Social media KPIs should be a part of your marketing plan and be set out based on your wider business and marketing goals.
Let’s dispel this dirty myth that social media can not be quantified right now! It can and it should!
So whether they are to:
- Get in front of a new audience (reach/impressions)
- Increase your newsletter sign ups (referrals/link clicks/ conversions)
- Increase the UGC (mentions/hashtag monitoring)
There is a social media metric you need to be keeping an eye on.
ROE = ROI
We discussed the difference between ROI and ROE in our previous blog 5 Common Social Media Mistakes, and it is true to say that ROI will not happen without ROE.
Because engagement is the only way (unless you have an endless pot of money to spend on social advertising) to increase your ROI. Every social network now has algorithms akin to Google. Engagement equates to more views, a larger reach and growth in fans and followers. Increasing interaction on your social media accounts will result in more people becoming part of your ‘tribe’ and visiting your website. If your site is what they thought it would be there, your ROI should start to rack up.
With this in mind and presuming that one of your key social media KPIs is to get more people to take action on your site, then here is the top analytics to report on each month.
KEY SOCIAL MEDIA KPIs
Engagement rate (month on month & year on year)
This is key. Look at what your engagement rate is a total, then look at which tweets are not performing, to try and get this up. There are many reason tweets may not be performing. A few of the main reasons are:
- Poor content
- No hashtags
- No images/videos
- Wrong time of day
- Not right for your audience/platform
So just because it didn’t perform the first time, try it again with suitable changes and see if it works.
Also take note of the tweets that perform well and see if you can replicate or improve on them.
Are there particular days that seem to be key for you? If so make sure you are always there and capitalise on it.
Are you attracting your target audience? If you are not getting many referrals to your site, it could be that you are not speaking to the right people. If this is the case, wrong on the updates you send out, the hashtags you use and even put a small budget towards growing the audience your business should be targeting.
Reach is the number of unique accounts that have seen your posts.
All things being ‘normal’ this should increase if you are improving your content each time you post. Take note of key periods of the year when you expect a dip. When the dips happen, refer to previous years and check that it is still an improvement. If not, take a look at the posts and see what may not have worked.
Analyse what went well and what didn’t work as well as hoped. As we mentioned previously, it doesn’t mean that that post will never work, it just may need a rethink.
In this area, you can also see what days and times your peak audience is on. Use this knowledge to your advantage to increase the chances of engagement!
As mentioned previously it is important to measure that if these new likes you are getting are relevant and going to result in ROI. Which town, cities or countries are you targeting? Are you gender or age specific?
You can only see analytics if you have switched your Instagram account to a business one!
Similar to Facebook (well they part of the same family) reach and top posts would be the top metrics to analyse. Impressions and profile views would also be useful social media metrics to report on as well as keeping an eye on your audience make-up and what day/time they are on the platform.
Social media KPIs for campaigns
Other than using the metrics above you can monitor the success of individual campaigns using a few other performance indicators.
Most platforms monitor how many link clicks you have had, but they don’t always tell you when or on what content. Your Google Analytics can help narrow down which social media networks have referred traffic, but again this doesn’t suggest which link that may have been.
To monitor separate campaigns utilising a service such as bit.ly can allow you to see exactly which update has referred traffic. For example, you want to encourage people to sign up to your social media training courses, in bit.ly you create a unique URL to use for twitter (http://bit.ly/TFGTraining) you then look at bit.ly throughout the campaign to see what the click rate is and how you can improve the updates to increase this.
You can lead a horse to water…If you are getting a lot of clicks but not many conversions, take a look at the performance of your web page. Your social media efforts could be wasted if you are sending your audience to an unresponsive, poorly designed and written page (just saying).
The reach of posts that are part of the campaign. Did they hit new relevant audiences? Did they get the results you wanted?
Mentions, comments, replies retweets and ‘quotes’, did your tribe grow and support your campaign the way you had hoped?
If you used a hashtag for your campaign did everyone pick it up? Did they know how to use it and implement it as you had hoped? By setting up a tool such as Keyhole (there is a free version) your business can capture all this data to analyse throughout and at the end of the campaign.
So there you have it.
A few examples of the social media KPIs that businesses should be monitoring alongside the vanity metrics such as follower numbers. The key to success is to review these metrics monthly and use the data to learn what to do going forward.