Today, social media is a marketing necessity for every business. Today's customers want to engage with their favourite companies and social media is the way to connect with them.
Did You Know? Globally there are 2.56 billion mobile social media users which equals to a whopping 34% penetration; with 1 million new and active mobile social users joining in every day. (Source: WeAreSocial)
The question for businesses today is “how do you make sure that your efforts are reaching your target audience and having an impact?” The answer can be found by analyzing your data. Analytics track who interacts with your content, where they come from, and how long they engage. Understanding “Key Performance Indicators” or KPIs can help you to tweak your campaigns to better reach your target market with the information they're seeking and grow your business.
KPIs go much farther than simply tracking the number of “likes” or “shares” of your content. Here are some important KPIs to watch:
- Follower Count – Checking total followers and fans on each platform is the most obvious way to determine reach.
- Impressions – This one is complicated, but seeing how many times your posts showed up on a timeline or newsfeed indicates how many times people “could” connect with your brand. A higher number is better.
- Web Traffic – The amount of traffic to your site is crucial for measuring a social media campaign’s effectiveness. If you see lots of reach and engagement but little-increased traffic, it's time to look at your CTAs.
- Clicks – Simple way to measure engagement. Clicking on a link is a good indicator someone is likely to convert.
- Shares – Likes are good, shares are better. It's a sign that readers are willing to recommend your brand to their friends. A good indicator of social proof.
- Lead Conversion Rate – Indicates how many leads end up buying. Social media efforts should increase this number over time.
- Cost Per Lead – This metric measures ROI. Social media is effective because it builds relationships and generates authority for your brand. Your CPL should go down over time if your efforts are successful.
These are only a few examples of KPIs to track. The data you choose to analyze depends on your business needs. Effectively using analytics to track social media reach and engagement can help you to grow your business.