What is a Social Media KPI?
A Social Media key performance indicator (KPI) is a gage used by managers to measure the performance of their social media efforts against the goals they set out to achieve. Different goals usually have different KPI’s depending on what the desired outcome is and what is being measured.
Understanding the core KPI’s and metrics can determine whether your business or brand is successful or not, doing Social Marketing. Generally, the major metrics that are monitored for Social media are; engagement, reach, conversions and customer loyalty. This post will delve deeper into the KPI’s involved in measuring reach and engagement.
Your reach describes the entire span of your social media conversations. It measures the potential size of your online audience versus how far your communications actually go and who it is being received by.
Top KPI’s to measure reach
1. The most obvious reach KPI is the number of followers or fans you have on each platform. The more followers you have the greater the opportunity for your posts or messages to be received by many users. You may be able to convert many of them into customers or advocates for your brand. Deeper insights can also be attained about the demographics of your followers to ensure that your desired target audience is aligned with the people you attract. Always be mindful, however, that concentrating on having many followers alone does not mean success. Read more here.
2. The amount of impressions a post has is another important Reach KPI to keep an eye out for. Impressions are the number of times a post is displayed on a newsfeed or timeline. Like number of fans, impressions alone don’t give a comprehensive insight into social media success, but it is usually desired to have many.
3. Another important Reach KPI is Share of Voice (SOV). Share of voice gives perspective into the volume of conversations about your brand, compared to conversations about all other competitor’s. SOV gives useful insight into how much online buzz is related to your brand and how well your brand is perceived by the online community.
Although having good reach is desired and is no doubt the first step in developing social media success, engagement is a truer factor in considering how well or not your intended target audience is resonating with the messages you take time to put together and distribute to them.
Top KPI’s to measure Engagement
1. Clicks are a great indicator of letting you know what your audience is interested in. It tells you which posts resonate with your viewers and which ones do not. This helps you to determine which of your audience are more likely to convert or perform an action you intend for them to take.
2. Likes are the most common type of engagement. Likes indicate how popular a post is. More likes give earned authority to posts, for example; on Facebook, popular posts get listed at the top of newsfeeds, and on Twitter, popular posts get displayed as a bigger font size.
3. Shares, contrary to likes, is considered a more conscious indicator of one’s support to a post and/or brand. It shows that your audience is so pleased with your brand or post, they will advocate and recommend your content to their fans. Shares are usually made by loyal customers or fans.
4. Comments define the simple essence of being social and having feedback from your online community. Comments whether positive or negative tell a story about the kind of impact your brand is getting with your social marketing efforts.
5. Mentions are references to your brand by online users, it can be from within your community or from others. When fans mention your brand, product or hashtag they are illustrating how wide your brand awareness spans.
After developing your Social Media plans and objectives, determining and measuring the most suitable metrics and KPI’s are what attests to true success. It is only with the adequate measurements you will know which strategies work or not and what is to be done to ensure continued improvement.
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