As social media marketers, it’s easy to get caught up in the fun, creative work of managing a great social media campaign. From tracking how your networks look to social media KPIs (key performance indicators) like engagement rates and follower counts, every section has its purpose.
But something more critical to consider is how will your campaign impact the business? How do you determine a campaign’s real social media ROI? Let’s shed the vanity metrics and get down into the nitty-gritty of what really drives business growth.
The social media landscape has changed from focusing on quantity and toward quality. This is especially true as more businesses invest in social media budgets to drive revenue. Savvy marketers know how to develop a social strategy that offers a no-fail value proposition by measuring the right data and pivoting as needed to meet business goals. The value is always present, as long as you measure the right social media KPIs.
Define Your Core Marketing Needs Through Social Media KPIs
Not every social media KPI mentioned in this article will be necessary for each business across all industries. Social media marketers come in contact with a gold mine of data, but for efficiency’s sake, it makes the most sense to identify the challenge-at-hand, so you can most accurately set benchmarks to gauge success.
Some examples of questions that might help you define your core marketing needs, include:
- Do you need to reach a new audience as your company pivots its business model?
- Are you working with a startup that needs to demonstrate demand before pitching investors?
- Do you want to drive sales for a new product launch?
- Does your company need to improve customer service or possibly grow brand loyalty among existing customers to improve retention?
Define Measurable Goals & Set Your KPIs
Once you’ve identified critical business needs, you can put together a plan of what to measure to achieve your performance goals.
What Can You Quantify?
You have to know what’s your most valuable data. Let’s say you’re working with an established brand that’s changing its business model to reach a new, younger market. As a social media marketer, you want to demonstrate your ability to help the company attract this core audience. Your key social media KPIs should likely be:
- Follower growth
- Demographic shifts month-to-month
- Click-through rate to new product pages
- Mentions (tagged and untagged)
- Shares, especially by target market influencers
Track Your Target Audience
With more than 81 million fake Facebook accounts, you likely do not want to measure your followers only by quantity.
To track your demographic data, use a social media analytics tool like Sprout Social. Here, you can easily view Facebook, Twitter, LinkedIn and Instagram reports to view the demographic makeup of your audience across each network.
By setting reporting dates, you can compare demographic data to prove progress, or if need be, regroup and set a new strategy play. Compared against follower growth data, you can also track if your growth comes from acquiring your desired market.
Measure What Customers Are Saying
According to Brandwatch, 96% of the people who discuss brands on social media do not follow those brands’ owned accounts.
While Sprout can track the number of direct mentions for you, we also offer a robust social listening tool with a keyword search function. Put in your brand’s target keywords, including your name, nicknames (like how some users call Starbucks “Sbux”), and any branded product names. You will see all defined keywords within Sprout so you can track mentions and gain insight from your target audience’s feedback.