Social Media is one of the most important and primary pillar of Digital Marketing world. Measuring how is the brand doing or how popular is your product among the people is always a hard task. Thus in this post we are going to see about the 4 important KPIs of Social Media Platform
What is a Key Performance Indicator?
KPI or Key Performance Indicator is a measurable quantity which is used to evaluate the success of campaign, project, employee, organization in meeting the objective which is set for perform
4 Key Performance Indicators
There are 4 important KPIs (Key Performance Indicator) to look out for while measuring the Social media performance.
- Return Of Investment
- Retention and Loyalty
This is the first Key Performance Indicator (KPI) parameter which denotes the reach of the Brand, Product or Organization among the people.
The main objective is to calculate the Awareness of the Product among the people.
Reach parameter includes:
This is defined as the number of times the content is viewed by the audience.
This entails how many times audience has mentioned the brand name, product name, celebrity name, organization name.
- Follower Count
This tells us how many individuals are following you on your social channels.
This tells us how many people are talking about your brand or business with respect to your competitors.
It would also include the sharing your content, suggesting your page with other people.
This is the second important KPI of your social media marketing.
This includes the type of reactions done by the audience on the post, page, video published by the brand on social media platform.
Engagement parameter includes:
- Likes or Favorite
This means that people are liking the post which is put up by the organization.
This is direct form of engagement. This tells that that people want to put up their view or their opinion about the company or brands post or tweet.
- Share or Retweet
This is more promising parameter that tells the organization of their worthiness. Whenever an audience finds a post or a tweet relevant and engaging enough they start sharing or retweeting. This shows worthiness of your page, post, tweet.
This is a strong engagement section where the consumers become the brand or products ambassadors.
They are rating the product or brand which means that they are happy with the brand or product.
It also means that they want other people to engage with the same.
Return Of Investment (ROI)
This parameter directly affects the bottom line of the business. This refers to the third part of the funnel where Conversion is the major objective. It includes amount spent, budgeting, bidding amount, conversion data
ROI parameter includes:
- Direct Sales
This includes direct sales data that happens from either a coupon link or offer links which is provided in the posts.
- Lead Generation
This involves sections like Email, Sign Ups, Free Trial given for a strict time period in case of softwareâs or platformâs usage.
- Lifetime Value
This is a projected revenue which a customer generates in their lifetime. It is calculated in terms of acquisition which affects the lifetime value of the product or the brand.
For Example: Let us say that I have used an antivirus for my laptop, and it gave me good result. Thus, the lifetime value of that antivirus will be more for me as I will always try and use the same antivirus because now, I have trust on that brand.
Retention and Loyalty
This is one of the most promising KPI where we calculate the consumers and not the customers.
We tend to focus on maintaining the customer retention score.
Retention and Loyalty parameter includes:
- Reviews and Ratings
This parameter gives the feedback of the product or brand or organization. Some of the organisation have a timely check with their audience in terms of surveys and meetings. This gives them the idea about the doing of their brand. It also keeps a check on the product or brand reputation in the market.
- Issues Resolved
This gives the data that how well the product or brand is doing. It gives you the information that whether the organization is concerned about their customers issues or not.
It decides the smoothness of the product or brand in the market.
- Service Level Agreement (SLA)
This parameter decides the retention of the customer.It is however independent of the customer issue.
The response time is one of the sub-part of this parameter.
Some of the multinational companies have their SLA divided in terms of Issues.
This is in terms of categories like Critical, Moderate, Low. Also, a designated amount of time is assigned to the type of issue.
This parameter includes a long scale where one end is negative while other end is positive sentiment.
Every brand or product has a sentiment towards the audience.
For Example: Fanta has a Fun sentiment while all the Insurance companies have an Informative Sentiment.
All the above factors have a contribution in this parameter. It can be counted as a final verdict for the product or brand.
Every company wants to be on the positive end of the scale and tries everything possible to hold their end.
- Exclusive Offers
This is another parameter which decides the loyalty of the brand. Many companies provide various schemes, offers, coupons and loyalty cards to their customers.
This is done by the companies so that they always come back to the same brand or product.
This also leads to generate new ideas and opportunities for the businesses to grow themselves.
These are some of the Key Performance Indicators of the Social Media Channel.
As we already know that Digital Marketing is one of the most Dynamic platform of today.
Therefore, it is advised that any organisation must re-visit their KPIs in 6 to 12 months.
This would help them modify and help them putting their best foot forward in this competitive world.
Do let me know what you think about this post.Open to all suggestions from my fellow readers. Thank You.