Navigating the Social Media Seas: A Compass of KPIs
In the vast ocean of social media, it's easy to feel adrift. How do you know if your efforts are steering you towards your destination or if you're merely treading water? The answer lies in your Key Performance Indicators (KPIs). These are the compass points that guide your journey, helping you navigate the choppy waters of social media marketing.
Understanding Social Media KPIs
Social Media KPIs are metrics that measure the performance of your social media campaigns. They help you understand if your social media efforts are paying off and if you're achieving your marketing goals. These KPIs can be categorized into four main areas: Awareness, Consideration, Conversion, and Loyalty.
- Awareness KPIs: These metrics measure the visibility of your brand and content on social media. They include metrics like the number of users reached, frequency, CPM (Cost Per Thousand Impressions), video views, view-through rate, and ad recall lift.
- Consideration KPIs: These metrics gauge the level of engagement and interaction with your content. They include metrics like the number of video views or clicks to the website, percentage of consulted product pages, view-through or click-through rate, cost per view or click, dwell time, post engagement, and search requests on the topic.
- Conversion KPIs: These metrics measure the effectiveness of your social media campaigns in driving desired actions such as leads, conversions, clicks to the website, test drives booked, and positive buying experiences.
- Loyalty KPIs: These metrics assess the level of customer loyalty and retention. They include metrics like video views or clicks to the website, view-through or click-through rate, dwell time, post engagement, frequency of visits and interactions, shares, and interaction rate.
We often hear the question about Benchmarks for these KPIs. The truth ist, there are industry averages - but you have to set your own. Based on your target and also on your ability to produce and deliver content.
So how should we approach this question on the KPI goals for the next quarter?
The Power of KPIs in the Sales Funnel
KPIs play a crucial role in the sales funnel, helping you understand where your customers are in their journey and how effectively you're moving them towards conversion. For instance, awareness KPIs are crucial at the top of the funnel when you're trying to attract a broad audience. As you move down the funnel, consideration and conversion KPIs become more important as you aim to engage your audience, drive them to your website, and encourage them to take action.
So to set up your next KPI targets track this funnel backwards. Simply put (even though it's much more complex) - how many views do we need for one sale?
The Future of KPIs and AI
As we sail into the future, AI is set to play an increasingly significant role in measuring and optimizing social media KPIs. AI can help analyze vast amounts of data more quickly and accurately, providing deeper insights into customer behavior and campaign performance. This can help marketers fine-tune their strategies, optimize their content, and deliver more personalized experiences to their audience. This is exactly what Luceena will be doing.
Understanding and tracking your social media KPIs is crucial for steering your social media strategy in the right direction. So, set your compass, chart your course, and let your KPIs guide you to success in the social media seas.