Using social media is an easy way to reach potential customers and clients. Facebook allows you to connect with them in new ways that you couldn’t before and offers ads that you can buy for your business. An important thing to keep in mind is the return on your investment or ROI. The ROI refers to what you get back for the time, money, and effort you put into a social media account. No matter what type of business you run, you can get all the benefits of social media KPIs.
The term KPI stands for key performance indicators. It refers to how well your company and employees perform in key metrics. Using KPIs will help you determine the strengths and weaknesses of your business as well as your workers. When using a KPI for social media, you can track what your workers do on social media sites and how well they engage with your customers. We can help you determine the best KPIs to use as well as create performance scorecards for your employees.
Engagement is one of the social media KPIs that you should use. Social media allows you to engage with customers and connect with them in ways that you can’t through a standard website. Tracking your overall engagement is easy when you look at specific factors, including the number of likes you get on posts and the comments visitors leave. Many companies use social media as their main sales tool. Make the most of your profiles by optimizing the content and running promotions that speaks to your audience’s wants and needs. Even if you have a small or startup company, this KPI will help you keep an eye on your overall engagement and business growth.
There are generally four ways to track your engagement with customers, including:
Looking at how many clicks you get shows you the number of readers who click the links that you provide and visit other sites as well as how many times they purchase through those links. Tracking the number of likes you get tells you how many customers read your posts and liked what they read. Comments help you both engage with customers and get them talking about your company. You also want to see how often they share your content with their friends. Social media management software for businesses can help you with this. At Fusion CPA we like to use Zoho Social to easily post to and track a variety of social media sites.
Another example of a KPI for social media is lead generation, which essentially tells you how many leads you get from your online efforts. Putting in more effort may not lead to as many leads as you thought. Customers today want to know what one company offers that is different from what others offer and why they should buy from that company. Your videos and photos can show how you’re distinct, but you also want to include ways for those customers to engage with your posts as well as a way for them to get more information or contact you.
One of the best things about using social media is that it extends your overall reach. You no longer need to spend money on local advertising campaigns that only reach those in your backyard or hometown. Try to reach potential customers from around the world. Two ways you can track your reach include impressions and followers. Tracking shows you how many people like and follow your accounts and how often they share your content with their followers. Looking at traffic data can help as it shows where people came from and how they found your site.
When using online KPIs, some business owners forget to consider their mentions. This term refers to how often others mention your brand or product. More than 90% of people who talk about brands and products online do not follow those brands’ accounts. It’s almost impossible to know what customers think if you only rely on your followers. You also want to look for those who tagged you in their posts. Not only can you engage with those customers, but you can improve your online reputation too.
A scorecard is essentially a way for you to keep track of your company’s performance or an employee. Using KPI scorecards is an easy way to predict how well your sales team will perform in the upcoming quarter and how well you interact with others online. To use scorecards, look for values that you can measure. The values might include the number of comments you get on average per post or how many times customers share new posts per week.
Scorecard Examples: The scorecards that you use will vary based on what your company does. Let’s say that you work in the entertainment industry and book musicians and actors. Your social media scorecards should include the number of times that followers share videos of the talent and how often they like the videos and photos that you post. Those who work in the health care industry can use similar metrics. You’ll want to track factors such as the comments that followers made on your posts and how often they agreed or disagreed with your content. Whatever gets measured can be improved. If you’re just firing in the dark you won’t make the most of social media posting.
Tracking Employee Performance: Using a KPI in social media can help you track employees’ performance. Many small business owners do not have enough cash in their budgets to pay for a marketing department. Having one employee or a small group handle your social media accounts on top of their regular job duties can save you some money and still let you engage with customers. You can use standard KPIs, including revenue and marketing. Employees receive scorecards that show well how they performed in each key area. The scorecards can help them understand what they need to do better in the future too.
Using the Right Platforms: You need to do market research to see what platforms your audience uses the most. Also, make sure that graphics are sized correctly for the platform in mobile and desktop. Once you create a public page, you can invite others to like your page and view your content. Make sure that you include contact information to help potential customers reach out.
Social Media Tracking: All of the top social media sites can help you engage with customers and answer any questions that they have as well as connect with them on a different level. Engagement is the top KPI in social media as it shows how likely your followers to share and link posts. You may want to track your sales revenue and generated leads too.
Fusion CPA can help you choose the right metrics and create scorecards to improve your social media presence