Businesses today have several accounts on social media. The success of your digital initiatives depends on how productive your social accounts are in its social media effort.
How do you ensure that your social media efforts have the right impact on your target market?
It’s only possible by measuring your performance through social media KPIs and metrics.
Keeping track of social media metrics will help you to understand how well your campaigns are performing and whether you need to make changes to your strategy.
There are hundreds of metrics to measure and analyze social media. But in this article, I have compiled the top twenty social media KPI’s and metrics you should pay attention to and track them efficiently.
But first, let us understand the difference between key performance indicators (KPIs) and metrics…
A key performance indicator (KPI) is used to measure the performance and success of achieving the target. Whereas a metric is a number within a KPI that helps in tracking performance and progress.
Let’s look at the metrics and KPI’s which you need to track…
Here are the top 20 Social Media metrics that you should monitor and track to achieve your business goals-
To make the most of the most effective types of social media advertising, it’s essential to monitor and track the top 20 social media metrics. By doing so, businesses can gain valuable insights into their audience’s behaviour and preferences, optimize their campaigns, and achieve their business goals more effectively.
Reach is the measure of how many people have seen your content. Reach is unique to one user so it shows how many unique users were exposed to your content.
For example: If 100 people have seen your content, it means your content’s reach is 100.
Why to track Reach: To understand how strong your brand awareness is with your audience.
An impression is a measure of how many times your content was displayed to users. It is not unique to one user which means the same piece of content can be displayed to the same user many times.
Also, whether the users are engaged with your content or not, their view will be counted as an impression.
For example: If 5 people have seen your content and each has seen it twice, it means your content’s reach is 5 and the impressions are 10.
Why to track Impression: To measure” how many people are seeing your ads or content within a particular channel”
Engagement is the measure of how many people have interactions with your content (such as likes, comments, shares, retweets, etc.)
Why track Engagement: To measure how credible you are for your customers. Higher engagement is a sign of great content.
#4. Conversion rate
Conversion rate is the measure of the percentage of users who visited your website and take the desired action (a conversion) out of the total number of users.
A conversion may be completing an action like downloading an asset, filling a contact form, subscribing to a newsletter or registering for an event, etc.
For example: If 100 users subscribed for a newsletter out of 400 users visited your site, the conversion rate would be 25%.
Why to track Conversion Rate: To measure the performance of your web pages and apps. It affects your total ROI (return on investment).
#5. Bounce rate
The bounce rate is the measure of the percentage of users who visited your website and immediately left after viewing only one page.
For example: If 100 out of 500 users leave the site after viewing the homepage without proceeding to any other pages, then the bounce rate of the homepage is 20%.
Why to track Bounce Rate: To measure whether your content is providing value to your users or not.
#6. Click-through rate (CTR)
Click-through rate or CTR is the measure of how many people clicked your content and visited your website.
For example: If you have 10 clicks of your content and 200 impressions, then your CTR is 5%.
Why to track Click-Through Rate: To measure how your content is resonating with your audience.
#7. Social Share of Voice
Social share of voice is a measure of how many people are mentioning your brand in the market versus your competitors.
Why to track Social Share of Voice: To measure your position against your competitors.
#8. Audience growth rate
The audience growth rate is the measure of speed at which your brand’s following increases on social media networks. In simple it shows “how quickly you gain followers”.
Why to track Audience Growth Rate: To measure whether you are connecting with your audience or failing to meet their expectations.
#9. Social Referral Traffic
Social referral traffic is any traffic coming to your website from social media networks and social media platforms.
For Example: If a person clicks on a Facebook post and then arrives on your brand’s website that will be counted as social referral traffic.
Why to track Social Referral Traffic: To determine which marketing tactics are working for you and which are coming up short.
#11. Audience Demographics
Audience demographics provide insights into your audience’s location, age, gender, income, lifestyle, and more.
Why to track Audience Demographics: To create better-targeted content and social posts.
#12. Applause Rate
Applause Rate is the measure of average favorites or likes your posts receives on social media.
Why to track Applause Rate: To figure out what your audience likes and what they don’t.
#13. Amplification Rate
Amplification is the rate at which your followers take your content and share it through their network. It is the ratio of shares per social post.
Why to track Amplification Rate: To measure how your word is spread around to a more massive audience.
#14. Social Mentions
Social mention means when people start talking about you or your company on social media. You can’t find what people are discussing but you can find the person who has mentioned you.
Why track Social Mentions: To understand how relevant you are for your customers
#15. Conversation Rate
Conversation Rate is the ratio of comments per post to the total number of followers
Why to track Conversation Rate: To understand “how compelling your content is”.
#16. Optimal Days/Times for Engagement
Optimal Days or Times for Engagement is a metric to identify the days and times on which you will get the most reach and engagement on your post.
Why to track Optimal Days/Times for Engagement: To find the best posting time and day
#17. Customer testimonials
Customer testimonials are any customer comments, reviews, assessment, feedback, endorsement, or interview relating to your brand.
Why to track Customer Testimonials: To determine the credibility of your brand
#18. Customer (CSat) score
Customer (CSat) score is a measure of people’s happiness with your product or service
Why to track CSat: To understand how customers feel about your brand
#19. Cost per Click (CPC)
Cost per Click (CPC) is the actual price you pay for each click on your sponsored social media post.
Why to track CPC: To check whether your investment on paid search campaigns is worthful or waste
#20. Cost per thousand impressions (CPM)
Cost per thousand impressions is the amount you pay for every thousand impressions on your sponsored social media post
Why to track CPM: To know how many people will see your ads, project costs for new campaigns
Tracking social media KPIs and metrics are important to understand the performance of your campaign. For example, you are running Facebook Ads for your e-commerce website then these metrics will help you adapt your campaigns to suit your business goals.
Thus the main purpose of tracking social media metrics and KPIs is not to justify the strategy. But to find the areas for improvement and raise the level of social media efforts.
If you are looking to organize your marketing campaign then utilize the social media marketing services of Xenia Consulting at Pune. Xenia is the top-rated social media marketing agency at Pune with over 10 years of experience and proven results, they will help you in taking your business to the next level.