As far as years go, 2020 has been something of a bummer. That’s why we’re so adamant that you start 2021 off on the right foot—namely, by monitoring your key performance indicators, or KPIs. Specifically, we’ll look at social media KPIs and how to choose the best ones for your brand in 2021.
What Are Social Media Key Performance Indicators?
While social media KPIs monitor engagement, they go beyond tracking the number of likes, comments, or followers your page receives. Don’t get us wrong; those stats are crucial. But in monitoring these more obvious KPIs, businesses often overlook other key stats, such as target demographics and social media conversions.
Without further ado, let’s examine some of our favorite KPIs in greater detail. Have you etched out room in your marketing plan to monitor these KPIs in 2021?
1. Social Post Impressions
Impressions tell us how many times a post shows up on a user’s feed. Often, single users can have multiple post impressions (say, for example, that you see a targeted ad on Facebook, and three of your friends reshare that same promo). It’s all about knowing how far your content reaches and seeing its potential across multiple social media platforms.
For example, do particular posts generate more impressions on your Instagram page than on your Twitter handle? Is there a specific time of month or year that impressions tend to skyrocket? How many impressions are thanks to shares—and how many come from the original ad?
2. Link Clicks
Link clicks are exactly what they sound like. While they’re not yet conversions, you’ve done the hard work of intriguing your customer and getting them to dive deeper. Measuring click-through rates on social media ads is a surefire way to determine who reaches your landing page, and through what means.
Oh, and a heads up: if your click-through rate is in the single digits, don’t fret. The average social media CTR is around 1.3%. Think of it this way: if your ad has 1,000 views in an hour, that’s 13 click-throughs—and that’s not too shabby! Of course, we recommend you shoot for an above-average CTR; somewhere between 1.5-2% will be your sweet spot.
3. Social Media Conversions
If you’re a business selling a product or pioneering a cause, it goes without saying that you want your followers to take action. Taking action means going one step further than glancing at a page or even liking a status. Here are some examples of social media conversions; keep in mind, however, that this list is by no means conclusive.
- Requesting a quote
- Signing up for emails
- Liking your social media page
- Purchasing a product
- Completing a download (yes, even a free one!)
Similarly to link clicks, social media conversions appear a bit low at first blush. We’re talking approximately 0.7%. However, when you consider that many of us log onto social media to scroll aimlessly, that number isn’t as low as it sounds. Of course, we recommend setting your conversion goals just a little higher—around 1-2% to start.
4. Audience Demographics
As a brand, who, exactly, are you reaching? Is it your target demographic? If not, who is interacting with you, and why?
Audience demographics are measured by age, gender, geographic region, income level, lifestyle, and so on. Knowing your demographic will help you further refine and develop targeted content. For example, if your largest demographic is upper-income women ages 21-25, you can do even more research on what’s trending for women of this age and income level. You can still target, say, twentysomething men or middle-aged women, but most of your emphasis should be placed on the demographic that’s already wild about you. (Although if you’re trying to expand your target demographic, that’s an entirely different story!)
If audience demographics sound tricky to measure, worry not. Many social media platforms, such as Facebook, Instagram, and Twitter, already have Analytics pages so that you can monitor who likes you, what geographic region they live in, etc. Who knows, your audience results may come as a surprise!
Why Do Social Media KPIs Matter?
Social media KPIs are the best way to set achievable goals for your brand. After all, if you don’t have the proper measurements to define success, how will you know you’re succeeding in the first place? Not to mention, precise numbers and statistics are always better than vague conclusions like “yeah, I think my brand’s doing pretty well.”
We also love KPIs because they narrow in on the stats that matter most to you. After all, just because you have a statistic doesn’t mean it’s relevant to your business.
2021: A New Year Full of Possibility (and Promising KPIs)
The most important KPIs look different for every business. For help choosing the best ones for you to monitor, and how often to do so, look no further. And while we’ve got your attention, why not chat with us about your social media marketing strategy for 2021? You’ll be sure to start the new year off with a bang.