Revisit Social Media Key Performance Indicators for Better Performance

The crucial step to any social media strategy is to set social media goals which will become the foundation for success. For a successful campaign, it is imperative to know about KPIs.

KPI or (Key Performance Indicators) is the quantifiable measurement that is useful for evaluating the success of any organization, employee or projects in regards to performance.

Let us now begin diving into KPIs:

One of the foremost things to remember is your business goals. Once you are clear with what your business goals are, it is easier to work on the strategy. Let us look into social media key performance indicators which are,

1. Reach
2. Engagement
3. Return on Investment (ROI)
4. Loyalty and Retention

Social Media KPIs for Reach

The reach your brand has on social media will be tracked by these KPIs:

• Follower Count: Across your social media channels the number of followers and fans you have is one of the easiest ways to know the reach your organization has.
• Impressions: One of the complicated metrics for social media, which usually means the number of times your posts landed in people's timeline or their newsfeed.
• Web traffic: Getting traffic from your social media campaign is crucial as it will redirect them to your website, which in the long run can convert your followers into customers.
• Share of voice: The number of times your brand name mentioned on social media than that of your competitors. It could be an indirect mention (abzmedia) or direct mention (@abzmedia).

Social Media KPIs for Engagement

It is good to know these KPIs referring to the interaction of the customers that they have had with the brand. The social media KPIs for engagement are: 

Likes/Favourites: The content on your social platforms are liked or appreciated by the viewers.

Shares/Retweets: An indication that the audience has liked your content and is letting other people know about the same via retweets or sharing.

Reviews/Rating: Demonstration of showcasing opinion and engagement.

Comments: Having conversations with the audience on the brand content. Getting numerous comments on your posts indicates that the content shared is of interest, highly informative and relevant for the customers.

Social Media KPIs for Return on Investment

The metric that is most important for a business to measure the success of their campaign. The social media KPIs for ROI are:

Sales Revenue: While stressing over business goals, increased sales revenue is the top priority for many businesses. Every business wants to make a profit and gain customers via focussing on social media efforts.

Lead Conversions: The leads that were generated by the social media campaigns which have successfully converted into the purchase.

Non-Revenue Conversions: Conversions such as newsletter sign-up, ebook downloads or filling out a form which are non-revenue conversions. It is up to us to decide if they make up for our success or not.

Social Media KPIs for Loyalty & Retention

A brand that thinks to provide a better service experience for the customers is likely to have better customer retention. Building brand loyalty is thus, by far, an important role social media can play. To effectively measure loyalty and retention, we can track by these KPIs:

Reviews/Ratings: Brands can do better in terms of providing an excellent service experience. Feedback in the form of a review or a rating on social media can tell brands to work in their particular area.

Issue Resolve: When it comes to social media, how likely the brands can resolve the customer complaint matters. 

Service Level Agreements: When it comes to social media, this generally involves the time when the customer reaches out on social media to the time brands respond to it.

Customer Satisfaction: This KPI gives you the idea in terms of NPS or Net Promoter Score, usually meant to bring forth the result if brands social customer service efforts are working or not. 

As the social media space is evolving, business goals shift too. It is mandatory to revisit your KPIs every 6-12 months. It will ensure that your business makes the most of it from social media campaigns fulfilling business goals.