Social media is the leading trend in the game of online marketing. The age of today is filled with innumerable opportunities on social media that were not available before. With this being said and acknowledged by web gurus, it is important to measure social media returns for a business. There is absolutely no denial that social media measurement is still at a very nascent stage of development however, what stands for a fact is that there are some KPIs or key performance indicators to assist you in a better understanding of your business goals and in defining the factors that matter to your enterprise.
Here are top 8 KPIs to measure your success on social media:
Converting social traffic:
It has been seen that more time and effort invested in social media translates into more traction towards creating better brand awareness. The more you indulge in discussions on social media sites, the more you realize that there are some places that offer more grip than others. The question that pops up is how do you find out the one generating more traction?
A suggested way to do
is by segmenting your traffic in Google Analytics data. Begin tracking social media referred traffic monthly and see the way it works for you. Although it is important that you measure the quantity of social media traffic, what needs more tracking is the quality of traffic. Only those who stuck around and did something desirable are the ones that count for you.
Engaged traffic is another KPI for social media success. Engagement effectively means getting people occupied with something that you want them to be engaged with. Now how do you differentiate between engaged and non-engaged visitors? This can be done in two ways, one is by measuring the average time on the site and the pages viewed and the other is by measuring the number of social actions on your site each day.
Mobile device conversions:
This is one KPI that most web enthusiasts forget or knowingly ignore. With the adoption rate of mobile devices skyrocketing, this is one factor that must matter and be measured. Use analytics tool to get the number of visits on your social media page that you get from mobile devices. If you are an e-commerce entrepreneur, you will soon realize the value of mobile presence and its measurement for your business.
CTR on social media channels:
In most cases a click through is a visit. It is recommended to start tracking clicks wherever you share content using bit.ly or ow.ly. The more number of visitors clicking on a link translates into more number of visitors seeking you to buy your products. By measuring CTR on social media channels you will start seeing trends such as time of the day or day of the week that is best to share your content on.
Assisted conversions from social media sites:
Assisted conversions measurement will assist you in understanding the power of social media sites in leading a visitor to perform a desirable action that brings business for you. Track assisted conversions on monthly basis and get a bigger picture by combining this data with last recorded conversions.
This is one metric that is heavily used these days, but very often, not appropriately. For example, your content on social media may have received an overwhelming number of likes but till the time you measure the change in the number of likes, you do little good for your growth.
With a measurement of the rise in number of followers, you are actually measuring the reach of your brand on social networks. Growing followers is a self-reinforcing mechanism that does not require much effort after a certain while. What you need to focus on is measuring relevant followers who you think will give you a lead in terms of brand attention.
Demographics and Location:
It is great to have the knowledge of demographics of your follower base. It is even better if you can know the location of your loyal visitors. This data assists you in strategizing for future endeavors. This information can easily be sought from Facebook page insights or Twitter Ads Analytics.
Backed with these top 8 KPIs to measure your success on social media, you can have a better know how of what matters for your brands success and what does not.