13 Social Media KPIs to Measure For Business Growth In 2022
If you use social media for business, you need a plan in place to assess and evaluate your social media KPIs. Having a digital content strategy is great, but tracking key performance indicators (KPIs) allows your social media team to understand if the content connects with the audience and helps achieve business goals.
What Are Social Media KPIs?
KPI means key performance indicators.
Businesses use KPIs to assess and evaluate a company's performance over time. This assessment helps marketers understand which goals are met and the strategies that need to be tweaked to improve business performance.
In a similar vein, social media KPIs measure the effectiveness of a social strategy or campaign on different social media platforms such as Facebook, Twitter, LinkedIn, or Instagram, where you share the brand's content.
There are several key performance indicators when it comes to social media marketing. The goal is to choose the metrics that align with your marketing campaigns and outcomes.
In this post, we list down crucial social media metrics that you can track and measure to improve engagement:
Important Social Media Metrics To Track For Your Business In 2022
Reach
Reach is the number of unique visitors who saw your post when it went live. When trying to increase the reach of your posts, it’s crucial to target the right audience
interested in your products and services. Once you have determined your target audience and the posts they like, you can create content that is engaging and meaningful to them.
What To Measure
Impressions
Impressions are the number of times your post appeared on someone’s timeline or newsfeed. This doesn’t mean the person has engaged with the post. It’s possible they scrolled past it, but it counts as an impression.
Follower Count
This KPI measures the number of followers on your social media channel at a specific point in time. When tracking the follower count, looking at the engagement rate is crucial.
Suppose you have 1000 followers on Instagram, but only one or two people engage with the post through likes, comments, or shares. This can either mean the account has bots/fake followers or the content doesn’t connect with the intended audience. Either way, you need to take a hard look at your content strategy and understand what needs to be fixed.
Website Traffic
This is one of the most important KPIs that tell you how much website traffic your social media posts generate. It’s how you move the users down the funnel and convert them into paying customers.
Engagement
Social media engagement is the quality of interactions with your followers. This measures how the target audience responds and reacts to your content and how effective your brand campaigns are.
What To Measure
Likes
This KPI measures the number of times your social followers interacted with the brand by liking a post on social media. Though many see this as a vanity metric, it can boost engagement as more people are likely to interact with a post when they see others like it.
Shares
Social shares tell you how popular your content is with the target audience and help drive visibility to your brand. This is a great metric to understand the content formats that work for your brand and how you can double down on those to improve engagement.
Mentions
This social media metric keeps you up-to-date with what people say about the brand on different social media channels. It’s a great way to tap into users' thoughts about the brand, content, and products/services. You can use this data to know more about their preferences and create content best suited to their interests.
Comments
Comments are not only a great engagement metric but also tell you how a user perceives your product or post. All comments may not always be positive, but even the negative ones can help improve your product or marketing strategy. A high number of comments indicate users like your content and are willing to engage with the brand.
Clicks
This is the most effective metric to measure the success of your social media strategy. Most businesses use social media to divert traffic to an external website to facilitate the sale of a product or service. If a user clicks on the website link, they are interested in the product/service and want to know more about it. This means your content marketing strategy is effective in bringing qualified leads, which is ultimately the goal of social media marketing.
Conversions
This KPI measures how many social interactions with the followers or visitors convert into product/service sales, newsletter sign-ups, product demo sign-ups, etc. The conversion could be monetary or non-monetary, depending on the brand’s goals, but it can establish the effectiveness of a social media strategy in leading users to take the final step.
What To Measure
Leads Generated
Generating leads is crucial for business. Not every lead will convert, but it’s worth considering how many people are visiting the website through social media channels, downloading e-books, and signing up for newsletters and product demos to refine the social media strategy that suits the interests of the target audience.
Social Media Conversion Rates
You are posting on social media, and people are liking or commenting on the post, but how many users convert into customers? A straightforward way to determine this is by dividing the total social traffic from the number of social media conversions. You can also track these numbers using Google Analytics, HubSpot, or Salesforce.
Sales Revenue
This refers to the revenue generated from social media conversions. Once you know the number of people who visit your site through social media and the total revenue generated, you can assign a number or value to a prospect. This allows you to set a budget for social media campaigns and anticipate ROI from the efforts.
Measure Social Media KPIs To Drive Business Performance
Tracking social media metrics isn’t easy, but it’s worth the time and money. It helps to improve marketing strategy, calculate ROI from social media efforts, and improve long-term customer standing. Not all businesses need to track all KPIs. Depending on the campaign goals, social media managers can choose to follow some metrics and ignore others. Measuring the correct KPIs can help you understand the best way to communicate with your target audience and the strategies to help you achieve business growth in 2022.
Where Should You Focus Your Social Media Campaign - and Why?
Running a social media campaign is one of the best ways to reach new customers and grow your brand. But it is easy to waste time and energy if you do not know where to focus. In addition, you are likely spreading yourself too thin by establishing a presence everywhere you can think of. As a result, you have less time to engage with followers or post consistent updates. Instead, by identifying exactly which platform is best for your audience, offerings, and budget, you can use social media to skyrocket your business.
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Don't Blindly Choose a Social Media Platform
Social media is a crowded space. Avoid getting lost in the noise by learning where your audience hangs out. Focus your efforts there.
Do not choose a social media platform simply because it is popular. Instead, consider which platforms would be best for reaching your audience and growing your business. Having a plan in place will make you successful with social media marketing.
Do Determine Which Platform Is Best for Your Business
The power of social media is impressive, especially given that it is free to use! You can reach a large audience of potential customers with the right strategy.
Common social media platforms that businesses use for content marketing include:
- YouTube
- TikTok
While each platform has something unique to offer, not all businesses benefit from each one. For example, if you are a fashion brand trying to sell trendy clothes and accessories, you may have better luck on Instagram than on LinkedIn. This is because Instagram has built-in shopping features that make it easy for consumers to buy items as they see them on their newsfeeds. On the other hand, LinkedIn may be more suitable for freelance writers looking to connect with businesses that may need their service. At the end of the day, we are all selling something, but where we focus our social media campaign matters.
When determining which platform is best for your social media campaign, ask yourself:
- What are you selling?
- Who is my target audience? Where do they like to get information?
- What kind of content does my audience prefer? Short-form or long-form videos? Infographics or blog posts?
- How often do I need to post content?
- How does this content fit with my overall content marketing strategy for reaching customers?
- What is my budget? Is there one platform that may be more budget-friendly? (i.e., Let's say you feel video content is best for reaching new customers. But you don't have the skill set to create quality videos efficiently. You may need to spend extra money to outsource the work.)
- What are my long and short-term marketing goals and social media KPIs?
Be a Master of One... Or a Master of None
Having a presence on all popular mediums is great for letting people know you exist. But maintaining quality content on every platform is not sustainable for most businesses. If you spread yourself too thin, it will show in the quality of the work you put out. Your scattered efforts will be ineffective in delivering results.
Want to get people talking about your product or service? Don't try to be everywhere at once. Instead, focus on mastering one primary platform. Once you decide which to move forward with, think of creative ways to encourage discussion around your brand.
Reach New Heights With the Right Social Media Campaign Strategy
Social media is an excellent way to reach new customers. You can get your brand in front of them without investing a ton of money. But it is crucial not to jump on the latest social media bandwagon just because everyone is doing it. Every social media campaign needs a thoughtful strategy behind it to be effective.
Still not sure which platform is best for your business? Seven Oaks Consulting helps small and large companies execute successful social media campaigns. Contact us at 434-574-6253 - we would love to help get you on the right track.
Facebook Business Pages: The Dangers
Many small business owners rely on Facebook business pages for their online presence. "I don't need a website," they tell me. "See, I get this free Facebook business page and I can promote my company as well as share information with my customers."
Our local health food store has a business page...the dog trainer I follow for tips to train Zeke has a website and a Facebook page, but he rarely updates his website. Local companies often spend time and effort on their Facebook presence without a website.
It's a huge mistake. Marketing misinformation is rampant, especially around setting up a presence online. Be smart and avoid these mistakes.
She Lost Everything When Her Facebook Business Page Was Hacked
I felt like a broken record telling small business clients, "Don't do this" but it wasn't until an email reached my desk today from fellow marketing consultant Sandra Martini that I saw firsthand the chilling effects of what happens when a Facebook page is hacked.
Sandra's email detailed a nightmarish story unfolding on her Facebook account. Sandra's business account generated $50,000 of sales (her business books and consulting packages) yet she lost it all in one day.
Here's what happened.
Someone hacked her Facebook account. That person began charging advertising to her account to the tune of $1,600. Then, they reversed the charges and took the money. Facebook immediately canceled her accounts -- all of them -- for suspicious activity.
Sandra lost:
- Her business Facebook page, which she had spent a decade building
- Her personal Facebook account, which she used to keep in touch with family and friends
- Access to several clients' Facebook pages which she was responsible for managing
Her words of advice: Never have only one administrator on the account. Always have a backup. And never rely solely on Facebook pages for revenue, customer contact, or your business presence.
Why Have a Backup Administrator on a Facebook Business Page?
When Sandra's account was hacked, the company notified her of suspicious activity. Since she was the only person on the account, however, when they locked the account, she had no way of recovering the information.
A second administrator unlinked to her personal page may have been able to salvage the account and with it the decade of hard work that she'd put into building her social media presence.
Granting someone else in your company admin rights to your Facebook business page is a smart idea.
Websites Are Essential for ALL Businesses
It sounds strange to have to say this but yes, a website is essential for all small businesses today. It should be built for mobile-first as the majority of people now use mobile devices to access the web. It should also be properly optimized for search engines. Even if your business relies on local traffic only, people still search online for your address, phone number, menu, hours, or other information.
When you build your own website, you own it. Unlike a Facebook business page, which can disappear at the whim of Facebook, your website is your own property and a valuable asset for your company. Purchasing the domain name and setting up a simple hosted WordPress site may take a few days, but it is well worth the effort and gives you a prime piece of 'online real estate' to call your own.
If you're not sure how to set up a website, please contact Seven Oaks Consulting. We'd be delighted to help you build a permanent online "home" for your business - aka, a website.
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How to Determine the ROI on Your Social Media Accounts
When I'm wearing my marketing consultant's hat, I'm focused on the return on investment (ROI) for my clients. After all, most are small to mid-sized business owners, entrepreneurs and artists - folks who absolutely need to understand how, when and where their marketing investment is paying off.
Social media often seems like the big question mark in the marketing mix, but it doesn't have to be. You can track your company's return on investment in social media marketing just as you would any other digital campaign. The trick is to have the data available from your website, as well as from the social networking website you're using, and to put into place some smart best practices to help you move ahead.
I've written a new article for the website, Routing, detailing just how to do that. I've included three simple steps you can take to enact social media ROI tracking and analysis, but of course there are other ways. I'll share more in the future on this blog and other article.
Read: Three Simple Steps to Measure Social Media ROI
What Is a Klout Score and Why Is It Important?
Did you sign up for Klout? Do you even know what Klout is? Klout, said a friend of mine, is like high school all over again - a popularity contest. Since I was relatively popular, albeit geeky, in high school, I don't mind popularity contests. Klout, however, is more than a popularity contest.
Klout is a website that assesses both your social media presence, your interactions and influence, and assigns your profile a score based on the results. A Klout score of around 30 is considered average. Above 60 and you're a superstar internet marketer. Mine is above 60 (wink).
Klout can seem weird at first. What do you use it for? Do you even check it? I don't check it frequently, but I find that my potential clients DO check it. I have actually gotten gigs because my Klout score was high. Potential clients for my blogging and SEO writing services like to see their writers with a high Klout score because it means they have significant online influence and followers, which can translate into better exposure for their content. In other words, because I have a strong following online, my sharing a post may help a potential client out.
Learn more about Klout on their site.