Essential Social Media Marketing KPIs to Monitor to Keep your Business on Track

Social media marketing (SMM) has become a powerful tool for businesses to promote their products and services. But your business will still grow even though you’re on social media. You need to know what’s working and what needs to be improved if you want your SMM efforts to impact sales. Many KPIs (key performance indicators) can be tracked to measure your social media success—some of which may be more relevant than others, depending on your niche or industry.

Here is my list of essential social media marketing KPIs that every business owner should be monitoring:

Reach

Reach is the total number of people who saw your post. Reach can be calculated for a single post or an entire campaign, but it’s most valuable when you compare it against your current reach—how many people are seeing your content on average.

Reach can also determine how many new followers you gain from individual posts and campaigns and how often they engage with that content (i.e., how many times they liked the post or commented on it).

Engagement Rate

The engagement rate is the percentage of followers who have liked your posts and left a comment on them. This is a great way to measure how engaged your audience is with your content, and it will help you identify any gaps in their understanding of what you are trying to communicate.

• How to calculate: Engagement rate = Likes / Followers
• Good example: An engagement rate of over 2% shows that people are interested in what you’re posting.
• Bad example: A low engagement rate would indicate that something needs improvement in your social media strategy or delivery method.

Impressions

There are two main ways to calculate impressions, both of which are straightforward. 

• The first way is to count how many users saw your post. 
• The second is to use a tool like Buffer’s free analytics, which calculates impressions based on the number of followers and likes you have. 
  • How to calculate: Impressions = (Likes + Clicks) / Followers 
  • Good example: An impression rate over 1% shows that people are interested in what you’re posting
  • Bad example: A low impression rate would indicate that something needs improvement in your social media strategy or delivery method. 

In practice, it’s best to use both methods to get an accurate impression count and ensure you’re getting everything.

Know more about differences in reach, engagement, and impressions.

Click Through Rate (CTR)

Click Through Rate (CTR) is the number of clicks divided by the number of impressions. It’s a good indicator of how well your content is performed and gives you an idea of what kind of engagement and traffic you’re getting from social media.

CTR can be used to measure performance for specific posts or campaigns, but it’s important to remember that CTR isn’t the only metric you should track—it doesn’t paint a complete picture. It would be best if you had the metrics like Impressions, Clicks, Engagement Rate, etc., to see what’s working and what needs improvement to improve your overall performance over time.

Conversions

Conversions are the most important KPI to measure your social media marketing efforts. Conversions can come in many shapes and forms. Still, conversions are generally defined as a specific action taken by a consumer that signifies their desire to buy your product or service.

There are two types of conversions: macro-conversions and micro-conversions. Macro-conversions are significant actions like clicking on an ad or filling out an email form; in contrast, micro-conversions are more minor actions like following your brand’s social media accounts or downloading an eBook.

You’ll want to set up tracking software like Google Analytics to see which of these various conversion points your audience seems most interested in acting on when they visit your website after interacting with one of your social media profiles. Suppose this data shows that people aren’t completing any conversion (either macro or micro). In that case, it’s time to reevaluate how well you’re targeting the right people for each type of engagement method used across all platforms involved in driving consumers toward purchases from brands like yours!

Social media marketing can help gauge your business’s success, but you need to know what to look for.

Social media marketing can be a handy tool for gauging your business’s success, but you need to know what to look for.

First and foremost, social media is an excellent way to get feedback from your customers. You can find out what they like about your products or services and what they don’t like about them. This information will help you make better decisions regarding future products or pricing strategies.

Secondly, social media allows you to reach many new customers who may have yet to hear about your business. Using this approach correctly allows you access to a customer base that could lead them to purchase one of your goods or services in the future!

Thirdly, using these platforms appropriately will also give leverage towards building brand awareness which is critical when trying to establish credibility within an industry (even though we’re all familiar with companies who need help understanding this concept). In short: It helps put eyes on what matters most when deciding where/how often people should spend their hard-earned pesos…

Run-through

With so many different metrics to monitor, social media can be overwhelming. But when you focus on the right ones, you will see success in your marketing efforts. So, what are some of these essential KPIs? Reach is one of the most important because it tells you how many people have seen at least one piece of content from your company. Engagement rate is another excellent metric that shows the percentage of people who liked, commented, or shared something from your page. Impressions show us how often an image was displayed by someone else’s post containing your link (which means more exposure for us!). Click-through rate (CTR) shows how many clicks were made on links within posts related to ours; if this number goes down over time, then we know something needs fixing! Conversions tell us exactly how much money we made from each purchase thanks to social media marketing efforts directly – this is crucial information because it shows us just how effective our investment was (or wasn’t).

Take the Next Step!

If you’re looking for more help on how to track your KPIs on your social media marketing campaign, we at EXP Digital Marketing would love to hear from you!

Our team has been helping businesses like yours manage their social media marketing. We’ve got the experience, skills, and expertise to help you reach your digital marketing goals.

If you’d like us to review your current efforts and give you a plan that will help you improve them, please send us a message!