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What are KPIs?

KPI (Key Performance Indicator) is a quantifiable value that shows whether a company achieves business goals and objectives. KPIs are used to evaluate success on various levels. The metrics can be used to track the overall performance of a company or can be used to track progress in different business departments such as sales, HR, or marketing. 

There are virtually limitless amounts of KPIs you can cover. Selecting the most appropriate KPIs for your goals is one of the first steps in analyzing your social media presence. 

When it comes to tracking success on social media, companies use social media KPIs. Social media tracking is a crucial part of any social media strategy. KPIs help businesses monitor how they perform online, whether they’re achieving goals, and last but not least – their return of investment.

How can KPIs help you?

Social media KPIs can help your organization in many ways. First and foremost, social KPIs can help you find the best working strategies for your social media campaigns. With KPIs, you can understand what attracts an audience, what retains the audience, and what makes the audience react. These factors are crucial when determining content strategies or evaluating marketing campaigns. KPIs also help your business quantify the success of digital marketing campaigns. 

To summarize, KPIs can help you track:

  • Engagement rate
  • Reach
  • Conversation
  • Growth
  • Sentiment
  • Social interactions

Types of KPIs

Quantitative 

Quantitative KPIs metrics are measured in numbers. They indicate clear, data-based figures about a business’ performance. They are the most useful for tracking measurable data such as share of voice or engagement rate. Examples of quantitative KPIs include sales growth, likes, retweets, shares, engagement rate, and others.

Qualitative 

Qualitative measuring is a bit more complex. It looks at indicators such as opinions, sentiment, and attitudes. Such metrics are not measurable by numbers, but they are usually converted into numbers for easier analysis. For example, customer attitude can be displayed as a percentage of interviewed customers that had a positive attitude towards a brand.

Tracking Quantitative Social Media KPIs

These can include:

  • Share of voice (SOV) – how many times your brand has been mentioned online compared to your competitors
  • Reach – the number of times your post has been seen by social media users
  • Impressions – how many times your content has been displayed (clicked or not)

Quantitative KPIs can also include metrics such as community growth numbers (new followers), engagement rate, and many more. For tracking social media KPIs, most companies use automated analytics, which shows all metrics of interest.

Tracking Qualitative Social Media KPIs

These can include

  • Customer opinions
  • Feedback & comments
  • Open-ended surveys

Such data is crucial for businesses because it can track customer satisfaction on a deeper level. For example, companies can get insights into what customers value the most. With that information, they can take action to promote better customer satisfaction and attract even more loyal customers. 

Measuring qualitative KPIs can be somewhat challenging, given that the data received can be subjective. The first and most significant step in measuring qualitative KPIs is to determine which data is relevant or not.

Which KPIs to Track?

Using the appropriate KPIs will allow you to see how your brand performs on social media and will help you better understand your position online. KPIs will help you understand what works for your strategy and what doesn’t. Choosing the right metrics can be a bit of a challenge. Also, when selecting KPIs to track, you need to consider the period you want to analyse, your marketing efforts, budget, and goals. The main point of KPIs is to predict the performance of future marketing actions and to improve your marketing process.

Quantitative KPIs such as engagement rate, likes, dislikes, number of comments, and so on, are important for businesses who want to track concrete data about their performance, as they are measured in numbers. Quantitative metrics are best for objective business analysis. 

Qualitative metrics give more nuanced information about the business place in social media.

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KPIs are an essential part of an effective social media marketing strategy. Measuring multiple KPIs and analyzing them will help you improve your business processes. Understanding different types of KPI will help your marketing teams design a well-developed tracking system that improves your strategies. Choosing the right KPIs will help your business make a better data-based decision about social media strategies. If you need any assistance in tracking your social KPIs, don’t hesitate to contact us. We can help you and make your monitoring process easier.
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