6 Number of issues customers raise
Your social media ads are more than just a means to sell your products. You can leverage it to use it as an alternative for your customer servicing platform too. The only difference between this being more accessible and quickly reachable to your customers. You must have a team assigned to give a prompt response to the customers who face any issue with your product.
Most often, these issues are about their product purchasing experience, or something related to the delivery of the product. In any case, it is the best platform for you to interact with them, which also gives you a lot of exposure to other casual visitors in whose eyes you may gain more credibility.
#7 Customer Lifetime Value (CLV)
This KPI indicates the overall revenue a customer would generate for your business for the amount of time they remain your loyal customer. The greater CLV you have for each of your customers, the longer they stay with you and give more business to your brand. Social media helps you immensely in increasing their lifetime value.
Only through these platforms you can stay connected to them and give them regular updates of your product. This is somewhat in an indirect relationship with your social media campaigns and relates more to your overall business. Yet, measuring your CLV in tandem with your Engagement KPI on social media gives you an idea of the efficacy of your social media engagement efforts.
Conclusion: Automating your social media engagements is the way forward
Now with so much scope, you have with your social media marketing campaigns, you must find out ways to leverage it. Successful social media marketers tap the immense opportunities these platforms have to offer them. If you are not one among them, then the first step is to create multiple accounts on all the popular social media platforms.
With so many accounts and engaging with so many audiences, it becomes a laborious and repetitive task to do it manually. Hence, you must equip yourself with an online social media tool like Socinator. This is one of the best tools for social media executives and managers. So what does it offer?
This is a one-stop solution for all your social media engagement efforts. It allows you to auto-post the same content on multiple platforms. And if you want to post at particular times or regular intervals, then you can use the scheduler it has within itself. You can also give it instructions for auto-like, auto-comment, auto-follow, and auto-share different posts on your multiple social media accounts. These are just the tip of the iceberg. The more you use it, the more you would realize how easy it makes your life on social media platforms.
With the use of KPIs, you would be able to measure every effort you are putting towards your social media marketing. In today’s information age, you must make every decision an informed one. And that requires you to collect data so that you can draw insights from them and plan your next moves. With these most important KPIs and using a social media automation tool, you can add wings to your social media marketing, which is the need of an hour in every thriving business.