We all know that content is king, but few realize that data is queen. If you want to hit the goals for your business, you have to start tracking. Keeping track of those goals will allow you to set a vision for your business and help you zero in on your focus on the New Year. In today’s video, you’re going to learn what KPIs are, and how to set and track your social media marketing KPIs throughout the year.
What are social media marketing KPIs?
KPIs are key performance indicators. They are set metrics that are quantitative metrics that you can use to tie back to something related to an area of your business like marketing or operations. Having these KPIs will allow you to make more data-driven decisions that will enable you to really figure out what you want to do next and how you want to pivot.
Some examples of social media marketing KPIs are the number of applications that come in in a given month, how many shares you have on a given Instagram post, or how many website views you have.
Why do you need social media marketing KPIs?
The reason why you need to have social media marketing KPIs is that what doesn’t get measured doesn’t get managed. There is no way to effectively and sustainably run a business if you do not measure exactly what is happening or what is going on within it in different areas. As a result, you may find yourself making decisions based on what others are doing rather than what is best for you and your business goals and objectives, potentially harming your business in the long run.
How to track your social media marketing KPIs
How are you tracking your social media marketing KPIs? To improve social media marketing KPIs and set goals for 2022 to get your metrics, follow these 4 steps. At this point, however, I recommend focusing first and foremost on increasing brand awareness, community building, and sales. Here are 4 steps on how to track your social media marketing KPIs:
1. Outline the objectives for your business
First, create your objectives. Keep in mind that business objectives should be quantitative and specific. For example, you can’t just say, “I want just to increase my following on social media”. You need to set a real number towards that goal; e.g, I want to increase my followers to 1000 or 10,000, or something similar. Having those specific goals is going to make sure that you know how close you are to achieving what it is that you want to achieve.
2. Outline how you are going to get to that goal
The second step is to break down this large overarching goal into quarterly, monthly, weekly, or even daily tasks that will help you get closer to completing it. Make sure that for each breakdown, you write down the steps you need to take to get there.
If you have a goal of making $1,000 in digital product sales for the year, that means:
- Quarterly, you’d be aiming to make $250
- Monthly you’d be making around $84
- Weekly you want to strive for $21
- And daily, you strive for $3
Breaking it down like that allows you to see how close you are to getting to that goal.
3. Outline the metrics that you want to keep track of
The third step is to outline the metrics that you want to keep track of. Analyze the engagement rate of each Instagram post in depth. I strongly advise, however, to avoid focusing on vanity metrics like likes and followers. Check how many saves and link clicks you’re getting. This way, you’ll be able to determine what’s converting visitors or helping you in nurturing your audience.
4. Keep up to date with your metrics
Finally, make it a habit to track your social media marketing KPIs on a weekly or monthly basis so that you can identify any issues early on. Make sure that every month, you can see what’s doing well and what’s not. This will allow you to continue making the necessary changes to make decisions a lot easier.
If you’re tired of guessing what’s wrong with your content, get in touch with me today or subscribe to my newsletter to learn more.