Social media has grown exponentially in the last few years to become an integral part of the marketing strategy. There are now 2.789 billion active social media users, showing the importance of social media for marketers.
Although businesses are utilizing social media platforms on a regular basis, they don’t emphasize on analyzing the efforts made across these channels to check whether they are delivering desired results.
By carrying out analysis of these platforms, you can come to know which aspects of your social media marketing are working and which areas require improvement.
Social media metrics can give you an idea of whether your posts are reaching the target audience and achieving click-throughs or not, along with giving a boost to your abilities to drive major performance results from your social media efforts.
Below listed are the eight key KPIs to analyze the effectiveness of your social media marketing efforts.
By monitoring the clicks, you can get an idea of what you need to work on.
For example, a large number of clicks with less number of likes and shares will reflect that your post got attention, but lacked the quality needed to encourage engagement.
Low amount of clicks with high engagement will indicate that you need to improve on pitching your content through titles or by using images or any other means.
When you are posting content, it is important to know your reach through which you can come to know how many unique users have seen your content.
By knowing the number of people who have seen your post, you can determine whether your social media efforts are paying you off or not.
Having a broad reach is important to enhance your brand awareness as there will be many consumers who might not have heard about your brand.
Engagement in social media refers to the number of likes, shares, and comments that you receive from the audience.
It shows how many people are actively connecting with your brand, enabling you to put efforts in building relationships with your fans. 80% of marketers consider engagement as one of the top metrics to access their social media campaigns.
More engagement is a sign of quality and popularity. Having a large reach with low engagement indicates that your content or brand message isn’t effective enough to engage the audience.
Having a small audience with high engagement rate can lead to organic growth and more leads.
When you get a good amount of engagement, your followers are interested in your content. You can look into the type of content you share including the use of images, videos, links, infographics, etc., which is driving higher engagement. You can then use the same technique in your future efforts to get the desired result.
Mentions are the number of times other users tag your social media page or write your brand’s name. Knowing when your brand is mentioned or when people or influencers talk about you is essential for the growth of your business.
By tracking mentions you will be able to engage with your audience and create brand awareness. It can help you to form connections and build your reputation, resulting in leads.
5. Website Visits
Website visits is an important KPI to determine how many of your fans visited your website after you have built an engaged community. By directing your fans to your website, you bring them one step closer to sales.
From this KPI you can determine how many times your domain has been visited, how many are the first-time visitors, how many pages do the users visit and how much time a visitor spends on your website, giving you a fair idea about their behavior after they found you on social media.
You can even come to know from which social platform the traffic is coming. This will help you to measure the performance of each of the channel, check whether your strategies are working or not and how you can improve them.
6. Follower Growth
Higher the number of social media followers, easier it is to get engagement and traffic. If you can show consistent growth in followers over several months, you can justify the social media efforts you have put in.
By using social media analytics and looking at the graph for the follower growth, you can get more insights into the increase in the number of followers. When you see a surge in the followers on a particular day, you can examine what you posted on that day.
You should also check whether the social media platform you are putting efforts in has increased number of followers or not. For example, if you are devoting efforts in Instagram, and the growth rate is stagnant, you need to figure out the reasons for the same and work on improving it.
7. Conversion Rates
Getting high amount of likes, shares and comments is good, but at the end of the day, it is all about generating leads from your posts to earn revenues.
To ensure you achieve the maximum ROI from your social media, you have to determine how many of the engaged fans are actually interested in making a purchase from you.
If you see an increase in the conversions for a particular period, monitor the reasons behind it like the launch of a new campaign, or an increase in shares, or posting of some new content.
It is equally important to monitor the reduction in conversions if any, which can be due to change in the marketing strategy or use of some new tactic.
8. Bounce Rates
Visitors may land on your website and find your content interesting, leading to further engagement but there are chances that they might not even!
Bounce rate is the percentage of website visitors who clicked on the website link you posted on your social media page but left your website without any further action.
Sometimes visitors don’t find what they are looking for and immediately leave. Bounce rate gives an idea of how often this is happening.
By looking at the bounce rate of visitors coming from social media, you can come to know where your content needs improvement.
You can get your social media campaign on the right track by analyzing the above KPIs and enhance your social media performance. KPIs can help you determine your direction of focus and let you know about the social media sites you need to put efforts in, giving you an idea about which of them are helping your bottom line.
By getting to know the overall behavior of the visitors, you can frame your social marketing strategy easily. You can even optimize your strategy to get the desired results by using various insights on the ways you can reach your audience.