Do you want to know if your Social Media Marketing campaign is working or how can you improve it? Keep reading because in this post we tell you everything you need to know about the 4 most important KPIs for creating the best social strategy for your company.
First, have you how social network fit into your general Digital Marketing strategy?
KPI is the abbreviation for “Key Performance Indicator". It is a quantifiable measure that allows us to evaluate the success of an organization, employee or project according to previously set objectives. Remember that these objectives must be SMART: specific, measurable, attainable, realistic and temporary.
And why are KPIs so important in an organization?
They allow us to strictly monitor actions and quantify their success. In addition, they help us to diagnose the current situation of our company and then communicate and report on it. Thanks to KPIs, we can make the most appropriate decisions to improve our efficiency and productivity. Below, discover what measures you need to take into account.
4 Types of KPIs for Your Social Media Strategy
KPI #1: Reach
The objective is to develop the visibility of your brand or product on the internet and social networks. It consists of determining how many people receive your messages.
Some examples of Reach (also called Scope) that you should consider are:
- Number of Impressions: The number of times a message (article or post) had the opportunity to be seen and to impact an Internet user.
- Mentions of your brand.
- “Share of voice”: How many people are talking about your brand with respect to the competition
KPI #2: Engagement
Engagement KPIs determine how many people take action after receiving your message.
Some engagement KPIs are:
- Number of interactions with your posts: Likes, favorites, comments, retweets, etc.
- Number of links clicked.
- Ratings and reviews of your brand, product, or service.
It's important to remember that it is essential that your followers interact with the brand. If not, no matter how many followers you have, they will not have been of use to your brand or business objectives.
And don't forget popular trends like Snapchat, Tik Tok, Instagram Stories, and Account Based Marketing.
KPI #3: ROI
This KPI could be defined as the return on investment (ROI) made on social networks. This data allows us to know what the yield of our work has been in terms of the objectives set. Most of the time, this is related to financial goals.
Some indicators to take into account are:
- Direct sales revenue.
- Conversion of leads from social media into Sales Qualified Leads (SQL).
Knowing the effect of your social media strategies on ROI often requires following your leads throughout the Buyer's Journey. You need to make sure your CRM and automated processes are set up efficiently in order to track leads.
KPI #4: Customer Satisfaction and Loyalty
The goal of this KPI is to improve brand perception and satisfaction towards your products and services.
The most important performance indicators are:
- Brand perception: The feelings associated with your brand and the percentage of positive feelings towards your brand with respect to the competition (check out the NPS Score).
- Resolution capacity: The amount of time it takes to solve customers' problems.
- Degree of customer satisfaction: analysis of ratings and criticisms.
You've reached the end of our explanation on the top 4 KPIs, but there are many more KPIs you can take into account for your social media strategy if you want to delve even deeper... Besides KPIs, do you know the other things to take into account for your social strategy? Find out here! If you need help in defining your Marketing strategy, contact mbudo!