KPI, relating to social media, stands for Key Performance Indicators. In fact, many businesses use KPIs to determine performance over time, see if set goals are being met, and analyze whether changes are due to be made. Now, let’s see what Social Media KPIs are.
Social media KPIs are the metrics used to determine if a social media marketing strategy of a business is working. In addition, they’re tracked data related to a company’s presence on individual social media platforms. Examples of these platforms are Facebook, Twitter, Instagram, or collectively across all social platforms.
Social media KPIs are generally made to aid social media campaigns. However, there are specific ways of using them to get optimum results.
Setting a KPI comes first before using it. The processes involved in setting a social media KPI are easy.
That said, using social media KPIs promotes your business.
What Are Social Media KPIs Used for?
The purpose of a KPI varies based on the goal set by the business. Most businesses use flash reporting to measure daily operations. Furthermore, flash reports can monitor projects, risks, and employee measures.
Social media KPIs are SMART and will help your business grow tremendously when used correctly.
Below are a few ways social KPIs are used:
1. Financials and post-mortems:
Knowing how much money is coming in and going out of the business on a set period gives you quality time to correct courses. Also, rather than fixing a problem many days after the end of the month, you can make adjustments throughout the week based on KPI management tools.
You can control your business and make more profit.
2. Employee Measures:
KPIs measuring employee productivity won’t include information on morale since that can’t be measured and recorded as hard data. Instead, you’ll find data like hours worked, income generated, overtime, and job completion status.
Measuring employee work hours against performance can give a general idea of the amount of overtime necessary to complete projects. This is also done if overtime is paid out for less productive work.
For larger businesses, this can also measure performance for departments. At the end of the month, you can know exactly how much each employee gets. You also know how much money each department gets. Due to this, there will be no overspending.
3. Operational Measures:
Many businesses have quick access to a lot of credit, which is meant to be used as temporary working capital. Therefore, a flash report will monitor many things. Some include the base loan amount and how much the business borrowed against that amount. It also monitors how much is left over, and what is to be done to reduce the percentage used.
Sometimes, your goal was to reduce the borrowed amount by a certain percent. Fortunately, the flash report will show you where you lay in meeting that goal.
These primary uses of KPIs enable the growth of your business.
How to Set Social Media KPIs
You can only make use of social media KPIs after you have set them. Fortunately, you can set a KPI for yourself on your own. All you need to do is follow the tips below.
1. State the objectives of the KPI:
First, you need to state how tracking the KPI will help your company reach a specific business goal. Then, go beyond numbers and information.
Ask yourself, how do the metrics you’re tracking support your business and play into the more effective, carefully designed strategy?
2. Give the KPI a name:
Now you know how your KPI is supposed to support your business goals. Therefore, choose a metric that will help you know if you’re on track. For instance, your business may be focused on growth and you want to build brand awareness on social media. For this reason, you might want to make Facebook impressions one of your KPIs.
When you settle on a metric, make your KPI specific by adding a value and a timeline to it.
3. Share the KPI:
After establishing a KPI, don’t hold it. Instead, share these KPIs with your team, your superior, and any other person who should stay updated with your strategy.
This will help you set expectations and ensure everyone understands what you are doing and why you are doing it.
4. Analysis :
If measuring social media KPIs is new to you and those involved, ensure you collect benchmark data. That way, you can observe changes over time and know if you are growing or not.
Also, you can prove to people that your strategy works.
5. Define your cadence:
How are you tracking your KPIs? Weekly? Monthly? After two months? Choose a pattern that will help you see growth patterns and developments, and react immediately when things aren’t working great.
6. Review the KPI:
Set a time, could be once or twice a year, for a bigger review of your KPIs. Are they still relevant? Do they still help you meet company goals? Should changes be implemented?
In conclusion, Social media KPIs, be it reach, impressions, follower counts, or comments, all contribute to the growth of a business online. Social media marketing has been taken to another level with social media KPIs.
What do you think about this? I hope you had a great time reading it. Kindly share your opinions with us in the comment section. Thank you.