On average, social media captures nearly one third of people’s time spent online. According to Global Web Index, users spend roughly 30% of their time online using social media platforms like Facebook, Pinterest, or Twitter. Additionally, more than half Instagram users and 76% of Facebook users log in at least once a day.
This means social media is important to not only its users, but your business as well. It also means you need a killer social media strategy to get the most out of your target customer’s time spent online. Like any strategy, your social media plan starts with goals, which are defined by KPIs (Key Performance Indicators). In the digital marketing field, which innately includes social media, KPIs typically revolve around things like clicks, engagement, views, likes, and shares. But these won’t mean anything unless they add up to your ultimate goal: a conversion.Tracking data is great, but only if you understand what it means. #KPIs Click To Tweet
Here are a few integral KPIs that can help you understand your audience, develop a plan to target them, and ultimately bulletproof the strategy you use to get more customers through social media:
As a Social Media Marketer, Your Audience Is Key
Many social media platforms, Facebook in particular, give you the opportunity to target your audience by demographic. By nature, social media captures customers at the highest point of the conversion funnel. Why? Because most people use social media to fill up spare time. According to WERSM, time-burning is in the top three most common reasons people use Facebook, Twitter, etc. throughout the day. This means your business has the unique opportunity to approach people who need your product or service before they’re even looking for it.
KPIs that help you effectively target your audience:
Facebook even lets you target “look-a-like” audiences, which involves a pool of Facebook users that share similar demographic data to the people already on your email or phone number list.
Give Your Social Media Strategy a Pop Quiz
Ever heard the saying “Everybody loves a pop quiz?” Probably not, because pop quizzes are the worst kind of test and nobody likes them. But that doesn’t mean you can’t – or shouldn’t – test your social media marketing plan. When it comes to social media marketing, A/B testing is hugely important. Here’s how they work:
- Develop two social media experiences for your audience (articles, blogs, ads, infographics, etc.)
- Identify the key differences between them (These should be purposeful)
- Run both campaigns and see which one performs the best
When it comes to A/B testing, make sure your campaigns target the same audience. If Facebook Ad #1 targets women and Facebook Ad #2 targets men, you might get skewed results based on the preference of each sample pool, not the actual effectiveness of the ads. On the other hand, you could run the same advertisement in two separate demographics to see which demographic is more likely to engage with your content. Either way, it’s important to make sure you can know why one campaign out-performed the other without getting your lines crossed in the water.
Understand the Actual Impact of Your Social Media Campaigns
Tracking data is great, but only if you understand what it means. It might sound simple at first (The more clicks the merrier, right?) but social media metrics are a little more complicated than that. Take Facebook’s “Reach” metric, for example. At a glance, it may seem that you want to reach as many people as possible. In reality, you want to reach as many viable clients as possible. While it’s good to keep track of how many people in your target audience saw your ad, article, or post, it’s even more important to know how many of those people were actually interested in learning more about what your business had to say. In short, metrics like this don’t actually measure your success; they give you a glimpse of your post’s potential.
Use a Dashboard to Assess Progress Quickly
Once you start gathering data, you’ll need to review it quickly. Because social media is so commonly used, you’ll probably gather a lot of data – and fast. This is where social media KPI dashboard come in. A truly interactive dashboard can bring together your creative and your metrics for a side-by-side performance view, understandable by every stakeholder in your organization. By storing your information in one, easy-to-access place, you can identify the progress of your social media campaign at a glance and compare related sets of data without navigating through individual social media platforms and spreadsheets.