Today weāll talk about the most important social media KPIs that you should track. Youāll see the most must-have KPIs here, but keep in mind that according to your brandās current needs and future strategies, you might need to add some more to your list.
With great content and customer success stories; you build strong, personal, and long term relationships with your followers, and social media KPIs are used to keep track of revenue, reach and overall ROI coming from those followers so that you can look into the ways of increasing leads, generating more revenue and expanding your brand.
Ask these questions for yourself first:
- Am I reaching the right and qualified audiences?
- Am I engaging with right and qualified audiences?
- How many of my followers are looking into my product/services and becoming my customers?
Realize that each question can be answered under these 3 areas:
- Reach
- Engagement
- Conversions
⨠Related article: Which is more important: Reach vs. Impressions
If youāre not familiar with such terms, please check the article for the ultimate glossary of social media terms every marketing person should know!
Letās look into what gives us what.
KPIās for reach:
Reach shows you how many people come across your post since it went live. The impression is about the number of times that post showed up in someoneās feed since it went live.
Audience Growth Rate:
% Growth Rate : ( new followers/total followers ) x 100
Audience Growth Rate measures your follower count in a specific given period. You can measure how quickly your audience grows on your social media channels by comparing months, weeks, years, etc.
Post Reach:
% Post Reach : ( post views / total followers ) x 100
Post reach shows you how many people have seen your post since you published it. You can compare your posts and find trends on what kind of content works or what time of the day gets more reach.
Social Share of Voice:
%SSoV : ( mentions / all other mentions ) x 100
People follow you, they like or comment on your posts and they also mention it either directly with a @ or indirectly. If you count your mentions and calculate your Social Share of Voice, youāll realize how many people (both your followers and users who donāt follow you) mention your brand over your competitors. And once you find that ratio, youāll be able to decide how relevant your content is in your market.
KPIās for engagement:
Engagement is all about interactions. Letās find out KPIās for likes, shares, retweets, and more.
Applause Rate:
%Applause Rate : ( likes / followers ) x 100
Applause Rate lets you find out how many people like your posts compared to your total followers. Keep track of the applause rate of your content and youāll have a better idea of what kind of content makes people like your posts so you start sharing the right content.
Average Engagement Rate:
% Average Engagement Rate : ( (likes + comments + shares) / followers ) x 100
The Average Engagement Rate goes a little deeper than the Applause Rate. Here, youāll sum up all the likes, shares, and comments relative to the number of followers of your brand. Of course, the higher the rate, the better!
Bonus articles:
Amplification Rate:
% Amplification Rate : ( shares / followers ) x 100
You know when people share your content on their own feeds, they share it with their own networks. This simply means that they care about what youāve shown them, plus they want their network to know about it, right?
Amplification Rate is measured by counting the shares for a post of your brand for a specific period of your choice, dividing them by your total number of followers, and multiplying it by 100.
As you calculate your Amplification Rate, youāll realize the details of your most shared contents and start building upon them. Just like the Applause Rate or Average Engagement Rate, the higher this is, the better.
Virality Rate:
% Virality Rate: ( shares / impressions ) x 100
Everyone wants to be viral but everyone actually is! Remember; the impression is about the number of times your post showed up in someoneās feed since it went live.
Virality Rate measures the number of people who shared your post relative to the number of people who saw it. You take a reporting period, you count the total number of impressions and shares for a specific post, divide shares by impressions, and multiply by 100. This will tell you how viral that post went!
⨠Related article: What is social media viral marketing?
KPIās for conversions:
How many of my followers are looking into my product/services and becoming my customers? Conversion answers this. How effective are you on social media? Are your followers doing what you asked them to do?
Conversion Rate:
% Conversion Rate: ( conversion / clicks ) x 100
Conversion Rate is the simplest answer to the question of āAre your followers doing what you asked them to do?ā You post something with a Call-to-Action link. They click on it as you ask them to. The higher the Conversion Rate is, the more loyal your audience becomes, and the more confident you become of your social media content.
Click-Through Rate (CTR):
% CTR : ( CTA Clicks of a single post / impressions ) x 100
Click-Through Rate is the rate people click on your call-to-action links.
Bounce Rate:
Letās say your followers click on the CTA link but then they leave the landing page without completing the CTA on the page. This means they are bounced back. They didnāt finish. Keep track of your bounce rate for organic and sponsored content. Youāll realize what works better, what doesnāt work, whether your audience is the ideal one, or should you change some of your targets?
The lower the rate, the better!
Cost-Per-Click (CPC):
CPC : ( ad spend / clicks)
Cost-Per-Click measures the amount of money you pay per click on sponsored social media content. It gives you much better insight compared to your total budget. Keep track of your CPCās to understand whether your investment is efficient or not.
Cost per Thousand Impressions (CPM):
CPM : (ad spend / impressions)
Cost per Thousand Impression measures the amount of money you spend after 1000 people see your sponsored content. This is not to understand if your investment is efficient or not, but to forecast your future campaigns.
Having a high bounce rate is no good but itās still good that you realize it.
Well. Thatās a wrap everyone! Keep in mind that your weekly or monthly social media report takes all these areas into consideration so you donāt need to worry about calculating and finding them manually. Start using Sociality.io for very easy & breezy reporting. Check yourselves here!
Thank you for reading everyone!
Till next timeā¦