According to research, about 72% of businesses use social media data to inform business decisions. Data plays a huge role in running your business, which makes KPIs and metrics an absolute just for any business.
Social media is a necessary part of your marketing efforts. The problem is that it can be hard to know which KPIs or key performance indicators to track to ensure that your social media efforts are successful. Due to that, here are the most important social media KPIs you should track at all times.
Overall Engagement Rate and Reach
Your overall engagement rate is one of the most important social media KPIs to track. It tells you how well your posts are resonating with your audience. You can calculate your engagement rate by dividing the number of engagements (likes, shares, comments, etc.) by the number of followers you have.
Reach is another important social media metrics to track. It tells you how many people are seeing your posts. Reach is calculated by taking the estimated unique views of your post and dividing it by the number of followers you have.
Engagement Rate by Post
This is by far one of the most crucial social media metrics. It’s important to keep an eye on which of your posts are performing best, so you know what content to promote in the future.
If you use Facebook, for example, one way to track this would be to create a list that includes all of your posts, then simply take note of which ones received the most interactions.
For example, if you notice that your most engaging posts are photos or videos, make sure to include more of this content in your future posts. Keeping consistent on social media is key, so this information is critical.
The sentiment (Positive vs. Negative)
It’s also important to keep track of the sentiment surrounding each one of your company’s postings online. That is, do most people like what you’re posting?
There are several free sites like G2 Crowd where you can get feedback on past or current postings, so take advantage of these resources whenever possible. This is a part of smart marketing and an essential social media KPI.
A company’s virality rate is the number of times one of your posts is shared divided by the number of followers you have. This can be more important than likes or comments because it shows how popular each post really is.
A good virality rate suggests that your audience sees value in your content and wants to share it with their friends and family.
Social Mentions (Positive/Negative)
Mentions are a good indicator of how well your company is being talked about online. You can use a social media monitoring tool to track both positive and negative mentions.
This will help you identify any potential crises that may need to be addressed and show you which topics resonate with your audience the most.
Website Traffic From Social Media
One of the ultimate goals for any business is to get website traffic from their social media efforts. You can track this by setting up UTM codes on all of your links and then tracking the traffic in Google Analytics.
By doing this, you’ll be able to see how much traffic is coming from social media and which social networks are driving the most traffic.
Conversion Rate From Social Media
Finally, you’ll want to track your company’s conversion rate from social media. This is one of the most vital social media KPIs, and it’ll tell you how many people are actually converting after visiting your website from social media.
To track this, you’ll need to set up conversion tracking in Google Analytics and gauge your marketing efforts.
Vital Social Media KPIs: A Guide
By tracking these seven social media KPIs, you’ll be well on your way to creating a successful social media strategy for your business. For more informative and valuable tips, please head over to this blog.