Social media engagement is inevitable. Companies are hugely investing in their social media marketing strategies. There are world class social media management companies in Singapore who can help your company determine, implement, and analyse your social media marketing strategies. This may be the big turning point you've been looking for!
But is there a way to comprehend if the giant
investments being made in social media marketing worthwhile? Well, yes! This is
where social media KPIs come into the picture.
In the following paragraphs, we will help you
understand how social media marketing performance is measured using KPIs. The
marketers utilise social media analytics to gauge the KPIs and analyse the
social media performance of the brand.
What are social
media KPI’s?
Social
media KPIs are quantifiable metrics that are used to assess the effectiveness
of social media marketing for business growth and to report social media performance to stakeholders. To put it
another way, social media metrics enable the marketing team to ensure that
the brand is accomplishing its business objectives and that the social media strategy
is reaching the target audience. Additionally, monitoring these KPIs enables the
social
media marketing agency or in-house team to
provide a trustworthy demonstration of the effectiveness of the social media
strategy to the superiors.
To publish
social media content, marketing teams use a multi-channel strategy that includes
platforms such as Facebook, Twitter, LinkedIn, Instagram, and Pinterest. The
results of the campaigns are difficult to track because they are dispersed over several accounts. By using social
media analytics, the marketing team can monitor KPIs for the company’s social
media performance so that social media planning can be improvised, if required.
Calculating
Social Media KPI
It
is simpler to commit to the objectives and track the progress over time using KPIs.
Furthermore, they are a powerful way to brag about your performance in front of
the bosses. The achievements and developments are simple to perceive.
It
is of utmost importance that a company's business goals are clearly reflected
in the established social media KPIs. Your KPIs should be SMART i.e., Specific,
Measurable, Achievable, Relevant and Time-bound. The more specific and
data-driven the KPIs are, the
better. It is also possible to
set distinct KPIs for each social media campaign and
platform.
Since
no company's business objectives are ever etched in stone, the KPIs you
establish should likewise be flexible enough to alter over time as the main
organisational objectives do.
Steps
to keep in mind:
ü Make
it clear how monitoring the KPI will assist the organisation in achieving a
particular objective.
ü Choose
a SMART metric with a value and a date that will allow you to check your
progress.
ü Pick
a schedule and design that will recognise growth patterns and developments
clearly.
ü Review
the KPI Schedule at least once or twice a year to conduct a more thorough
evaluation of your KPIs.
List
of Social Media KPIs for Business Growth
i. KPIs
for reach of brand over social media
·
Follower count: This metric
displays how many accounts are following your brand. You may find these numbers
right on your profile page.
·
Impressions: It provides
information on how frequently a post or profile has been seen. It adds up the
views and does not differentiate between different individual accounts.
·
Web traffic: It is an indicator
of campaign performance and a method to check how well your articles that link
to your website are performing. The quantity of clicks from your social media
accounts to one of your website pages is referred to website traffic.
ii. KPIs
for social media engagement rate
·
Clicks: The sum of number of
clicks on a post may expand the
caption on Instagram or to scroll through photographs on Twitter are calculated
to understand engagement rate.
·
Likes: They show that the user
found content interesting enough to engage with it.
·
Comments: It helps to assess
resource needs and bandwidth using the number of comments received. It also
helps to build a plan for handling social media comments well so that you can
communicate with your users by responding to them.
·
Mentions: It is the number
of times a user tags your company account or makes reference to your brand in a
story, a comment, a post, or even directly to you.
iii.KPIs
for social media conversions
·
Sales Revenue: To observe
which social media clicks resulted in purchases and its value.
·
Lead Conversion Rate: You
can gauge how well your social media strategy is working by looking at the lead
conversion rate. They might not buy from you right away after seeing your product,
but when they do, it will be a conversion.
·
Cost per click: It is the
price you pay for each person who clicks on a promoted social media post on a
social media platform.
·
Click-through rate (CTR):
The CTR rate is the proportion of readers that saw your content and clicked on
the call to action it included. This gives you information about whether your
content engages and moves your audience to act.
·
Bounce rate: The percentage
of site visitors who clicked on a link in your social media post but then rapidly
exited that page without taking any further action is known as the bounce rate.
You want this to be low since it indicates that either your content isn't very
interesting or that the user experience you offered was subpar.
iv. Customer
Satisfaction KPIs
·
Customer Satisfaction Score:
Depending on how your poll is set up, respondents will either rank their level
of satisfaction using numbers or descriptions such as "bad,"
"average," etc.
·
Net promoter score: This
metric calculates the brand loyalty of customers. It is associated with the
feeling of the consumer on whether they would recommend the brand further.
There
are websites in Singapore which have
a link to social media KPI calculator to help you calculate the KPIs for your
social media performance.
FAQs:
1. What
all is included in social media strategy prepared by a social media marketing
company in Singapore?
The agencies in general provide a
detailed and an organised description of each post that they are planning to
publish on each social media platform. Each individual post, its contents, and
the time it will be published will be listed in this breakdown.
2. Will
the agency assist in creating social media profiles?
Mostly yes. They will talk about the platforms
you should be on and how they will be set up.
3. What
information will you need to provide to the agency?
Everything relies on the kind of posts
you intend to produce. The agency might request for case studies, and photos to
build content and promote your work online.
4. When
does the scheduling of the posts begin?
The month's material is generally planned a
few weeks before to give the agency time to get more content. They might start
scheduling once satisfied with the monthly plan, have written all the content,
and have created visuals and photos specifically for each platform.
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