Measuring Social Media Performance and KPIs
When talking about social media, CEOs and business executives wonder how big of an influence this has on their business investments. To some, marketing activities should take priority. However, others believe social media is an important tool, which can enhance marketing strategies and success.
Because of that, it is important to understand social media and how it can benefit businesses. Here are some essential points about social media KPIs:
Measuring engagement
Social media content might be intriguing, informative and catchy, but not knowing how many readers have read or re-posted information regarding your business, on their own social platforms, renders social media content useless.
By measuring engagement and outreach, organizations can understand what topics their user base like the most and can get a bigger read on trends and ideas that they can use for future posts. It also helps if you know when you should post content, during which hours is your audience most likely to engage in social media.
Understanding and measuring essential influencers and brand ambassadors
Brand Influencers and Ambassadors are important because they can promote and increase traffic. However, more importantly, the dominant figures of an industry can create credibility within the brand.
Maintaining a good relationship with those who can influence customers’ opinions is vital, as this can bring greater interest towards the brand. Finding out which users bring all the customers to the yard is also efficient from an investment position – you don’t have to measure and invest in every user, but in specific, targeted ones.
Measuring traffic
People who like or even re-post social media contents are a good boon for any company, but knowing which and how many users are actually going to your website is even better. This helps in understanding which posts brought the most clients and which failed their intended objective.
Measuring sales from a social media perspective
The previous KPIs help attract potential customers, but understanding what influences them to buy the product is what’s most important. In doing this, social media managers know how effective their strategies were.
Measuring paid social marketing
Every business owner should know that over budgeting should be completely avoided, and in this case, social marketing over budgeting can be quite a see-through factor oftentimes. Business owners should know which paid social marketing strategies bring back profits, so that they can maintain or change strategies. Executives and managers can calculate this by dividing social marketing costs with the total number of customers gained through social media.
Create social media KPIs to fit business objectives
It is important to understand that any KPI is not a one-size fits all; before implementing or creating social media KPIs, one must review the company’s objectives. This helps in creating appropriate and effective KPIs. Randomly implementing KPIs for the sake of doing so is deemed wasteful, inefficient and time-consuming.
To sum up, social media is a tool that can benefit both customers and your sales department. It helps promote and increase brand awareness to potential customers. It is imperative to understand and create social media KPIs that are effective and will help the company reach higher levels of performance and profitability.
Although some still question how far can a company benefit from social media strategies, it is crucial to understand that an average person spends a minimum of one hour and forty minutes every day on their social media platforms. That is more than 10 hours a week and approximately 21 days a year to ensure that the company’s brand well-known to worldwide social media users. This is definitely something that’s worth investing in.
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Tags: KPI, Performance Measurement, Social Media performance
