48 Social Media KPIs You Need to Know (Key Performance Indicators)
There are a lot of things you can measure about you social media efforts. I have compiled a list of 48 KPIs (key performance indicators) that you can consider for you specific activities. One thing to remember is that you should set at least some metrics that indicate if you are turning profit. Otherwise you can reach your KPIs and still loose money.
Now, before you begin be sure to set the baseline. Look at the set of your chosen social media KPIs and and record the current value. These numbers are important but the rate of change is the main indicator for most of these metrics. For example it’s fantastic if you get 1000 followers in a day but not so if you get them over the year.
Concentrate on the rate of change of your chosen key performance indicators. This can be also expressed as a frequency of events. For example you could measure how many comments you get on Facebook per day, week or month.
You can combine several KPIs into one that is more meaningful for you. Ratios, such as comments per blog post, retweets per followers, help you measure audience activity and engagement.
What social media channels are you using, how can people reach you, are you visible? These social media KPIs should tell you if you are getting the word out. Is the reach wide enough to justify your budget?
- Number of mentions
- Social bookmarks (SumbleUpon, Delicious)
- Inbound links
- Blog subscribers
How likely are followers going to engage, spread your message and interact with eachother? Social media interaction KPIs are the ones you need to pay close attention to. These statistics measure people who have actually taken action.
- Forward to a friend
- Social media sharing
- Like or rate something
- Contributors and active contributors
- Unique visitors
- Traffic from social networking sites
- Time spent on site
- Response time
One of the important metrics you can derive from the first two groups of KPIs is the reach vs interaction conversion rate.
Interactions / Reach * 100% = Conversion rate
This will give you a better understanding of the value of different channels and the effectiveness of your own marketing activities.
How do attitudes change due to the social media activities? This is the branding value that should convert into sales. Metrics like net promoter score, satisfaction and sentiment will help you understand the more qualitative nature of your reach. They will show you if you have tons of complaints or people are ecstatic about your brand.
- Share of conversation vs competitors
- Net Promoter Score
- Sentiment positive, neutral or negative
- Number of brand evangelists
Action and ROI
How many sales and other real world result do you get from social media? These are some of the most important social media KPIs and some of the hardest to measure. Your social media marketing has to generate positive ROI. Your main goal would be to find ways to connect reach in social media to dollars in sales.
- Conversions (email subscriptions, downloads, install widget or tool, etc)
- Sales revenue
- Registered users
- Issues resolved and resolution rate
- Number of leads (per day, week, month)
- Cost of lead
- Lead conversion rate
- Cost of sale
- Revenue (per follower, lead, customer)
- Lifetime value of customers
- Support cost (per customer in social channels)
- Share of repeat customers (from social media vs other channels)
- Transaction value per customer
- Money in the bank, net profit, etc
The raw output of your social media team. It is important to measure if increases in your input produce similar or better increase in the other KPIs. And, of course, your boss probably wants to know how much are you spending
- Blog posts
- Facebook updates
- Forum posts
- Social media marketing budget
- Social media staff payroll
- Social media development costs
You can get most out of these social media metrics if you benchmark them against you competition. Whenever possible try to find out the competitor’s numbers and you get a better insight of your performance. If you have 3,141 followers on Twitter the the number is meaningless, but in context of your competitor having 2,718 you may get some insights.
Let us know in the comments what are your most important social media metrics.
Image credit Brooks Elliott