Social media has become a very important tool in digital marketing strategies. This is something that most companies are aware of, which is why they are present on different social media platforms.
The use of Instagram or Tiktok can help your business to build loyalty, improve customer relations, share content, etc. It all depends on the objectives you have defined in your social media plan.
But to know the impact of your campaigns, you not only have to be clear about your objectives, you have to analyse your actions to know if they are succeeding or not. If you don't measure the impact of your campaigns, you can't know if they are working, and you can do this by using KPIs.
Today we bring you what a KPI is and which ones are best for your social media, read on to find out more!
what are KPIs?
KPIs, or Key Performance Indicators, are metrics used in digital marketing to measure the performance of campaigns. They are used to evaluate if the actions you are carrying out are being carried out successfully and if you are meeting the objectives you have previously set. They serve to observe and check that you are on the right track or if, on the contrary, you need to make changes.
KPIs are measurable numbers, in real time, that provide you with a lot of information to make the best strategic decisions that allow you to improve and grow. But one thing you have to be clear, KPIs are metrics, but not all metrics are KPIs. KPIs are the most important metrics, so they are key indicators with which you can measure the performance of your business.
how to define KPIs in social media?
Now you know what KPIs are, but how do we choose the best metrics for our social media plan?
The key is to select the ones that best fit your objectives. Therefore, the first thing you should do is to define them in order to be able to run campaigns based on them. Remember that you should have SMART (Specific, Measurable, Achievable, Relevant and Time-bound) objectives.
Then, ideally, you should select the platforms you need to be present on. You don't have to be on all social networks, but wherever your audience is and where it best suits your company. It wouldn't make sense to be present on Facebook if your audience is on Instagram and Tiktok, for example.
Once you are clear on which platforms you are going to have a profile, it is time to choose and set the KPIs. There are many different metrics and each one will be useful for a specific action, some will measure reach, others the number of followers or traffic to your website.
The best social media KPIs
Here is a list of the most used KPIs to measure your social media actions:
Engagement is used to indicate the engagement and loyalty between the brand and the followers. The higher the engagement, the more engaged your audience is and therefore, the more likely that follower will become a customer.
To calculate the engagement of your profile the formula is as follows:
Total interactions / people reached x 100
For example, the total interactions on an Instagram post would be the sum of the number of likes, shares, saves and total comments, divided by all the people who have seen the post, and the result of that division is multiplied by 100.
Social Share of voice KPI
The number of followers is no longer a reliable indicator, because it does not mean that having a very high number of followers will lead to better engagement or generate more conversions. In addition, in recent years, there has been growing controversy over the purchase of followers by companies or influencers.
So the SSoV KPI shows us how many people are talking about you, i.e. all the mentions they make of your brand. The greater your participation in social networks, the more popular you will be and the higher percentage of your followers will become customers.
SSoV = Views / Mentions of your brand on social media x 100
CTR or Click through rate, this metric indicates the number of clicks that a publication receives on social media in relation to the number of impressions obtained.
The formula is as follows:
CTR = No. of clicks / total impressions x 100
This KPI is usually applied when we make advertising campaigns, to know if the ad is being effective and the objective is being fulfilled.
KPI Conversion rate
This is one of the most important, because it indicates whether the publications are being effective and a conversion is being achieved, this can be a purchase or subscription, i.e. it shows us what percentage of visitors are fulfilling the objective set by your brand.
Total number of conversions / number of visitors x 100
For example, the number of conversions you can measure is the total number of purchases made on your website achieved through a post on your Instagram profile.
ROI or return of investment, this calculates the profitability of your campaigns, so you know if the investment you have made in an advert is profitable. It lets you know if the money you have invested is generating losses or profits.
ROI = (Profit / Cost or Investment) / Cost or Investment x 100
This metric is essential, calculating it will help you make better future decisions as you will know if your actions are profitable, as well as having more information to evaluate if your strategies are profitable.
There are many more KPIs for social media that can be very interesting for you, so we encourage you to investigate all of them and apply them in your social media profiles.
Remember that your metrics must fit your objectives, which are previously set and SMART. Now it is your turn to implement your social media strategy and define the KPIs that best suit you. We recommend that you make a report with the results so that you can consult them whenever you need them and observe the progress of your actions.
we hope you enjoyed this post!