Social is a vital part of your growth strategy and a pinnacle component in building your community. Growing both your social media presence whilst also driving traffic through promotional activity to convert your followers to ardent readers of your blog is imperative to building a healthy and engaged audience year on year. Especially in times like these where social traffic has exploded, it’s important to maintain a level of control. How often do you set yourself targets for social using social media KPI’s? If not, you should.
If you are, how effective are the KPI’s that you are using to indicate healthy growth?
Beyond the list of the traditional statistics used to analyse your social, we’ve created a list of social media KPI’s you may not have heard of which campaign managers use on the regular to assess strategy effectiveness. Here are some to build into your immediate, quarterly, yearly goals.
Audience Growth Rate – this can be used to assess your social media growth during a certain period of time. Set your time limit and use the formula:
(New Followers/Total Followers) x 100 = Growth Rate %
Amplification Rate – alongside your traditional engagement rate statistics, this is a great indicator for growth based on social sharing. Use this when you’re doing something to build and engage your community:
(Shares/ Followers) x 100 = Amplification Rate %
Conversion Rate – this is an important metric to use to assess how many of your following follow through on your CTA. This could be used to assess Subscription rates, product purchases for a particular product mentioned, or anything that you’re willing to gain from driving traffic from a social channel to your site. NB you’ll need to have a landing page to drive people to as means of calculating the number of conversions on your site:
(Conversions/Clicks from post) x 100 = Conversion Rate %
Click-Through Rate – use this alongside the above to assess what could be improved during your social media campaigns where conversions are involved so you can assess your Conversion rate alongside your overall Click Through Rate.
(CTA clicks from a post/Impressions) x 100 = Click Through Rate %
Here is a great list of some more KPIs you could build into your strategy assessment.