Taking the concept of KPI (Key Performance Indicator) to the very basic level of understanding, it will give an exact idea about how to set realistic goals for social media and what metrics to measure and when.
In every business there is a sales funnel, which actually makes a lot of sense when it comes to understanding the customer journey with a brand. At the most wider opening of a funnel is the public – an audience that is uncategorised by a brand. The most narrow opening of a funnel consists of brand advocates. So the stages in customer journey are: Public, Fan/Follower, Subscriber, Prospect, Customer, Loyalist, and Advocate. Now the brand or a business has to identify each stage of this customer journey, based on which every social media effort is designed and then measured.
The Likes, Followers, ThumbsUps and Retweets may be relevant just to measure the output of your social media posts. But it does not suffice or even does not matter as a valid KPI for any business. Because it does not show by what percent there was an increase in sale, or business growth or customer growth. Its simply a number without any value. Then why does brands asks for such metrics from their agency? Why does it matter to have some million followers who would just do nothing for your business?
A million followers or fans matter when they engage with your brand, respond to your content, makes an enquiry, visits your website, shows a keen interest in your offerings and finally makes a purchase. Isn’t it lot better to have this scenario? So how do you get such valuable community on social? It is through concentrating on integration of social goals with business goals and not through demanding million likes in 24 hours from your agency.
Did you noticed the change of words in both the above scenarios? Followers become community when your social media efforts are strategically planned with realistic goals and measuring right KPI’s at every stage of a sales funnel.
It is also the responsibility of an agency to take their client on a journey to understand how social works and how it can be married to its business goals, on-ground activities, culture and employees.
So then, what are the right KPI’s to set and measure for social media marketing efforts?
Each business has their own social media marketing objectives & strategy to follow and so obviously there is no standard measuring scale with which you can know which KPI to set and how to measure it. But there surely exists right practices and right ways to follow.
- Post likes & Post shares – A business page with thousands of likes but zero post likes definitely shouts out loud that there is something not right at all. Daily posts that a brand updates on the page has to give value to the audience. It is your content marketing issue and has to be solved immediately. Post Likes and Shares are the metrics that measures “engagement” of your page- as simple as that.
- Comments – Comments on your posts indicates “conversation”. Whether its positive or negative, always consider it as good sign as your audience has initiated a conversation and they are interested in your content. Treat this KPI with care and help your audience keep conversing by giving them interesting and quality content to talk about.
- Mentions & Tags – Your audience or potentials are talking about you outside your properties and sharing a word about you in their own networks and communities. This shows the brand awareness, and you own mind space of your customers which is a great KPI to measure.
- Traffic Data from Social – If you have your google analytics in place on your website, then this is a very important metrics that measures the traffic coming to your website through social media. You can also use HubSpot for measuring this data. The traffic sources can be referred in its reports and you will know what percentage of traffic is coming from social. A good way to investigate what content works for your social channels and what does not.
Your social media efforts has to be measured with right KPI’s that shows real and whole picture rather than a glamorous one only with huge numbers that docent hold any value. KPI’s that shows an increase in lead generations, conversions and tracks customer acquisition are the only ones to look out for.
Social Media ROI Tip: Measure Metrics that makes Sense !