With so many social media sites and apps, it’s easy to keep spending money on content and ads without seeing a return on investment. If you want to avoid that, you need to measure the performance of your campaigns. In this article, we will guide you on how to do that.
What Are Social Media KPIs?
Key Performance Indicators(KPIs) are metrics that show the performance and issues of your social media campaigns. To determine your KPIs, you need first to understand your goal. This could be increasing followers, conversion, or engagement. Some of the key elements of KPIs are:
- Measurable. All KPIs should be measurable and quantifiable.
- Source of data. It should have a reliable data source to ensure everything is crystal clear on what is tracked.
- Target. Consider the exact target you want to achieve and in what period.
Key Performance Metrics To Track
Here are a number of metrics that can show you if your social media marketing efforts are bearing fruits or not.
You can measure online traffic metrics such as:
- Traffic volume. This includes the number of fans, page views, number of visits, and more.
- Engagement rate. Number of likes, comments, shares, etc
- Time on page
- Conversion rate
Return on Investment
While it’s not easy to determine the results of a campaign, you can create a landing page with a promotional code for your social media followers. You can then track the sales to see if they are more than your social media spend. You can also try to see if sales increase when you are running a social media campaign.
You need to determine how much you are spending on customer service in relation to the number of issues resolved. You can then compare this data with what you get on other channels such as phone, web, and email.
To get the conversion rate, you should understand the source of your leads. If you find it hard to do it, you can track the traffic visiting your site from social media. You can also have a space in your contact form asking people how they found you. Determine how many of your leads are from social media and go ahead and break down the data from each site.
This is a clear metric as it refers to the number of posts that have been published across different channels over a certain period. By understanding this number, you can reverse engineer your SEO efforts to determine the number of posts that can help you reach a certain number of impressions, likes, and followers. Therefore, it is a great metric used by social media growth services.
Social Media Engagement Benchmarks
What is the engagement level of your brand in relation to other brands in your industry? Here is a general preview of the performance of different brands on top social media platforms:
On average, brands publish an average of five posts per day. The sector with the most posts is sports, with nine daily posts. This is followed by media/entertainment with eight posts, while social media marketing and advertisement come third with eight posts.
Brands get an average of 28 comments and seven messages daily on Facebook. Companies in travel and tourism received the highest number of comments, with 36 comments.
Recently, the number of Instagram posts is declining. This can be attributed to brands preferring stories over posts to boost their personal brand. In 2022, brands posted an average of one post on Instagram. The industries with the highest number of posts were professional sports(3), consumer products(2), and retail(2).
Brands on Twitter posted an average of three posts per day. Professional sports had the highest number of posts, with 13 posts by media and advertising with six posts. Brands had an average of 14 retweets and three quote tweets daily across all industries. Again, the professional sports industry had the highest number of retweets at 109, followed by media and entertainment(35) and NGOs(15).
While social media is important for business, you must understand your social media metrics to know if your campaign bears fruit. Otherwise, you will be spending money without corresponding returns on investment. By reading our guide, you can understand the key social media metrics to track and understand if you are getting a return on investment.