We’ve all been there where you are currently at, looking at all the wrong social media metrics and forgetting all the right social media KPIs to look at. If you too get a proverbial mental lift when you see those likes, shares and views roll in, we have news for you baby. Those, or rather a lot of those when looked at in isolation, are nothing but vanity metrics. What do we mean?
Well lets say you purchased 10K followers from a dodgy online ‘get Instagram followers quick’ website, you follower count goes up significantly and so it has you floating on the clouds. But what does this really mean for your business. Do you get sales from these bot followers? Do these followers ask you questions on your products and services or help you promote them in any manner? Not really right? So in other words, the value of these 10K followers is exactly zero for your business since they do not help you make more money.
Hence, looking at the correct insights, correct numbers and correct key KPIs is important, not only when you’re running and important campaign and need to check how successful it really is, but also for your online sanity.
So What are the Right Social Media KPIs You Should be Looking at?
Social Media Engagement Rate: This measures the total cost of acquiring a new customer and is measured as total engagement on posts divided by total number of followers.
Follower Growth Rate: This measures the speed at which your follower count on social media increases, and it is measured as net new followers divided by total followers at start of the period.
Click-Through Rate or CTR: This is the percentage of viewers who click on a link placed in your posts and is calculated by dividing the total number of clicks on your social post divided by the number of impressions.
Brand Mentions: This is the frequency with which your brand is mentioned on social media.
Social Media Traffic to Website: This is the proportion of overall web traffic that originates from your social media platforms. It is calculated by dividing number of website visitors that come from social media divided by total website visitors.
Influencer Reach and Influencer Engagement Rate: These are the potential number of users who can see and engage with content shared by an influencer, which mentions or spotlights your brand.
Social Media Conversion Rate: This is the percentage of social media visitors who take desired actions on your website. It is calculated by dividing number of conversions from social media divided by total social media vistors.
Social Media Share of Voice: This is the presence of your brand on social media in comparison to your competitors and this is calculated by brand’s social media mentions divided by total market media mentions.
Viral Coefficient of Social Media: This is an important metric that attempts to identify the potential of a piece of content being shared organically.
Contact SayMe Marketing if you need assistance with improving your social media insights.
This blog is part of Blogchatter’s A2Z Challenge.