Is the greed for likes, shares and followers really useful? And is reach really the only measure that companies should follow in social media marketing? For a strategic methodology, many more KPIs are meaningful. We introduce the most frequently used key figures.
You blog, post, interact what the stuff holds. Across multiple channels. And in the end, are you constantly asking yourself if your company is worth the effort?
Social media marketing can work and bring leads to your business – if you’re not just talking about the sheer numbers of reach, engagement, and conversions.
In this article series we want to introduce and explain the often mentioned and used KPIs (Key Performance Indicators) in social media marketing.
The second part is about KPIs that measure the success of your social network activities a little finer. We also give you tips on which goals you can define and how you can get reliable numbers.
Key Performance Indicators – what are these actually for key figures?
KPIs are key figures that were originally used in a business environment. Designed accordingly, these numbers indicate how far a target has progressed or been fulfilled. A KPI always forms a ratio of two measured values.
For social media marketing, these metrics are crucial because we can use them to determine if a measure was successful or not.
The basis for this, however, should be a strategy that is underpinned by clear targets. This is the only way to set metrics that allow you to derive a KPI in relation to each other.
These are the most commonly used KPIs in social media marketing
Range and visibility
The range describes and includes the number of people you can actively reach with a measure, so to speak. Visibility indicates the number of people who correspond to you or your content without actively affecting that process.
This number of your fans indicates how high your theoretical reach in the social networks is. However, use this measure with caution: Many newsfeed social network algorithms make it impossible for any of your followers to actually see all your posts. At Facebook, it is currently less than three percent!
They show you how many times your post appeared in the news feed of your followers. Again, you should exercise caution and remember that even a single user may be responsible for multiple impressions. Depending on the social channel, impressions can still be subdivided into organic, paid and viral impressions.
This metric is probably the most important and meaningful KPI in social media marketing. However, what exactly defines as a conversion depends on the declared goal of a contribution or measure (sales, registration for a webinar, download of a white paper or a generated lead).
The conversion can also be multi-level capture: So you can measure the conversion rate on your website for users, for example, you could generate from the social traffic of Facebook or Twitter. These rates can be compared to the target for organic or direct conversion.
From this, further KPIs can be derived, such as Cost per Lead (CPL) or Customer Acquisition Costs (COC). These numbers are very meaningful depending on the measure, because with them your measures can be compared and refined successively.
As video content on Facebook, Instagram, and the like becomes more important, you can set an important KPI with the number of video views. Again, you should take a closer look: A “call” your video is not synonymous with actual users who have viewed the content from beginning to end. Each channel sets a specific minimum playing time, after which a call is considered a video view.
Share of Voice
With social media marketing, this KPI determines how often your business is mentioned in the context of your competitors in your industry.
Share of Buzz
Based on the Share of Voice, the Share of Buzz defines the number of posts for a particular term in a defined period of time.
In the second part, we’ll explain what consumer metrics you can use for your social media marketing efforts and how to set specific goals.
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