Social Media KPIs: Are You Doing It Right?

KPI or Key Performance Indicator as Concept

A successful social media presence can mean big things for your business, even if yours is a small business. If people are engaging with you and talking about you for the right reasons, your name becomes ingrained in your potential customer base’s mind. And when your business is the first thing that pops into a potential customer’s mind when he or she needs the goods or services you offer, who do you think he or she will call first? Before you can determine if your social media efforts are working, you must first determine your goals and your key performance indicators (KPI).human models connected together in a social network pattern

Set Yourself up for Success: Be Where Your Audience Is

Setting goals and and KPIs is one thing, but you’re setting yourself up for failure if you don’t first find out what social networks your audience is using, and what kinds of content it consumes. The fact of the matter is that people use different social networks for different things. Pinterest users share things like recipes, home decorating tips and craft-making instructions. A floor covering company may see great results, whereas an HVAC company may not see the best results on Pinterest. Facebook may be better for those types of businesses and industries. According to a 2014 study by PEW Research Center, 71 percent of all online adults use Facebook.

What should my KPIs be?

Once you determine where your potential audience is and what social networks is uses, how do you know if you’re reaching the right people? How do you know if your social media time and effort is worth it? First set a baseline. Know your numbers before shake things up. Most social networks have analytical tools for business users. Once you’ve determined your baseline, track the following KPIs to determine if your efforts are helping your business grow:

Reach

The number of fans and followers you engage and participate with on social media is a good indication of your reach. If that follower base grows rather than shrinks, it’s a great indication that you’re doing something right. If more people unfollow your business than follow it, you may want to consider switching gears and changing your strategy. Try changing the frequency or type of content you post to make sure it’s what your audience wants.

Knowing your follower base’s demographics — which can be determined using the social networks’ analytical tools — can help determine the best type of content to post.

Engagement

Not every follower will actively engage with your business. Ideally, the ones who do will be influential in your industry or, at the very least, loyal customers who tell the world how great you are. You don’t want a bunch of fake followers — not in the Jersey Shore sense of the word, but in the actual sense of the word. You want real and relevant followers and fans.

If your audience is liking, favoriting and sharing your posts, that’s a good indication that you’re posting things it enjoys.

Conversation is a two-way street. You want your audience to be commenting on your posts, and you will want to respond in a timely manner to any negative feedback avoid unfollows.

On Twitter, retweets and mentions are king. On Facebook, shares are king. When your followers take the time to take your message and share it with their own followers, they do the social networking legwork for you. Your followers’ followers are potential customers.

Web Traffic Data

One of the biggest KPIs with social media is whether or not your efforts are generating traffic to your website, which details what your business and its services are all about. Traffic to your website means means sales.

Determining the right KPIs is only step one in successful social media marketing. To connect with a skilled online marketing team determined to make it work for you, contact us today online or by calling (816) 527-8371.

 

Author Troy Frink

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