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Top Social Media KPIs to Measure in Your Business
Posted on 27th July 2017 in KPIs
Written by Freya Hughes
The digital marketing industry has revolutionised the way we present ourselves and businesses online, and social media has become a minefield of revenue. When you’re not a marketing pro, it can be tricky to know where to start with social media, especially as business accounts are expected to be so different to personal ones. We’ve summed up our top social media KPIs for you to measure, so you can focus on your customers’ needs.
Companies like Koozai show that digital marketing is an industry to be reckoned with. Owner Ben Norman built his company from the ground up, and eleven years on they’re going from strength to strength. Ben knows the importance of measuring KPIs, and is aware that they pave the way to a shift to forward-thinking. He says one “beauty of FUTRLI is the non-financial data.” Measuring your financial and non-financial data is going to show you how each and every part of your digital company is performing, which is a valuable asset to have as a business owner. We know your chances of being a social media pro are limited, especially if you’re at startup stage, so read on to find out which metrics you should measure to keep your accounts ticking along nicely.
“We import these operational business drivers every month and then correlate this non-financial data with financial data. FUTRLI is very good for the future and that’s what matters. I really like that you can mix and match data sets like this,” says Ben. You can see from his comments that forecasting with your KPI measurements is a surefire way to up your game and get your entire team working towards the same goals. Read the full case study here.
Swing by our KPI Library and industry-specific KPI lists to find out more about metrics in your business.
Post engagement %
Measuring this KPI will alert you to what kind of posts get the most attention for your audience. A high percentage means you’re hitting the mark with your posts, so should translate into leads, therefore revenue. The higher the engagement, the better. You’re essentially building your brand on social media, so inconsistencies could mean your audience wavers or loses its interest in your business. Your clients are often the ones tracking your social media footprints, so you must retain a high standard. Employ designated social media managers and lay down a style guide. Your social media channels are an insight into your business, so rogue posts could turn prospective clients off your company.
However, if you’ve been sneaky and bought followers then don’t be surprised if this percentage doesn’t add anything to your bottom line. You should be asking yourself how to grow your audience organically. Are your posts interesting? Are they original? Do they have a good amount of visuals in, rather than being text-heavy? Videos and images are always the biggest hitters across social media channels, so make sure you tailor your strategy to include them.
Individual post reach
Reaching the people that are likely to do business with you is a challenge. Using tools such as LinkedIn to target groups and influential profiles is a great way to get your name out there – especially using your own profile to share things as the owner of the business. This adds another degree of professionalism and shows your audience you’re a real person. When we all sit behind screens all day, it’s sometimes easy to forget the social accounts we come across are actually run by real people, so make sure you inject some of your own personality into what you’re posting.
It’s simple enough to add ‘connect with us’ buttons on your website and email footers, so that should be your first port of call. Sharing posts by those in your professional sphere will show your support and expertise in your field. If a customer sees you as the champion of your industry, they’re a lot more likely to sign up to your services or products.
Lead conversion rate
If you’re not converting your social media audience into revenue, it’s a bit of a waste of your time. Sure, you’ll up your brand recognition, but that does not correlate to brand loyalty. If you aren’t generating leads, you’re probably using the wrong platform, or your content isn’t engaging with the right audience.
If you run your social media channels yourself, then additional leads from this source is going to be a help. But if you’ve employed someone to run your accounts and no leads have come through, it’s time to evaluate your operation. Can you afford to pay a full or part-time salary for no additional revenue? Is it worth you outsourcing your social media management? Looking at a company like Koozai to set up and run your accounts at first might be a good move if you’re a bit of a novice and can afford it. Add your conversions rate to your forecast so you know where you stand, what to aim for, and it’ll allow you to set targets moving forwards.