A few weeks ago I posted an entry titled “Do Social Media KPI’s belong on the Management Dashboard?” As a follow up, I refer to a recent post on the Gooddata blog that highlights six key marketing metrics to track and report.
They list them in the infographic to the left. A few of the key KPI’s they list include:
- Engagement: Not just the number of followers or friends, but how much engagement are you getting in terms of the number of shares, likes and comments.
- Conversion Rate: Not just the number of visitors to your website, but the rate at which the visits are converted to sales.
- Click Through: Not the number of emails you sent out, but the number that responded to the emails by clicking through to the website.
- Cost per Customer: Not cost per click or cost per lead but cost per customer, or better yet, cost per dollar of sales.
In addition to picking the correct social media KPI’s, as with all KPI’s, it is important to report them on a consistent basis and track the results over time compared to targets.
3 thoughts on “Follow Up on Social Media Metrics”
I’m interested by this post as I piece together social media marketing… would you mind explaining what a social media KPI is?
KPI stands for Key Performance Indicators. These are quantifiable statistics companies use to gauge how well they are doing. In retail, for example, companies use “same store sales” & “sales per square foot”. For companies heavily dependent on certain variably priced raw materials, “delivered cost per pound” may be one of their KPI’s. It is important to figure out which KPI’s to focus on. For companies where the social media marketing is a critical component of their strategy, they should identify the social media KPI’s (i.e. Engagement rates, Conversion Rates, Click Throughs, Costs per Customer, Followers, etc.), establish goals and measure their results consistently to determine how effective their various strategies are, how they are doing over time, and how they are doing compared to their goals. Let me know if you have any other questions.
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