By: Agency Lite
“Facebook is proof that you are never too old to have ‘imaginary friends’ -Anonymous
How do you evaluate success of your social media accounts and paid advertising?
Whether you have a presence on Facebook, Instagram or Twitter, it is very easy to get hung up on the number of followers and likes. A lot of small businesses and entrepreneurs focus just on these metrics at the start of their journey. They get very excited if they see a spike in likes or get very frustrated if their followers count doesn’t grow exponentially every day.
Followers and likes are definitely the numbers you should be paying attention to, but there are so many more KPI’s that need to be taken into consideration. Your social media success measurement will depend on your objectives. One size doesn’t fit all, that’s for sure.
In general, you can break your marketing goals into 3 main categories: awareness, engagement, and conversion. Each category has its own role in the communication process and the corresponding set of success metrics. Let’s deep dive into each of them.
If you want more people to learn about you, your business, your products, and services, then getting high reach is the most important. You want to get your message in front of as many people in your target audience as possible.
The metrics you should focus on when building awareness includes reach, impressions, views, and corresponding costs if you are buying paid advertising.
To build stronger relationships with your followers, community, potential customers, it is important to create meaningful interaction with your content which goes beyond likes. Stronger engagement means a deeper connection with your brand, interest in your products/services and potential opportunity to convert your followers into your customers and clients.
The following KPIs will help you measure the success of your engagement campaigns: interactions, clicks, shares, retweets, video completes, time spent. Make sure that you are looking not just at volume but the rate and cost for each KPI. (ex. Click Through Rate, Cost Per Click, etc.)
When running a business, your end goal is usually to convert your target audience into your customer. To get closer to the final sale, you want to measure how your social media converts into specific actions/leads which will eventually result in sales.
To track conversions, you should focus on the following metrics: number of leads, downloads, subscriptions, traffic to your website – all the actions that you consider a conversion for your business. You should also calculate the conversion rate and cost per conversion.
Various social media platforms have specific nuances on the metrics and reporting that they provide, but all of them are designed to measure specific goals that we covered in this blog post. Always think of your objectives first and you will have no trouble correlating specific metrics to measuring the goals you are trying to achieve.