The Most Important Social Media KPIs You Should Be Tracking in 2023
Mar 08, 2023
18 min read
Social media has become an essential marketing tool for businesses of all sizes. Whether you're a small startup or a large multinational corporation, having a strong social media presence is crucial for reaching and engaging with your target audience. But simply posting content on social media isn't enough - to truly measure the impact of your efforts, you need to track key performance indicators (KPIs). These metrics can help you understand how your social media strategy is performing and identify areas for improvement. As we look ahead to 2023, there are several KPIs that will be particularly important for businesses to track in order to stay competitive in the ever-evolving world of social media.
By tracking these and other important KPIs on an ongoing basis, businesses can gain valuable insights into their social media performance and make data-driven decisions about their marketing strategies moving forward.
Table of Contents
Why Does Social Media Matter?
In 2023, social media KPIs will be more important than ever for businesses looking to stay competitive and engage with their target audience. As social media platforms continue to evolve and new trends emerge, it's essential for businesses to track key performance indicators in order to understand how their strategies are performing and identify areas for improvement. By monitoring metrics such as engagement rate, reach, conversion rates, follower growth rate, click-through rate, and sentiment analysis, businesses can gain valuable insights into their social media performance and make data-driven decisions about their marketing strategies moving forward. In a rapidly changing digital landscape, the ability to adapt quickly is crucial - and tracking KPIs is an essential part of that process.
Number of Followers
The more followers you have on a social media platform such as LinkedIn, a Facebook page or Twitter, the more exposure your brand or product will receive. When you have a large number of followers on social networks, you have a bigger pool of prospective clients to choose from. A large number of followers gives your brand more authority. When people see that your brand has a large number of followers, they assume that it is a legitimate and trustworthy source of information. This helps to increase conversion rates and expand your reach even further to generate referrals and get new followers. To increase the follower count, try the following:
Create high-quality and informative content to encourage follower growth
Use relevant hashtags
Post a mix of media (images, videos, GIFs)
Create a cohesive, engaging feed
Respond to comments and messages
Use a relevant and meaningful profile picture
Test different social media content types to see what works best for your audience
Create a brand narrative that your audience can connect with
Create a call-to-action (CTA) for every social media post.
Number of Impressions
The number of impressions represents the number of times your ad appears on a viewer’s screen. This is an important metric because the more often your ad is shown, the more likely it will be clicked. The key to increasing impressions is through ad targeting. Ad targeting enables you to select certain groups of people who are most likely to be interested in your ad. This approach is not only about getting more impressions; it’s also about getting the right ones. If your ad targets people who are unlikely to click on it, ad impressions will increase, but click-through rates will decrease. The more relevant your ad is to its audience, the more likely they are to click on it.
Here are a few tips on ad targeting to improve the number of impressions:
Pinpoint the type of person that you want to reach with your ad. You can choose from several options, such as age, gender, interests, location, device, and language. Depending on the ad that you are using and the site that it is posted on, you may have a few or many options to choose from. For example, if you are advertising a new product that is for women only, you can choose to target only women.
When choosing which ad targeting options to use, make sure that they are relevant to your ad and the audience you want to reach. For example, if you are advertising a new product targeted toward young adults, age targeting will be most effective. If your ad is about a new movie trailer and you want it to reach people who like action movies, then gender targeting will be most effective.
If your ad is on Facebook, then there are additional ways of targeting people with your ads. You can choose between location-based targeting or language-based targeting. Location-based targeting allows you to select the country or region where the people who see your ad live. Language-based targeting allows you to select the language that they speak or read.
If you are using Twitter as a part of your social media strategy, you can choose from interest-based, keyword-based, or hashtag-based. Interest-based allows you to select from a list of topics that users have chosen as their interests in their profiles. Keyword-based targeting allows you to reach users who have used certain keywords on the social media platform.
Click-Through Rate (CTR)
The CTR is the percentage of people who click on a particular ad compared to the total number of people who view that ad. To calculate the click-through rate, divide the number of clicks by the number of impressions. The click-through rate is an important measure of your social media efforts because it shows how well your ad got a visitor’s attention. Try these suggestions to improve your CTR:
Analyze your landing page and the content of your ads to see if you are attracting the right audience.
Make sure your ad is relevant to your landing page.
Test different ad copy and images to see what works best for your audience.
Target a specific demographic.
Adjust your ad copy to be more relevant to your audience. If a majority of your clicks are coming from mobile devices, try creating ads that are more mobile-friendly. If a majority of your ad clicks are coming from desktop devices, try creating ads that are more relevant to desktop users.
Make sure that your ad text is relevant and click-worthy.
Make sure your headlines are relevant to the audience, offer something of value, and are unique.
Include a relevant call-to-action that encourages visitors to take the next step.
Make sure your site loads quickly and is easy to navigate.
Include social sharing buttons for each piece of content to allow readers to share your content with their networks.
Post fresh, engaging content on a regular schedule.
A high click-through rate is also a valuable metric to manage when managing email marketing campaigns. You can use email marketing software like FiveCRM to keep in contact with new leads as they move through the customer journey.
The conversion rate is an important metric to track in your social media campaign. It represents how many visitors turn into customers. To calculate the conversion rate, divide the number of conversions by the number of visitors. For example, if your site receives 100,000 visits and 2,000 people sign up for your email list, that’s a 2% conversion rate. The higher the conversion rate, the better your site is at converting visitors into customers. A good conversion rate varies depending on your industry, type of product, and target audience. When an ad’s conversion rate is low, it’s likely that the ad isn’t relevant to the people viewing it. It’s important to track conversion rates and make adjustments as necessary. It’s also important to track which ads are generating the most conversions. That way, you know which types of ads are most successful.
You can improve your conversion rate by setting up conversion tracking and choosing the right goals. Setting up conversion tracking also helps you optimize your site by letting you see which traffic sources convert best. Conversion tracking gives you actionable data, which helps you improve your site and traffic sources over time. You can choose from several types of conversion tracking, depending on your needs:
Website conversions (exiting your site with a purchase, lead form submission, etc.)
Email conversions (clicking on a link to go to your site)
Social media conversions (clicking on a link to go to your site)
You can also improve your conversion rate by making your site mobile-friendly. Mobile-friendly sites load faster on smartphones, which creates a faster and more efficient customer experience. The most important aspect of conversions is to continually nurture your new leads via lead management software such as FiveCRM.
Another social media metric you can use to measure the success of your social media is how often your brand is mentioned in a positive or negative light on social media. When you have monitoring tools, such as Google Analytics, in place for all of your social media channels, you can track the number of brand mentions over time to see how interest in your brand grows or falls. There are several social media analytics tools that can give you an idea of how often your brand is talked about online. The best social media monitoring tools also give you the ability to track customer sentiments around your brand. There are a couple of quick ways to improve brand awareness.
First, make sure your social media posts are relevant and useful to your audience. Social media is about engagement, and you can’t build trust and brand equity if your followers see your social posts as self-serving. Make sure that the topics in your social media posts are aligned with your brand’s goals. For example, if you are selling a product or service to a particular industry, try to find common ground with your followers on social media.
Follow-up is important to a social marketing strategy. It shows customers that you care about them and their needs. Follow up on all social media comments with a “thank you.” One of the best ways to improve brand equity is by making sure that your customers feel that they are being heard. Make sure that you have a process in place to respond to comments on social media.
Share of Voice
Share of voice is the portion of the overall conversation that is about your brand. It is a combination of volume and sentiment. Share of voice is important to your digital marketing strategy because it shows how much people are talking about your brand compared to your competitors. This is also a very useful metric for measuring the effectiveness of your social media marketing campaigns and content. You can track this metric by measuring the number of comments, likes, and shares compared to the amount of content published. There are many different ways to track share of voice, but the most common metrics are volume, sentiment, and reach.
Volume: Volume is the amount of overall conversation about your brand. To improve volume, you can increase your social media scheduling to publish content more frequently. You can also create a dialogue with your customers by monitoring comments and questions and addressing them in your next blog post or social media post.
Sentiment: Sentiment is the tone of the conversation. It can be positive or negative, but it’s important to track it because a company’s reputation can depend on it. Monitoring sentiment lets you see how people feel about your brand and what they’re saying about it. This information can be very helpful when you’re planning content or launching a new product. An easy way to track sentiment is by using hashtags. When people post to social media, they often use hashtags to categorize their content. Even if the post doesn’t have a hashtag, you can still search for the brand name to see what people are saying.
Reach: Reach is the number of people who are exposed to your brand compared to your competitors.
Number of Likes and Comments
The number of likes is a quick and easy way to get an idea of how engagement metrics are doing. You can get an even better idea of how engaging your content is by looking at the comments on your posts. Engaging content will usually have comments that go beyond a “retweet” or “like.” Comments tell others that your content is valuable and worth their time. Comments also make your content more sharable by providing a quick way for others to share your content.
Number of Shares on Social Media
The number of shares on social media is a metric to track the popularity of your blog post. To increase the number of social shares, you can use social media scheduling, create click-worthy headlines, and create content with the intent of sparking conversation.
When publishing your blog post, add a sharable call-to-action such as “What do you think?,” “Share this post,” or “Let’s discuss this.” These types of call-to-actions will prompt readers to engage with your blog post by sharing their thoughts in the comments section.
Monitoring KPIs is essential for businesses of all sizes to understand how well their strategies are working and to make data-driven decisions. However, with so many metrics to track and analyze, it can be overwhelming to determine the best way to monitor KPIs effectively. Here are some tips for getting started:
Define your KPIs: Before you start tracking anything, it's important to identify the KPIs that matter most for your business goals. This will help you focus on the metrics that are most relevant to your specific needs and avoid wasting time on irrelevant data.
Choose the right tools: There are many different tools available for monitoring KPIs, from analytics platforms like Google Analytics and Adobe Analytics to social media management tools like Hootsuite and Sprout Social. Consider which tools integrate with your existing systems and provide the features you need (such as real-time reporting or customizable dashboards).
Set up automated reporting: Manually tracking KPIs can be time-consuming and prone to errors. By setting up automated reporting, you can receive regular updates on your metrics without having to spend hours compiling data yourself.
Monitor trends over time: It's not enough to simply track KPIs in isolation - it's also important to monitor trends over time in order to identify patterns or changes in customer behavior. Look for upward or downward trends in your metrics and use this information to adjust your strategy accordingly.
Use visualization tools: Data visualization tools (such as graphs, charts, and heat maps) can help you quickly identify patterns in your KPI data and communicate insights more effectively with stakeholders.
Collaborate with team members: Monitoring KPIs shouldn't be a solo endeavor - involve other team members (such as marketers, analysts, or executives) in the process so that everyone has a shared understanding of what's working well and where improvements can be made.
By following these best practices for monitoring KPIs, businesses can gain valuable insights into their performance and make informed decisions about their marketing strategies moving forward.
How FiveCRM Helps You Get The Most Out of Your Social Media Marketing Campaigns
In conclusion, FiveCRM is an all-in-one customer relationship management tool that can help businesses get the most out of their social media account and marketing campaigns. By providing a comprehensive suite of features for managing leads, automating workflows, and tracking KPIs, FiveCRM makes it easier than ever to stay on top of your social media strategy and make data-driven decisions about your marketing efforts. Whether you're a small business owner or part of a larger marketing team, FiveCRM can help streamline your processes and improve the effectiveness of your social media campaigns. The robust email marketing and telemarketing platform streamlines lead management so you can focus on managing your social media channels for maximum growth. To learn more or book a free demo, visit FiveCRM today.
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