When it comes to developing your brand’s growth, social media strategy has become a vital way to reach and interact with new consumers. However, tracking the numbers and figuring out what drives your brand’s most successful engagement can be your biggest challenges, especially if you don’t know where to even start. Luckily, you’ve come to the right place!
This guide will give you a run-down on KPIs for social media and what you can do to leverage your business’s growth.
What Are KPIs?
KPIs, or Key Performance Indicators, are measurable values that help you track and evaluate your progress toward specific business objectives. KPIs are used to gauge the success of a brand on social media or a specific project by analyzing its performance against predetermined targets. By using KPIs, you can better understand your strengths and weaknesses throughout your social media campaign, as well as identify areas that require improvement. These indicators can be quantitative, such as revenue, sales growth, or customer satisfaction, or they can be qualitative, such as team morale or brand reputation. Ultimately, KPIs provide valuable insights that help your business make informed decisions, set achievable goals, and drive overall business performance.
KPIs for Engagement
Impression versus Reach
Impression and reach are two important social media metrics used to measure the performance of social media content. Impression refers to the number of times a post is displayed on a user’s screen, regardless of whether or not they interact with it.
On the other hand, reach refers to the number of unique users who have seen the post. Reach can be further broken down into organic reach, which includes users who see the post through their own feed or a friend’s share, and paid reach, which includes users who see the post through paid advertising. While impressions can give an idea of how frequently a post is being shown, reach provides a better understanding of the actual audience size and potential engagement.
Why KPIs for Reach
By tracking reach KPIs, you can determine whether your content is resonating with your target audience and identify areas for improvement. Increasing reach KPIs often requires the use of targeted advertising and high-quality content that appeals to the target audience. Overall, reach KPIs are a critical component of social media and digital marketing, as they provide valuable insights into a company’s brand awareness online and the effectiveness of its messaging.
Tracking Your Metrics
Web traffic for social media refers to the number of visitors that a website receives through social media platforms. Social media has become an important source of web traffic in recent years, as businesses can leverage the power of social media to reach a wider audience and drive more traffic to their websites. This traffic can come from a variety of sources, such as organic social media posts, social media advertising, and influencer marketing. By tracking their social media traffic, businesses can gain insights into which social media channels are driving the most traffic, which content is resonating with their audience, and how their social media efforts are impacting their overall web traffic. This data can be used to optimize their social media strategies and improve their overall online presence.
By using KPIs to track post reach, you can set specific goals and measure your progress toward achieving them. For example, if your goal is to increase your post reach by 20% in the next quarter, you can use KPIs to track your progress toward that goal and make adjustments to your strategy if necessary.
Additionally, tracking KPIs like post reach can help you identify trends and patterns in your audience’s behavior, such as what type of content they engage with the most, which platforms they use most frequently, and when they are most active online. This information can inform your content strategy and help you optimize your social media presence for maximum impact.
Share of Voice (SOV)
Share of Voice (SOV) is a measure of how much of the conversation about a particular industry or topic is focused on a specific brand or company. It can be calculated in various ways, such as the number of social media mentions, search engine results, or media coverage.
SOV is a valuable metric for understanding a brand’s or company’s relative standing in the market and its level of visibility compared to its competitors. By tracking SOV over time, companies can identify trends and opportunities to increase their market share and improve their marketing strategies.
How to Track Social Media KPIs
Once these KPIs are established, the data must be collected and analyzed through social media analytics tools or built-in platform metrics. Be sure to track KPIs regularly and compare them to previous periods or industry benchmarks to gain insight into performance trends. Identifying which KPIs are relevant to your specific social media goals and objectives is important. These may include engagement rates, follower growth, reach and impressions, website clicks, or conversion rates.
Use Analytics Tools
Most social media platforms provide analytics tools that help you track KPIs. For instance, Facebook Insights, Twitter Analytics, and Instagram Insights provide data on engagement, reach, and impressions. Alternatively, you can use third-party analytics tools like Hootsuite, Sprout Social, or Google Analytics for more detailed insights.
Set Up a Tracking System
Once you have identified the relevant KPIs and chosen your social media platforms, set up a tracking system to monitor your progress. Create a spreadsheet or dashboard to track your KPIs regularly. Schedule time to review your progress and adjust your strategy accordingly.
Analyze and Optimize
Assess your KPIs regularly and optimize your social media strategy accordingly. Look for trends and patterns in your data and adjust your strategy to improve your KPIs. This can look like establishing benchmarks, such as industry averages and historical performance, which can provide context for your business’s analysis. Changing what your strategy may look like.
Social Media Strategy with Versa Creative
With the help of KPIs for social media, you can use crucial information to optimize your social media content and ultimately find success in virtual engagement! As the information in this blog indicates, it takes a lot of analytics and strategy to be successful on social media. You may know what to watch out for when you’re using KPIs, but managing your social media strategy can still be tough!
Partner with Versa Creative and strengthen your social media presence with a team of social media professionals. Our Houston-based marketing agency is an award-winning firm that works with companies across industries and provides talented teams for social media marketing, graphic design, digital marketing, copywriting, photography, and videography. We are more than well-equipped to develop your social media strategy and elevate your brand. Contact our team today to see how we can transform your brand.