How to Set Social Media KPIs

Why people use a KPI?

When you do a marketing campaign, you will necessarily look at the outcome. Depending on how it worked, you will decide whether or not to do it again. In other words, you look at the effectiveness of the strategy, this is called a KPI.

KPIs are key performance indicators, the parameters by which a target marketer measures how successful a campaign has been. The constant monitoring of KPIs helps a company to understand where its weaknesses are and what needs to be improved or removed due to inefficiencies. KPI is the most important measure in reporting, as it clearly reflects all the work done.

How to measure KPI?

To begin with, the KPIs should work as a strict plan. You need to understand the goals you want to achieve, e.g. what results you should reach, in what time frame, who needs to work on it.

The main sections of KPIs are reaching, engagement, settlements and customer satisfaction. Let’s look at each group in more detail.

1. Reach

Reach indicators are one of the important ones in this topic. Actually this parameter works for traffic.

Essential indicators:

Followers count — the number of people who are subscribed to you. They help to see if your reach is extensive enough. The more active subscribers you have, the more traffic you get.

Website visitors received from a specific source — defined using Google Analytics.

Impressions — the number of users who have seen an ad or post on social media. Usually calculated using internal statistics of your advertising accounts or social networks.

Views — the number of times a particular piece of content is seen. It helps to evaluate the effectiveness of the content. Evaluated using social media statistics or Google Analytics in the case of a website.

Remember that these KPIs are only for traffic counts, because if there is no traffic, customers will not even see your product. It is also important to increase the conversion rate of your website.

2. Engagement

Engagement indicators show how many people interact with your account, whether your followers can become potential customers.

Essential indicators:

Likes — the number of people who like your post. If they like your content, then they will remember it and be able to share it with their friends, which will lead you to more views.

Comments — one of the most important elements of communication, they show that the profile has a “live” audience, who share their opinions under the posts or give feedback on your post.

Sharing show how many people have sent your post to other people. The higher the number, the more likely it is that new people will start subscribing to you.

3. Settlements

The previous points are based on how well your audience suits you and engages with your site, but the main thing is to increase the conversion rate of the site, what is responsible for your sales. If you are reaching the previous KPIs, but are not seeing sales, perhaps the problem is an unfriendly site or an unattractive product for customers.

Essential indicators:

Requests on the website show how much clients place an order. The figure is calculated using CRM system statistics.

Phone calls are counted using call-tracking systems.

Conversion from clicks to orders is one of the most important indicators for the marketer. It shows how many of your potential customers have placed an order. C1 Conversion = number of orders / clicks * 100%

Sales revenue used to understand how many people have bought your product as a result of your promotion. It used to assess whether or not your budget is justified.

4. Customer satisfaction

Review from customers is a measure of how successful the advertising campaign and the purchase as a whole. Companies tend to get most positive feedback, but negative feedback also happens. Show your customers that their opinion matters to you — offer to correct mistakes and reorder at a discount, so you will gain audience loyalty.

Essential indicators:

Rating shows how many stars your company has and how satisfied customers are with their purchase. customers are usually asked to mark their satisfaction with their purchase from one to five, where one is completely dissatisfied and five is completely pleased.

Repeat applications — the number of applications left by regular customers. This is an important indicator that really shows customer loyalty to the brand. It is counted with the CRM.

In conclusion, it is important to measure all KPIs, as they are interlinked with each other. The more successful your advertising campaign is, the higher your KPIs will be. It helps to see how successful you are in attracting new customers and allows you to correct mistakes.

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