Social Media KPIs: Figures You Should Be Tracking in 2024

In the world of social media, every click, like, and share tells a story. Our focus today is on social media KPIs. These figures will shape your social media strategy for maximum impact.

Let’s dive in

What are Social Media KPIs?

Social media is full of data and user activity. It can become confusing to determine what's working for you. Here's where the role of KPIs comes into play. They track how successful your social media strategies are in reaching specific targets. Each KPI brings a unique aspect of your performance under scrutiny, be it:

Drawing an audience (reach)

Sparking interactions (engagement)

Turning curiosity into action (conversions)

Gauging customer sentiment towards your brand (customer satisfaction)

And more

How to Set Social Media KPIs

Setting social media KPIs might seem hard at first. Don’t worry! It's all about aligning your KPIs with your goals. Start by deciding what you want to achieve through social media. For instance, if your goal is broad brand exposure, then 'Reach KPIs' could be helpful.

It's important to remain flexible in this process. The beauty of social media lies in its dynamism. Continually evaluate and adjust your KPIs as needed.

Why You Need to Track Social Media KPIs

The 'what' and 'how' are now sorted. Let's dive into 'why.' It comes down to the old saying: what gets measured gets done. With a clear measurement framework, it's easier to maintain direction. You'll recognize vital areas of improvement.

Tracking KPIs sheds light on practices that yield better results. It also highlights those who underperform. For instance, let's say your B2B lead generation strategies aren't as robust as you want them to be. Tracking your social media engagement and CTR might offer some insights.

Every campaign run on social media can be a powerful learning opportunity. By tracking these indicators, you'll continue refining your approach. It helps you find strategies that resonate with your audience.

Social Media KPIs to Track

We will focus on four core areas:

• Reach
• Engagement
• Conversion
• Customer Satisfaction.

KPIs for Reach

The success of this one is gauged using the following KPIs:

Number of Followers

It gives a snapshot of the size of your audience. It's a basic measure of how many people have shown interest in your brand. You'll want this number to grow. But remember that quality matters more than quantity.

Check your social media dashboards to keep track.

Impressions

This is measured every time a user's news feed displays your content. Regardless of if they interact with it, it counts as an impression. It's found by tallying the number of times a post appears before a user. A large number of impressions means that your social media content is reaching many people. However, success isn't guaranteed. These views must lead to further engagement.

Reach

Reach is where we explore unique views. It measures how many distinct users have seen any post.

Share of Voice

SOV calculates what portion of online discussions belongs to your brand. Calculate it by dividing mentions of your brand by total mentions across all brands. Then, multiply the result by 100.

Web Traffic

Measure web traffic from social media channels as another marker for success. Track referrals in Google Analytics for hard data. It will show how much traffic comes from each platform.

KPIs for Engagement

Beyond reach, we want to know how users interact with your content. It can offer great insights. Let's explore those under Engagement KPIs. Key engagement metrics include:

Clicks

A measure of user curiosity. Are they pulled toward specific parts of your content? This could be links, images, or CTAs. Analytics provided on each platform will let you monitor these clicks.

Shares

Shares show how often users spread your content. The more shares, the wider your reach! It tells you how interesting your content is to the audience.

Likes

Likes are a basic but important metric. They show the number of people who loved your post enough to hit that 'thumbs up.'

Comments

Any comment indicates a higher level of user involvement. Comments manifest deeper engagement. It means users take the time to share their thoughts. They start a conversation about your post.

Average Engagement Rate

This shows the average interactions per post. It is relative to the total follower count. Usually measured by dividing total engagements by reach.

Amplification Rate

Next, how many followers extend your brand's reach? Do they share content with their audiences? Find out by dividing the number of shares by total followers.

KPIs for Conversions

There's no denying that engaging audiences is crucial. Yet, we want these interactions to become positive actions. Here are the main conversion KPIs.

Conversion Rate

Conversion rate measures the users who took an action after clicking on your post. Divide the number of conversions by the total number of clicks. Then, multiply by 100.

Click-through rate

CTR means what share of your audience clicked to learn more. Divide the total clicks by impressions times 100.

Cost-Per-Click

CPC sees how much you're paying for those clicks. It's a crucial factor when the budget comes into play. Divide your total spend on an ad campaign by the number of clicks it receives.

Revenue

Track revenue generated from social media to see its impact on your bottom line. You can target this analysis to specific campaigns or posts.

KPIs for Customer Satisfaction

Finally, long-term growth hinges on customer satisfaction. It's wise to track metrics that tell you how customers perceive your brand.

Customer Satisfaction Score

A direct indicator of customer happiness is CSAT scores. These quantify how customers feel about your service. The score comes from the responses to a survey question. It could be as simple as "How satisfied were you with our product?"

Customer Lifetime Value

CLV offers insight into long-term relationships. This metric measures a customer's value over their time with your brand. Higher CLV implies successful retention strategies.

Issues Resolved

This highlights the effectiveness of your social media as a customer support tool.

Use Social Media for Business Growth

One can't deny the potential of social media data. Sure, tracking social media KPIs requires effort. But a winning social strategy becomes possible with these metrics at your disposal.