4 Social Media KPIs for Business Growth
Feb 03, 2020 ● 4 min read
With the advancement in technology and its various devices, information has become quite rampant, and everyone seems to be adopting the social media way.
For most firms that use social media as a tool for advertising, they try to have an awesome social media presence, and this is because the present social media generation loves to always know everything about their favorite goods and services providers, thereby following them on their various groups and pages.
It is very difficult to know with absolute certainty if you are having the right impact on social media (with your target audience), without using social media KPIs, which is short for key performance indicators. Performance measures for social media are social media KPIs.
Unlike what most individuals and firms believe, social media metrics go farther than viewing and tracking likes on the platform, it even goes deeper than having many followers. For social media tracking, there is so much involved and that is where KPIs play a greater role. Here are some social media KPIs used for tracking social media performance.
1. Social Media KPIs for Engagement
Engagement in social media is a very important KPI, it shows how productive your campaign is going, more engagement is positive, and less is means you can do better, but none is terrible. Engagement brings to light the social side of social media, where likes, comments, shares are seen.
Likes - With more likes on a post of yours, it shows that your content has the quality and is accepted by your audience, and people tend to listen and follow things that are popular, with many likes coming from authority.
Clicks - This is a very integral engagement. It is a known fact that most people that click on an ad are likely to convert. Clicks help you in lead generation.
Comments - For most people that take their time to leave comments on posts, it means that they are very much interested in what you are selling. The comment section is a very good engagement for getting feedback from your target audience. With many comments comes loyalty.
Shares - Now this is a great engagement that portrays loyalty. It shows that people are ready to go the long haul with your brand.
2. Social Media KPIs for Reach
You cannot start making leads or ROI without penetration on social media, the reach of KPIs for social media is integral in social media. You need to connect with the right people, show your business to the right people, build your reach to increase your social media performance.
The number of followers - this is the basic means to know how much your penetration has gone.
Traffic on the web - Knowing how much traffic your website gets through social media is a way to know how good your social media reach is.
Voice Share - When your penetration on social media is high, many voices will be talking about your brand and vice versa.
3. Social Media KPIs for Conversions
This KPI for social media helps to know how much people are brought in as customers through your social media platforms.
Revenue from sales - If much revenue is gotten from sales through social media marketing, that means the revenue conversion is high.
Lead Conversion Rate - This shows how many customers are gotten through social media.
No-revenue conversions - This indicates leads that are gotten through social media.
4. Social Media KPIs for Loyalty
This KPI is perhaps the most technical of them all. It is much easier to make a new customer than to keep an old one. This KPI shows how to know if your customers keep coming back for more or if they don't return at all.
Cost for Lead Generation - As time progress, if the cost per lead decreases, then you are making the right impact through creating customer loyalty.
Complaints solved - When customer complaints are solved almost immediately, they feel important and cherished, that creates loyalty.
What Are Social Media KPI's?
KPIs are short for Key Performance Indicators. Social media KPIs is a way of measuring, or a metric system for measuring how much productivity a person is having on social media since it can be confusing to know with certainty how much penetration, engagement, conversion and loyalty one gets. KPI's makes it much easier to know and it helps to make users get better when using social media.
What Are the Key Performance Indicators Examples?
A perfect example will be the social media KPI for engagement, and this shows how to know if your social media platform is engaging enough, if it is, then it is productive. Examples of the engagement indicator are comments, likes, share, clicks.
How Do You Measure the Effectiveness of Social Media?
You measure the effectiveness of social media by using the different KPIs available for social media. Examples of such KPIs are:
- Social media KPI for Reach
- Social media KPI for Engagement
- Social media KPIs for Conversions
- Social media KPIs for Loyalty
All the above are the social media key performance indicators. It is very essential to understand how they function. This act will help to grow any online related business.