18 Oct Tracking the right social media KPIs
A popular saying in marketing is, “What you can’t measure, you can’t manage.” This is why it’s important to set and measure KPIs or Key Performance Indicators. However, one common error is that we track too many of them.
We often track “vanity metrics” that appear important but don’t directly contribute to your bottom line or net profits.
Vanity metrics include things like:
- Facebook, Twitter, Pinterest followers
- Likes or shares on your content
- Page views on your website
They’re all surface level and are not connected to ‘real’ business metrics like revenue. While creative or brand building marketing is important and can nurture your relationship with your potential customers, they don’t necessarily show ROI.
Some tangible factors to look at are:
- Where are you spending money?
- Is social media paying off in the long term?
- How many qualified leads are coming from these efforts?
- Are your landing pages achieving your set objectives?
Social media can be a rabbit hole for marketers. With so much noise online, each thing you put out can be fleeting.
With the right metrics, you can show even those unfamiliar with digital marketing the effectiveness of your social media presence. Engagement is important. However, how do they stand in relation to revenue related metrics?
Some questions to consider:
- How many people get to your site via social media?
- Of these people, how many of them are converting?
- Who are these people and which social media platforms are they coming from?
- Good content is important, but which is working?
- Which social media platforms are cost-effective?
- Which of your sites are converting?
Using Google Analytics, you can also visualize data that helps you understand how your social media channels are converting. Try to look at the conversion rates and cost per conversion per channel so you can understand what is and what is not working.
Finally, no matter how big your reach is or what KPIs you track, social media can only be effective if you produce quality content. You need to create interesting, useful, and ideally attractive content. This will ensure visits, clicks, and the end goal – conversion.
Formulating social media engagement is a serious business. With a strong content strategy and well-defined digital marketing KPIs, you can get results and create strategy that feeds your bottom line.