It’s getting easier and easier to get data; therefore, you should rarely rely on your ‘gut’ to make critical marketing decisions concerning your social media strategy that could potentially impact your business.
Social media marketing has become increasingly popular in the last few years. However, with tons of KPIs available, it could be hard to determine what drives the most significant engagement and sales.
This guide will teach you which social media KPIs to track in 2024, depending on your goals and business objectives. Let’s dive in.
Table of Contents
What are ‘Social Media KPIs’?
Social media KPIs and measuring your social media performance can help you in many ways.
First, it helps you know when you are hitting business goals, for example:
- Attaining a specific follower count
- Hitting a higher conversion rate
- Getting new customers
- Increasing website traffic from your social channels
It also indicates the best-performing posts, showing whether your social media efforts are worth it. Finally, tracking your social media metrics helps prove the value of your social media channels and digital marketing strategy to your boss or your clients.
Top Social Media KPIs to Track
Community Growth KPIs
One of the main objectives of your social media marketing strategy should be to build and grow an online community. Before converting them into paying customers, your fans must first take notice of you and follow your content. Community growth KPIs include :
- New Subscribers: Number of new followers on your social media page within a period. Other similar KPIs include Fan Adds and Number of Followers.
- Total Subscribers: Total number of subscribers you attract within a period. Other similar KPIs include Page Likes and Total Followers.
It would help if you did it according to the demographics to break down these KPIs. This will help you optimize your messages and target the right audience.
Hot tip: These KPIs, like growth rate, are often vanity metrics. Having tons of followers is appealing, but you need to track these metrics alongside other metrics to ensure you get good engagement KPIs and convert them into paying customers.
Reach and Engagement KPIs
One of your main goals with your social media strategy is brand awareness. Good thing that many metrics can help you track how your brand is growing and what resonates more with your target audience.
Here are three types of reach KPIs.
- Social media reach a Total number of unique users who have seen your piece of content.
- Number of impressions: Total number of times your social media content from your page is displayed (clicked or not).
- Share of Voice (SOV): Number of times your brand is mentioned on social media vs. number of times your competitor is mentioned.
Here are the social media engagement metrics :
- Likes, Reactions, etc.: Number of likes or reactions a post received.
- Social Shares: Number of times content has been shared on social media. (On Twitter, this is a retweet)
- Comments, Replies, etc.: Number of comments or replies a post received.
Adding these metrics to your social media report will help you better understand the behavior of your social media users, how your social media posts resonate with them, and the number of people who interact with your posts.
A Twitter report shows the follower engagement rate and interactions over time. Note that there are other engagement metrics, such as brand mentions and top retweeted posts.
Conversion from Social Media KPI
And now, the lead-generation metrics. Conversion metrics indicate how your marketing efforts affect your social media conversion, therefore, your revenue.
Before they convert, you want to drive your subscribers to your website and keep track of them with metrics like :
- New Users: Number of first-time web visitors.
- Pages per Session: Average number of pages visited during one session.
- Average Session Duration: Average length of time a user spends on your website during one session.
- Bounce Rate: Percentage of users leaving your website without taking action.
Then, you want to measure their behavior on your website. For example, on our social media campaign report, you can track :
- Conversion Rate: Number of converted users (e.g., bought a product) compared to the number of clicks on a single post.
- Cost-per-Click (CPC): Amount of money you pay for a single click of a sponsored post on your social media accounts.
- Click-Through Cate (CTR): Percentage of users who click on your post’s call-to-action (CTA) button.
How to Track Your Most Important Social Media KPIs?
Social media platforms like Facebook, Linkedin, Youtube, Twitter, Instagram, and Tiktok have different ways to track their most important metrics. Therefore, you must optimize your time by choosing reliable social media analytics tools. Dashthis is an automated reporting solution that helps you create beautiful social media reports in a few steps.
- Connect your favorite social media marketing tools
- Select your KPIs from DashThis’ preset widgets
- Drag and drop
- Save your template to analyze the data or send it to clients
You can pair our social media template with Google Analytics, or connect them all integrated into one complete dashboard that showcases a bird-eye view of your social media strategy.